Are you looking for tax deductions for this financial year? You could consider prepaying interest on your investment loan. Investors often use this strategy, with the sole purpose of maximising tax deductions on investment properties. However, you may wonder if giving all that money to the bank the right thing to do… To find out more about the pros and cons of prepaying interest… Click here to read the full article on the Finance Detective Blog

Everyone knows that interest rates in Australia are lower than they have ever been, but no one knows with certainty what the future holds for rates. Even the most seasoned commentators were surprised with the latest drop after the Reserve Bank’s May meeting. Most predictions are that they will remain at the low end for some time to come, so while borrowers love low rates and savers curse them, what can be done to make the most of the situation? To find out who wins and who loses… Click here to read the full article on the Finance Detective Blog

Interest rates and loan accounts can sometimes be difficult to understand. You probably have lots of questions… What is a fixed rate? What is an offset account and how does it work If a couple purchase a property in 1 person’s name, can both incomes be used to qualify the loan? These are just a few of the questions that we are asked frequently. For the answer to these questions and more… Click here to read the full article on the Finance Detective Blog

At the Doctors Drum event we attended recently, we found a common sentiment to be: “I know that I should review my finances, because there are better deals out there. But, it’s not easy, and I don’t have the time to do it.” This is not necessarily the case. If you speak to a finance solutions specialist, it is EASY, they’ll do the time consuming, difficult tasks. At Medical Finance Detective, it takes less that an hour to start: Have a short chat with us (~30 minutes), so we can understand your financial circumstances and goals. During this meeting, you …

Settlement and post-settlement can be confusing times. You probably have lots of questions… When is my first loan repayment due to be paid? How do I transfer the funds from my old offset account to my new offset account? What actually happens at settlement? These are just a few of the questions that we are asked frequently. For the answer to these questions and more… Click here to read the full article on the Finance Detective Blog

Question of the Month: “A colleague has been asked by his bank to reduce his loan with them, by paying it down with some cash he has. This is due to the decrease in his property values. Could something like this happen to me?” Good news for our client – he is in a position where he should never receive such a call. Their friend however, may need to consider the below and have a professional negotiate with the bank on their behalf. They may also need to refinance with another lender to retain their cash. When it comes to …

I am often asked: “Why should I use the services of a mortgage or finance broker, when I already have a private banker?” I often begin my response with the following question: “Who does your banker work for?” The response being: “The bank, of course.” Therein lies the issue. The role of a private banker is to look after your relationship with the bank, on an ongoing basis. My role is to review your entire banking and financing position, factoring in your plans for the future and strategies that your accountant and financial planner already have in place. With this …

Changing insurers of any sorts can be tough and medical indemnity insurance is perhaps the toughest to change. Even when it’s just your car insurance, nobody likes to explain in detail all their previous accidents and claims, especially if there are multiple incidents. When it comes to medical practice, the likelihood you need to notify either your employer or insurer during your career is high, so changing insurers means you need to explain a whole lot of potentially embarrassing information about mistakes you made in you early career or even more recent ones. That said, practitioners shouldn’t ignore changing their …

Redundancy…..This most likely will not happen to you as medical professionals. However it may happen to someone that you know.   With the recent news headline, ‘WA unemployment rate hits 13-year high’, it has definitely put the pressure of job loss front of mind for many Australian workers, going into the new year. If you know someone that is currently going through or facing the prospect of redundancy, share this with them – every little tip can help!   If you are one of the thousands who have been made redundant and you are not sure what to do with …