Articles tagged with Debt management

How to spend that extra cash from the recent interest rate reduction

Interest rates go up and down, and depending on which stage of life you are in you may be happy or anxious when they change. If you have a home loan, the recent fall in interest rates was probably welcome news.

On 1 November 2011, the Reserve Bank of Australia (RBA) decided to reduce the official interest rate for the first time in 31 months. The RBA cut the official rates by 0.25% to 4.50%.

As a result, many banks have reduced interest rates on loans. If you have a mortgage with a variable interest rate this may have reduced the amount the bank requires you to repay each fortnight/month, leaving you with additional money to spend, pay off debt or save. (more…)

HECS and HELP early repayment discount ending

A change will be implemented from 1 January 2012 to reduce the discounts on voluntary payments. Accordingly, if you are considering making any voluntary payments for $500 or more or up-front payments, you may wish to do this before 31 December 2011.

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Stealthy slide for middle-class wealth

Tempted to use the equity in your home to consolidate your debt or maybe take a holiday or buy a big screen TV? What about buying the best home you can afford? Think again: the past decade has seen bankruptcy become a middle-class “phenomenon”. Even if you aren’t stretched financially, here’s a few things to consider. (more…)