Fire Your Bank! Money Tip without the Boring Stuff
December 8, 2008 by Josie Kay · Leave a Comment
Not happy with your bank, credit union or building society, but overwhelmed by the thought of canceling and re-activating all those direct debits? The Government introduced new rules from November 2008 which should make it easier (in theory anyway). Following is a link to http://www.fido.gov.au/fido/fido.nsf/byheadline/Switching%20bank%20accounts?opendocument#2 which provides a step by step process.
For people who love detail, included in the information is a booklet published by APCA (Australian Payments Clearing Association) which includes lots of good information. There is also a copy of the Code of Conduct that the financial institutions need to adhere to. Just go to Part D. It states they have to provide you with the information within five working days. Make sure you keep them on their toes. Read more
Money Tip without the boring stuff - Is My Money Safe?
Even though the Government announced on Sunday 12th October, 2008 they would guarantee all savings within banks, building society and credit unions, I am still getting lots of queries.
Must admit it is confusing as the Government didn’t include the fine print. You will not find a better guarantor than the Australian government. Following is a link to the Treasury Department - www.treasury.gov.au.
Debt Recyling … Good for you!
August 12, 2008 by Josie Kay · Leave a Comment
Have you heard the term ‘debt recycling’?
Simply means that you have taken out an investment loan to purchase an asset like shares or property, and then use the income from these investments to repay debt on the family home.
The reason it can be such a powerful strategy to reduce debt is that the interest applied on an investment loan is normally tax deductible, whereas the interest on the loan attached to the family home is not.
Therefore, it makes sense to pay the family home off first as you are paying with after-tax dollars.
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