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Can you repay your home loan at the “buffer” rate and save

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In Australia, households often choose to pay down their mortgage more quickly than required. Various data sources suggest that around half of borrowers are ahead of schedule on their mortgage. In this way, many households have a buffer that they could temporarily draw on to stay current on their loan repayments if their incomes were to fall. Mortgage holders could save hundreds of thousands of dollars in home loan interest if they made repayments at their bank’s “buffer” rate, according to Mortgage Advisers. When a lender determines whether a borrower can afford a loan , they do so by adding an interest rate buffer of around 2% p.a. to the current home loan rate. In other words, if the current interest rate is 5.25% p.a. they will assess the ability to repay the loan at 7.25% p.a. Households have now built up a significant buffer against future interest rate rises, figures from the Bureau of Statistics and Reserve Bank show. A debt reduction strategy simply requires you to make ...
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How to get your super released due to hardship

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If you have genuine hardship circumstances “ release of your superannuation” might be able to help you.After the GFC , most private and government institutions have a provision  to help out people in genuine hardship or  financial hardship. If you are drowning ion debt  and don't know where to go  its always good to check your options with  your financial or government institutions The one nest  that people often go to is “Superannuation” in australia as its their own money , but superannuation cannot be  just  released an there are certain factors  that you need to qualify for to release your superannuation How to get Your superannuation released for hardship ( or are you eligible for release of you superannuation) Below are the elegibility factors for you  being eligible  for you superannuation to be released to you SUPERANNUATION INDUSTRY (SUPERVISION) REGULATIONS 1994 - REG 6.19A Release of super benefits on comp...
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ATO releases new smartphone application

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Today the ATO released a new smartphone application, which offers a new way to interact  in relation to your tax and information about tax   The application has the following features: Tax withheld calculator which allows taxpayers to calculate basic tax payable and also links to a comprehensive tax calculator Tax time information, including frequently asked questions and links to further information on www.ato.gov.au Progress of return online search function which provides the status of a taxpayer’s 2012-13 income tax return. Tax rates for the 2012-2013 financial year   The application is free of charge and can be downloaded from www.ato.gov.au , iTunes or the Google Play store. The application is available on multiple platforms as below IOS 6.x IOS 5.x Android 4.2 Android 4.1 Android 2.3
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Lowest rates ever in australia

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The Reserve Bank of Australia has today(07 may 2013) decided to cut the official cash rate by 25 basis points to 2.75%, taking the cash rate to a record low.. A rate cut by the RBA,given clear concerns over the high Australian dollar, weakness in construction and manufacturing activity, along with a prospective shortfall in the government’s budget is just about right. Last week saw the Reserve Bank of Australia being the latest central bank to engage in further monetary easing, cutting the benchmark interest rate to 2.75 percent, the lowest level in living memory A contraction in retail sales in March, along with a decline in job advertisements in April, and consequent upward pressure on unemployment has surely helped  RBA decision to cut rates. New Bureau of Statistics figures show loans to owner-occupiers rose by 5.2 per cent from February to March, in seasonally adjusted terms. And Governor Glen Stevens was “ cited strength in the Aussie dollar as ‘ unusual given the decl...
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Approved for overdraft $1,00,000,000

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There is no such thing as free money  and when banks offer it to you , you should be even more careful. Today i got a  offer from a bank  for a Overdraft facility of $10,000 and i was already pre-approved “WOW”. FREE overdraft Facility NO charges etc , No establishment fees .. what they didn't say in the email is what they charge when the overdraft is overdue . They probably will say all that when  you fill in  the form , but by that time you have already made up your mind  to get an ovedraft   Below I've printed in italic what you should be aware of when signing up for a overdraft You have been conditionally approved for a $1000 Personal Overdraft facility on your existing account, subject to some simple checks.^ A Personal Overdraft can be helpful if your account ever falls short of funds, because it could give you access to an additional $1000 …………...( and put you further into debt  and we will charge you exorbitant rates for paying us...
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Are you drowning in debt?  If your answer is "yes" to two or more of the questions below - You aremost likely in debt. Am I in debt? Am I behind in my account repayments? Am I too scared to answer my phone in fear of my creditors calling for money? Do I need protection from legal action by my creditors?
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Debt - The Bible , Quotes and Sayings

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Bible Verses about Paying Debt Romans 13:7-8  Pay to all what is owed to them: Taxes to whom taxes are owed, Revenue to whom revenue is owed, Respect to whom respect is owed, Honor to whom honor is owed. Owe no one anything, except to love each other, for the one who loves another has fulfilled the law. Proverbs 22:7   The rich rules over the poor and the borrower is the slave of the lender. Psalm 37:21   The wicked borrows but does not pay back , but the righteous is generous and gives QUOTES ON DEBT Debt is the slavery of the free / Publilius Syrus Debt is like any other trap, easy enough to get into, but hard enough to get out of / Henry Wheeler Shaw If I owe you a pound, I have a problem; but if I owe you a million, the problem is yours / John Maynard Keynes Many delight more in giving of presents than in paying their debts / Sir Philip Sidney Debt is the worst poverty / Thomas Fuller Sayin...
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