What is a drawdown?

Transferring money from a lending institution to a borrower is also known as “drawing down”. In a typical home loan, the funds are drawn down all at once to buy the property. In a construction loan, the money is drawn down in several stages to pay the builders as they progress through each phase of the project. In a line of credit loan, you can draw down money, up to a limit, based on your loan’s available equity. 

How do you pay tax on term deposits?

Just like your regular income, the interest you earn on term deposits is taxable. You should pay tax on any interest that you have received within the current financial year. For example, if you receive monthly interest payments, these payments should be claimed on your tax return. However, if your term deposit is longer than one year and you will only receive interest at maturity, then you will pay tax on your interest in the year that you receive it. 

Can you put a deposit on a car to hold it?

Some car dealers ask for deposits; others don’t. It’s up to individual car dealers to decide whether to promise to hold on to cars in exchange for deposits.

Can you borrow extra on your mortgage for furniture?

It may be possible to borrow extra money on your home loan to help pay for furniture. However, this could mean paying more interest on your mortgage, potentially blowing out the cost of furnishing your home.

Can I change jobs while I am applying for a home loan?

Many lenders require you to be in a permanent job with the same employer for at least six months before applying for a home loan. If your work situation changes for any reason while you’re applying for a mortgage, this could reduce your application’s chances of approval. But contacting the lender as soon as you know your employment situation is changing may allow you to come to an agreement.

Does my credit card include ski trip travel insurance?

Many credit cards, especially gold and platinum cards, offer complimentary travel insurance when you book your trip using the card. However, this may not always cover higher-risk activities such as skiing, so it’s important to compare your options and make sure you’re covered.

What the RBA's Financial Stability Review says about money in Australia right now

Global volatility, higher inflation and interest rates, plus cyber-attacks and climate change are all affecting Australia’s financial stability. The new report from the Reserve Bank of Australia (RBA) looks at the risk these factors and more pose to the nation’s economy, but what can you do about their effect on your household bank accounts?

Who is still offering low-rate home loans after the October 2022 rate hike?

The Reserve Bank of Australia (RBA) is slowing down its hikes to the national cash rate, raising by just 25 basis points in October 2022. But with several of the major banks being quick to announce that they would pass this rise on in full to their home loan customers, it’s important to compare your options when looking for a low-rate home loan.

Which banks have hiked term deposit and savings account rates in October 2022?

The October 2022 meeting of the Reserve Bank of Australia (RBA) saw the national cash rate rise by just 25 basis points. While the RBA may be starting to slow the pace of its rate rises, several leading banks and Authorised Deposit-taking Institutions (ADIs) have been quick to announce increases to their interest rates for savers.

Some of the best home loans in October 2022

The Reserve Bank of Australia’s (RBA’s) decision to hike the cash rate by just 25 basis points, rather than 50, at its October 2022 meeting could be a sign there’s a light at the end of the tunnel for homeowners being squeezed by rising mortgage repayments. But with economists forecasting that interest rates could still have further to rise before the RBA hits pause, it may be worth comparing home loan offers to work out if you’re on the best value home loan for your needs.