Australians used a mortgage broker for 69.5% of all new residential home loans in the March 2022 quarter, according to the latest data from Comparator. This represents a record market share for mortgage brokers. By contrast, Australians went directly to a lender for only 30.5% of new mortgages in the same quarter. The latest data…
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The Australian Taxation Office (ATO) has announced four key areas it would be focussing on for tax returns this year. Target areas include any profit from investments in cryptocurrencies, claims relating to working at home (expected to be a hot area after the pandemic lockdowns), record keeping and expenses against rental properties. ATO Assistant Commissioner…
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Wage growth continues to fail to keep pace with the rate of inflation, according to new figures. The Consumer Price Index rose 5.1% in the year to the March quarter, but wages grew only 2.4%, according to the Australian Bureau of Statistics (ABS). The disparity between the rates of inflation and wage growth represents a…
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Businesses will need to prepare for increases in contributions to employee superannuation, which will take effect from July 1,the start of the financial year. The super guarantee (SG) rate will move from 10% to 10.5%. Every employee now qualifies for a contribution regardless of how much they earn, following the removal of a $450 per…
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Business owners and flood victims have been warned to be wary of potential scams following separate warnings from Westpac Bank and the Australian Taxation Office (ATO). Westpac said it was likely there would be fake donation sites for the Lismore flood victims, as well as scammers posing as insurers, business executives and government staff claiming…
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Labor’s promised home affordability policies will be in the spotlight during the first 100 days of the new Albanese Government as thousands of first-time buyers hope to break into the property market. A centrepiece of Labor’s victorious election campaign was its Help to Buy scheme – a $329 million initiative to take equity stakes of…
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The recent increase to 0.35% in the Reserve Bank’s target cash rate has changed the mood of many homeowners who have a variable interest rate with their lenders. The question now beckons whether to move to a fixed-rate loan as protection from future interest rate increases, which most commentators agree are inevitable to fight spiralling…
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Struggling supply chains have caused a fall in car sales, signalling the need for buyers to plan well ahead to organise finance and order their next vehicle. Some 12.2% fewer vehicles were sold in April compared with the corresponding period last year, according to the latest data. The Federal Chamber of Automotive Industries (FCAI) says…
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Fast-rising rents and subdued prices have opened the door to investors seeking to start a portfolio or return to the property sector after many sold to reap the profits when values hit their peak last year. New rental listings have fallen 12.2% to their lowest level since 2003, and total supply in March was down…
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When you work for yourself, you may pay yourself a consistent income, but, more likely, your earnings fluctuate month to month. You may have experience managing your personal cash flow to accommodate this, however lenders tend to look for stability and a track record of making ends meet. So, if you are self-employed and want…
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