A reverse mortgage allows you to borrow money using the equity in your home as security. The loan can be paid as a regular income stream or lump sum which entices many seniors who are retired and have substantial equity in their home. A reverse mortgage has its benefits as it allows homeowners who are no longer working an additional income to assist with home improvements, travel, medical Continue Reading
Online Romance Scams!
Last year alone Australians lost 25 million dollars to dating and romance scams and in response the Australian Competition and Consumer Commission has launched a Scam Disruption Project. This national action will aim to protect those who are identified as ‘at risk’ of being subjected to fraudulent activity. Scams are becoming all too common with the increasing use of technology and almost Continue Reading
Updating your will should be easy and inexpensive
We are the first to admit that some people can try to overcomplicate your will. But believe us - having a short, simple will that takes care of all your assets is far preferable to having a 20-page testamentary trust document that you do not need and will never make! Updating your will is one of those things people put off, and then the unthinkable happens and it is their family who have to Continue Reading
Crackdown on SMSF purchases
Self-managed super schemes have grown to become the nation’s largest sector of retirement savings, with more than $500 billion under management. However there are warnings of a more “aggressive and assertive” approach to loans and apartment purchases by self-managed super fund investors. Tax and security regulators have concerns about arrangements where there are no or low interest borrowing Continue Reading
Good news for superannuation!
The concessional contributions will rise as of July this year to $35,000 for those aged 50 and above and $30,000 for those aged under 50. For non-concessional contributions the limit will be set at $180,000 however there will also be the ability to contribute three times more with the ‘two-year bring-forward’ rule. This means for 2015 financial year the maximum non-concessional contributions will Continue Reading
Budget boost for first-home buyers
The threshold for the first-home buyers grant will be raised to $750,000 in this month’s state budget reflecting the interest in Sydney’s real estate market. There has also been an announcement of 6600 new housing lots being released in Sydney’s northwest. Read more: Read article Continue Reading
Two-thirds of Western Australians do not have valid wills!
A recent survey unveiled the concerning statistic and outlined that those who had a valid will would not be happy with the distribution of their estate if something was to happen. Many younger people do not think they need a will due to having few assets however if they have superannuation it generally is accompanied with a death insurance policy that would become part of their estate. The Continue Reading
Divorce Property Settlements- Beware of gifts purchased after separation!
An article recently published in the Sydney Morning Herald discussed the division of property and assets in a Family Court dispute. It outlined the reality that many would be surprised to learn that all assets, including property acquired by partners after they separate would be taken into account in such a dispute. The couple known as Mr & Mrs Elgin were in the middle of a property Continue Reading
Cooling-off periods – potential pitfalls
Real estate agents - God bless them! - are often so keen to sell you a property that they will exchange contracts with you after taking a non-refundable 0.25% deposit and giving you a cooling-off period. This seems great in theory, as you won’t be gazumped, but exchanging contracts without having received legal advice or certain reports on the property can lead to delays, problems, losing money Continue Reading
SMSFs and Property Investment
Buying property through your super fund can be a great way to leverage your super but you must be very careful that it falls within the law. “In the right hands, SMSFs can be very effective retirement savings vehicles,” ASIC Commissioner Peter Kell said in a speech in April. “In the wrong hands, however, SMSFs can be high-risk.” Read more: Visit article Continue Reading