160. Refinancing Considerations
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode we discuss the key considerations around refinancing a mortgage, especially in light of potential interest rate reductions. We cover various factors, including negotiating with your existing lender, the "loyalty tax," and the pros and cons of fixed versus variable rates. Also, we dig deeper into using offset accounts, interest-only loans, and the importance of having a strategy for debt repayment. Finally, we emphasize being mindful of loan terms when refinancing, as extending the loan period can result in...
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159. Choosing The Right Superfund
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss the importance of paying attention to superannuation, as 12% of an employee's income is allocated to it. We explain that superannuation is a tax-effective trust structure designed to help grow wealth for retirement. Also, we explore various types of superannuation funds—industry, retail, wrap platforms, and self-managed super funds (SMSFs)—highlighting their differences in investment options, insurance, and complexity. Furthermore we emphasize the need to review your super fund as life...
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158. Market Wrap
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! We are back again with our monthly ‘Market Wrap’ segment. In this episode, we discussed the significant movements in the investment markets, highlighting the 5.18% rise in the S&P 500 over the last month, driven by factors such as East Coast dockworkers' strike resolutions and U.S. interest rate cuts. Additionally, we touch on China’s economic stimulus efforts, its potential global impacts, and the Australian market's growth. Furthermore, we tackled into the potential effects of the upcoming U.S. election on the...
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157. Downsizing as a Retirement Strategy
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we explore downsizing as part of a retirement strategy. We discuss why retirees often choose to downsize, such as reducing space and maintenance needs, and the financial benefits like unlocking equity from the family home to boost retirement income. The downsizer contribution allows those over 55 to contribute up to $300,000 (or $600,000 for couples) to their superannuation, providing tax-free retirement income opportunities. Lastly, we touch on strategies like purchasing a downsized property early to...
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156. Growing Your Superannuation
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss superannuation and the strategies for growing it effectively. We address the importance of starting early, making consistent contributions, and understanding the tax advantages associated with superannuation. We answer common questions, such as why superannuation is a powerful investment tool and the benefits of tax-free income during retirement. Additionally, we highlight the importance of balancing super contributions with other financial priorities, like debt repayment or personal...
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155. Investment Mistakes to Avoid
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss common investment mistakes that many investors make and how to avoid them. We highlight the importance of having a long-term investment timeframe, setting realistic expectations, and not getting caught up in market noise. We also emphasize the value of diversification to manage risk and the significance of time in the market over trying to time the market. Additionally, we explore the risks of not investing, the importance of controlling emotions, and the need for a clear investment...
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154. Market Wrap
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! We are back again with our monthly ‘Market Wrap’ segment. In this episode, we discuss the latest market trends, focusing on various global and domestic economic factors impacting investment decisions. We begin with a wrap-up of the U.S. market, highlighting a 4.36% increase in the S&P 500 driven by optimism around potential interest rate cuts by the Federal Reserve. We then touch on the Australian market, noting a 2.05% rise in the ASX 200, despite fluctuating commodity prices and uncertainties surrounding the RBA's...
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153. Do I Sell Property in VIC
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discuss the current state of the Victorian property market. We explore the growing concerns among property owners about whether to sell or hold onto their properties in Victoria, driven by a recent dip in the market and policy changes, particularly regarding land tax and rental standards. We also analyze historical growth rates, compare Victoria’s market performance to other Australian states, and discuss the long-term prospects for property investment in the...
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152. Debt Recycling
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discussed the concept of debt recycling, a financial strategy that allows individuals to pay down their non-deductible debt, such as a home mortgage, while simultaneously investing to build deductible debt, which can provide tax benefits. The strategy involves using equity from one's home to invest in income-producing assets like shares. Over time, the income generated from these investments is used to pay down the non-deductible debt, while the investment debt increases, effectively converting...
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151. Should I invest or Pay Down Mortgage
360 Money Matters
Welcome back to another episode of the 360 Money Matters Podcast! In this episode, we discussed the dilemma of whether to pay down a mortgage or invest, especially in a high-interest rate environment. We emphasize that there is no one-size-fits-all answer and that the decision should be based on individual circumstances, financial goals, and risk tolerance. People should consider their long-term financial strategy, including their retirement goals, and factor in the potential impact of inflation and tax implications. While paying down a mortgage offers a guaranteed return, we suggest...
info_outlineHello and welcome back to the 360 Money Matters podcast! If you’re a first-time homebuyer that wants to break into the real estate market faster, then listen in on this episode! The biggest barrier for most first home buyers is usually the deposit that you need to put down on your first home. So enter this government initiative to help you accomplish just that.
The First Home Super Saver Scheme is a savings vehicle with tax benefits, helping a lot of first home buyers get started in real estate. In this episode, join us as we talk about the potential this plan has to work in your favour! We will help give you an understanding of how this scheme works, some of the benefits associated with this as well as some key things that you should consider before embarking on this strategy.
So be sure to join in on our conversation as we maximise your contributions and get you that first dream home!
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This podcast contains information that is general in nature. It does not take into account the objectives, financial situation, or needs of any particular person. You need to consider your financial situation and needs before making any decisions based on this information. This information is provided by Billy Amiridis & Andrew Nicolaou of 360 Financial Strategists Pty Ltd, authorised representatives and credit representatives of AMP Financial Planning – AFSL 232706
Episode Highlights:
• Introduction to First Home Super Saver Scheme
• Requirements to be eligible
• Tax benefits that are available
• The restrictions on contributions & withdrawals
• Concrete examples of using the FHSS scheme
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