Long gone are the days of Holden vs Ford. These days it’s all about the SUV vs the great Australian ute. So which vehicle type topped the list in 2020?
Let’s wind back the clock a bit.
It’s the year 2000: we’ve dodged Y2K (phew!), you can still photograph your kids sitting next to the pilot, and you’re either a fan of Peter Brock (Holden) or Dick Johnson (Ford) – never both.
Back then the Holden Commodore and Ford Falcon were our two top-selling vehicles, both of which have been discontinued in recent years.
How times change, huh?
These days it’s all about the SUV, which is getting more and more popular.
In fact, SUVs claimed 49.6% of the market during 2020, an increase from 45.5% market share in 2019, according to the Federal Chamber of Automotive Industries (FCAI).
Light commercial vehicles (LCVs) – mainly utes and vans – were also popular in 2020, with 22.4% market share.
Sales for this vehicle type were no doubt boosted by the federal government’s instant asset write off scheme – now expanded to ‘temporary full expensing’ – which allows businesses to immediately deduct the business portion of the cost of eligible new depreciating assets.
The highest-selling brand for the year was Toyota, with an impressive 204,801 vehicles sold for a whopping 22.3% market share in Australia, says the FCAI.
In second place was Mazda (85,640 sales for 9.3% market share), followed by Hyundai (64,807 sales for 7.1% market share).
In fourth place was Ford (59,601 sales for 6.5% market share), narrowly beating out Mitsubishi (58,335 sales for 6.4% market share).
It’s interesting to note that out of the top ten vehicles for the year, seven of them were either SUVs or LCVs.
So without further ado, the top-selling vehicles for the year 2020 were:
1. Toyota HiLux (45,176 sales)
2. Ford Ranger (40,973)
3. Toyota RAV4 (38,537)
4. Toyota Corolla (25,882)
5. Toyota Landcruiser (25,142)
6. Mazda CX-5 (21,979)
7. Hyundai i30 (20,734)
8. Mitsubishi Triton (18,136)
9. Toyota Prado (18,034)
10. Kia Cerato (17,559).
If you’re thinking of purchasing a new vehicle and want to explore your finance options for it, then please get in touch.
As mentioned above, if you’re a business owner and need to use the vehicle for your business, you might be able to take advantage of the federal government’s ‘temporary full expensing’ scheme, which is designed to help boost your business’s cash flow.
To find out more, please get in touch with us today – we’d love to help you hit the road in a new set of wheels.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Long gone are the days of Holden vs Ford. These days it’s all about the SUV vs the great Australian ute. So which vehicle type topped the list in 2020?
Let’s wind back the clock a bit.
It’s the year 2000: we’ve dodged Y2K (phew!), you can still photograph your kids sitting next to the pilot, and you’re either a fan of Peter Brock (Holden) or Dick Johnson (Ford) – never both.
Back then the Holden Commodore and Ford Falcon were our two top-selling vehicles, both of which have been discontinued in recent years.
How times change, huh?
These days it’s all about the SUV, which is getting more and more popular.
In fact, SUVs claimed 49.6% of the market during 2020, an increase from 45.5% market share in 2019, according to the Federal Chamber of Automotive Industries (FCAI).
Light commercial vehicles (LCVs) – mainly utes and vans – were also popular in 2020, with 22.4% market share.
Sales for this vehicle type were no doubt boosted by the federal government’s instant asset write off scheme – now expanded to ‘temporary full expensing’ – which allows businesses to immediately deduct the business portion of the cost of eligible new depreciating assets.
The highest-selling brand for the year was Toyota, with an impressive 204,801 vehicles sold for a whopping 22.3% market share in Australia, says the FCAI.
In second place was Mazda (85,640 sales for 9.3% market share), followed by Hyundai (64,807 sales for 7.1% market share).
In fourth place was Ford (59,601 sales for 6.5% market share), narrowly beating out Mitsubishi (58,335 sales for 6.4% market share).
It’s interesting to note that out of the top ten vehicles for the year, seven of them were either SUVs or LCVs.
So without further ado, the top-selling vehicles for the year 2020 were:
1. Toyota HiLux (45,176 sales)
2. Ford Ranger (40,973)
3. Toyota RAV4 (38,537)
4. Toyota Corolla (25,882)
5. Toyota Landcruiser (25,142)
6. Mazda CX-5 (21,979)
7. Hyundai i30 (20,734)
8. Mitsubishi Triton (18,136)
9. Toyota Prado (18,034)
10. Kia Cerato (17,559).
If you’re thinking of purchasing a new vehicle and want to explore your finance options for it, then please get in touch.
As mentioned above, if you’re a business owner and need to use the vehicle for your business, you might be able to take advantage of the federal government’s ‘temporary full expensing’ scheme, which is designed to help boost your business’s cash flow.
To find out more, please get in touch with us today – we’d love to help you hit the road in a new set of wheels.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Whenever we think of New Year’s resolutions, the first thing that comes to mind is a health kick. But here are three (easy) New Year’s resolutions that’ll help improve your financial wellbeing in 2021.
Below we’ll run you through three straightforward, and most importantly, achievable New Year’s resolutions to set yourself this year (and not a diet or boot camp in sight!).
Quick question (no judgement): do you know the interest rate on your home loan?
Don’t stress if you don’t, studies show that about half of mortgage holders can’t recall their home loan interest rate.
But it does beg the question: if you don’t know your rate, how do you know whether or not you’re getting a good deal on your loan? You could very well be paying too much.
This is why making a home loan health check your New Year’s resolution is so important, particularly with interest rates at record low levels after a series of RBA cash rate cuts.
Indeed, a recent RBA study found that for loans written four years ago, borrowers are charged an average of 40 basis points higher interest than new loans.
So if it’s been a while since you’ve refinanced – so long that you can’t recall your rate – then it’s probably time to get in touch for a home loan health check to see if you can get a better deal.
Rest assured we’ll make it quick and painless. Simply get the ball rolling by giving us a call today.
If you’re not back at work yet, use this precious time to carefully consider what financial goals you want to achieve in 2021.
With renewed post-COVID optimism on the horizon, now might be time to launch that business idea you’ve been thinking about.
Perhaps it’s time to upgrade from an apartment to your first house. Or with international travel on hold for a while, maybe now’s a good opportunity to explore Australia with a new set of wheels.
Whatever your flavour, consider taking stock of what you want to achieve in 2021 so that you can work out a plan to achieve it.
And if you’re unsure about how you’ll finance that goal, we’re here to discuss your funding options. We can help you work out whether you might be able to make them a reality in 2021, or if it’s more realistic to work towards 2022 instead.
Once you’ve identified a big financial goal to hit in 2021, you’ll want to start saving towards it.
But micro-transactions – purchases that are low in cost and trivial in nature – can be a real obstacle.
For example, did you know that buying a $4 takeaway coffee each day costs you a whopping $1460 per year, whereas making it yourself using a french press or aeropress costs just $260.
That’s a saving of $1200.
Other micro-transactions that most families can cut back on include alcohol, take-away food such as Uber Eats, gym memberships, and multiple entertainment subscriptions such as Spotify, Netflix and Foxtel.
With a little bit of budget tinkering, you can save yourself hundreds – even thousands – of dollars each month.
That’s easy – get in touch today for resolution #1: a home loan health check.
There’s a reason tens of thousands of families are currently refinancing their home loans: competition among lenders is fierce.
And by getting the ball rolling on resolution #1, you’ll also be contributing towards resolutions #2 and #3 by saving money that you can put towards your 2021 financial goal.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Well, that was a year for the history books. Time to start looking forward, we reckon! And the good news is 2021 offers plenty of promise. So what’s your New Year’s resolution?
While we saw the national housing market dip throughout the middle of 2020, it’s already started to recover, and many experts predict it’ll rebound even stronger in 2021 as the COVID-19 vaccination is rolled out across the country.
With that optimistic outlook in mind, now’s a great time to sit down and ask yourself: what am I aiming for in 2021?
A new home? A caravan to explore Australia in? Or now that you’ve had a taste of working from home, possibly a new business idea?
Because, let’s face it, while we’re all for health-inspired New Year’s resolutions (well, kinda), it doesn’t hurt to have a financial resolution too.
And usually the two work hand-in-hand quite well.
For example, the less you spend on booze, take-away coffees or Uber Eats, the more you can put towards savings to your 2021 financial goal.
So over this New Year’s long weekend have a little think about what you might want to achieve in 2021.
Whatever it is, rest assured that we’ll be here for you to help you achieve it.
And if you just want to enjoy 2021 after enduring the horror show that was 2020, we’re all for that too!
Happy New Year and all the best for the year ahead!
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
To all our wonderful clients: this has been a year like no other, so we can only hope that you’re treated to a relaxing time with family and friends this festive season.
We want to say a huge thank you for your support over these past twelve months. It’s fair to say it’s been an incredibly challenging year for households and businesses alike.
That said, it’s been an absolute pleasure and an honour working with you towards your lifestyle and business goals.
May you feast alongside those you love this Christmas, and enjoy some time off over the New Year period.
We look forward to working with you towards a prosperous 2021! (and leaving 2020 behind us all!).
Merry Christmas and Happy New Year!
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
Small businesses are receiving payments from clients a month late on average – that’s 18 days longer than last year. Make sure your business’s cash flow isn’t adversely impacted this holiday season.
The blow-out in payment times is having a “devastating impact” on small businesses across the country, warns the Australian Small Business and Family Enterprise Ombudsman (ASBFEO).
In October, small businesses were paid 31 days late on average, compared to 13 days late in October 2019, reveals CreditorWatch data published in a recent report.
ASBFEO Kate Carnell says the delay in payments is hitting businesses already under strain due to COVID-19.
“It’s more important than ever to remember that although Small Business Counts is a statistical report, behind every number is a person,” she says.
“Small businesses are the engine room of the Australian economy, but they are also hard-working people who have had to overcome huge obstacles in 2020.”
The transport, postal and warehousing sector has been hit hardest by the blowout in payment times, with those businesses receiving payments an average of 90 days late, compared to 9 days late in October 2019.
Other sectors with average payment delays of over 30 days include:
– financial and insurance services
– professional, scientific and technical services
– construction
– rental, hiring and real estate services
– healthcare and social assistance businesses, and
– many other service-based businesses.
It’s doubtful these figures will improve over the next couple of months, with the summer holidays a notorious period for late payments.
So if you haven’t started invoicing clients yet, you should consider doing so now – especially those who have a history of being tardy.
It’s worth noting that the ASBFEO report isn’t all bad news.
It also highlights the resilience and agility of Australian small businesses.
It shows 40% of small businesses have pivoted their operations to adapt to the rapidly changing conditions faced in 2020 – whether that be due to the summer bushfires or COVID-19.
“It’s been inspiring to hear the stories of small businesses that made a decade’s worth of change in a matter of days and managed to keep their business afloat,” says Ms Carnell.
If your business is struggling with cash flow issues due to late payments from clients, or a recent change in direction, then please get in touch sooner rather than later.
We can run you through some financing solutions that may be available to help your business make the transition from 2020 (good riddance!) to 2021 (here we come!).
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
How comfortable do you feel leaving your home unattended when you go on holidays? Turns out that those who know their neighbours best have more peace of mind.
Remember The Wet Bandits from Home Alone?
It was their modus operandi to case out families going on holidays before robbing their homes over Christmas.
When you consider that insurer QBE sees up to 15% more theft claims over the summer holiday period than any other time of year, it was a pretty clever little plotline.
But, it turns out that you don’t have to leave your eight-year-old kid home alone to fend off the hapless crooks.
It’s much simpler (and safer) to get to know your neighbour – which is something Australians have been doing a lot better this year thanks to the COVID-19 lockdowns.
More than 80% of Australians spent more time at home during 2020 than ever before, and QBE’s research reveals this may have helped us all become better neighbours.
In fact, one in three Australians claim they know their neighbours better now than in previous years, and 61% say they’d like an even better relationship with their neighbour, especially if it could improve their home security.
It’s not surprising then, that three in four Australians say they feel more comfortable going on holidays if they know their neighbours are keeping an eye on things.
Indeed, 71% of neighbours interviewed claim they’d record a vehicle number plate, 60% would call the police, 47% would give their neighbours a call, and (a very bold) 28% would even approach the suspicious party.
With state borders starting to reopen and interstate travel resuming, it’s important to take relevant safety precautions to protect your household belongings this holiday season.
“If you’re not in the habit of letting your neighbours know when you go away, now would be a great time to start,” says QBE’s chief customer officer, personal lines, Eleanor Debelle.
“Aside from increasing the security of your home, it may also strengthen the relationship you’ve built during 2020.”
Here are QBE’s top five tips to secure your home these holidays
1. Ask a neighbour to check on your property, collect the mail, mow your lawn, or put away bins.
2. Walk around your property and check doors, windows and locks.
3. Make sure valuables are out of sight or given to a trusted person to look after. The most common items stolen include jewellery, bags, laptops, phones, rings, keys and tools.
4. Set a burglar alarm.
5. Set timer switches for lighting.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
How comfortable do you feel leaving your home unattended when you go on holidays? Turns out that those who know their neighbours best have more peace of mind.
Remember The Wet Bandits from Home Alone?
It was their modus operandi to case out families going on holidays before robbing their homes over Christmas.
When you consider that insurer QBE sees up to 15% more theft claims over the summer holiday period than any other time of year, it was a pretty clever little plotline.
But, it turns out that you don’t have to leave your eight-year-old kid home alone to fend off the hapless crooks.
It’s much simpler (and safer) to get to know your neighbour – which is something Australians have been doing a lot better this year thanks to the COVID-19 lockdowns.
More than 80% of Australians spent more time at home during 2020 than ever before, and QBE’s research reveals this may have helped us all become better neighbours.
In fact, one in three Australians claim they know their neighbours better now than in previous years, and 61% say they’d like an even better relationship with their neighbour, especially if it could improve their home security.
It’s not surprising then, that three in four Australians say they feel more comfortable going on holidays if they know their neighbours are keeping an eye on things.
Indeed, 71% of neighbours interviewed claim they’d record a vehicle number plate, 60% would call the police, 47% would give their neighbours a call, and (a very bold) 28% would even approach the suspicious party.
With state borders starting to reopen and interstate travel resuming, it’s important to take relevant safety precautions to protect your household belongings this holiday season.
“If you’re not in the habit of letting your neighbours know when you go away, now would be a great time to start,” says QBE’s chief customer officer, personal lines, Eleanor Debelle.
“Aside from increasing the security of your home, it may also strengthen the relationship you’ve built during 2020.”
Here are QBE’s top five tips to secure your home these holidays
1. Ask a neighbour to check on your property, collect the mail, mow your lawn, or put away bins.
2. Walk around your property and check doors, windows and locks.
3. Make sure valuables are out of sight or given to a trusted person to look after. The most common items stolen include jewellery, bags, laptops, phones, rings, keys and tools.
4. Set a burglar alarm.
5. Set timer switches for lighting.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
‘Tis the season to be jolly, but it’s important not to get carried away when using ‘buy now, pay later’ providers to fund that festive spirit. That’s because one-in-five users struggle to make their repayments, new research has found.
“Christmas is a time for giving” – it’s a line that’s been drummed into us since we popped our first piece of chocolate out of an advent calendar.
But it’s important not to go overboard and spend more than you can afford to pay back if you use ‘buy now, pay later‘ services such as Afterpay and Zip Pay.
That’s because a new report from ASIC shows one-in-five users were late paying their other bills, including home loan repayments, as a result of using the services.
Below we’ll discuss why it’s important to budget properly if you plan on using a ‘buy now, pay later’ service this festive season.
‘Buy now, pay later’ arrangements allow you to buy goods and services immediately, and repay the amount over a series of instalments.
If you make a purchase using market leader Afterpay, for example, you’ll pay your first instalment at the time of purchase, and then the remaining three instalments over the next three fortnights.
If you pay on time, there’s no fee for you (that’s charged to the merchant). However, if you’re late to make a repayment, you’ll cop a small fee (usually $10).
On the face of it, it’s a pretty good arrangement. And don’t get us wrong – these are perfectly legitimate companies.
But where you can run into financial trouble is using several ‘buy now, pay later’ services without a plan to pay the money back over the coming fortnights, especially over the holiday season when your focus doesn’t tend to be on the household budget.
As mentioned earlier, 20% of ‘buy now, pay later’ users miss or are late to pay other bills in order to make their ‘buy now, pay later’ payments on time.
The bills most commonly affected are household bills (44%), credit card payments (32%), and, worryingly, home loan repayments (22%).
What’s really surprising though, is that 15% of 1,655 users surveyed by ASIC say they took out an additional loan in order to make their ‘buy now, pay later’ payments on time.
“[Some consumers] are experiencing financial hardship, such as cutting back on or going without essentials (e.g. meals) or taking out additional loans, in order to make their ‘buy now, pay later’ payments on time,” the ASIC report says.
Look, we’re certainly not trying to play Grinch this Christmas.
But with many families doing it tough right now, it’s important not to take on any debt that you can’t afford to comfortably pay back – no matter how straight forward and low risk it might seem.
It’s also worth noting that while the Afterpay approval process doesn’t (generally) involve credit report checks, Afterpay (and its competitors such as Zip Pay) is still a credit liability that needs to be disclosed when applying for a home loan.
So if you have any doubts about whether a ‘buy now, pay later’ purchase might affect your ability to secure a home loan – or pay off your existing one – then feel free to get in touch.
We’re happy to chat in more detail to help you make this Christmas more jolly, and less folly.
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.
The finance industry has a bunch of acronyms and abbreviations that can make the home buying process a little confusing. But they’re not as difficult to understand as you might think. Take our short quiz to see how many you can answer!
Below we’ve listed eight commonly used acronyms and abbreviations in the mortgage and finance industry.
So grab a pen and some paper and test out that noggin of yours!
We’ll give you one point for each acronym you can identify, and an extra point if you know what it means.
1. LVR
2. LMI
3. FHB
4. FHLDS
5. Low Doc
6. DTI
7. ADI
8. FHOG
Once you’ve written down your responses, scroll down for the answers below.
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LVR is the percentage of the property’s value, as assessed by the lender, that your loan equates to.
For example, if the property you want to purchase is valued at $500,000, and you need to borrow $400,000 to pay for it, the loan is worth 80% of the property value, making your LVR 80%.
LMI is insurance that protects the bank or lender in case you can’t pay your residential mortgage.
It’s usually paid by borrowers with an LVR higher than 80% – that is, borrowers with a deposit of less than 20%.
This one is pretty self-explanatory. Basically, a FHB is someone who has never purchased property before but is in the process of doing so.
Being a FHB allows you to take advantage of a number of federal and state government schemes and incentives, which we’ll cover below.
The FHLDS is a federal government scheme that allows eligible FHBs with a 5% deposit (aka 95% LVR) to purchase a property without paying for LMI.
This can save FHBs thousands of dollars (sometimes even tens of thousands!) and help them enter the property market sooner.
Low doc home loans are often used by self-employed borrowers who find it difficult to provide conventional proof of income. That’s because many self-employed people try to minimise their taxable income to pay less tax, but this creates problems when they try to borrow.
Fortunately, low doc loans don’t require the same level of “documentation” as normal loans and are specifically designed for self-employed people who are capable of servicing a loan.
Your DTI is used by lenders to determine if you can afford to take on any more debt. Basically, it compares your total debt to your gross income.
The formula is: Total Debt / Gross Income = Debt to Income ratio
So if you have a $500,000 home loan (and no other debt), and $160,000 in gross household income, your DTI is 3.125.
ADIs are financial institutions that are licensed by the Australian Prudential Regulatory Authority (APRA) to carry on banking business, including accepting deposits from the public.
They are generally banks, building societies and credit unions.
FHOG are generally state government-run grants available to eligible first home buyers to help them get a leg up into the property market.
Typically, they’re in the vicinity of $10,000 to $20,000, and in many states they’re available alongside stamp duty exemptions and federal government initiatives, such as the $25,000 Homebuilder Grant.
If you scored 1-4: Hey, no worries! We all started out with this score. And to be honest, we enjoy nothing more than helping people embark on their property buying journey.
If you scored 5-8: Have we met before? I’m sure we have. You seem pretty well-versed in the world of property and finance. We should have a chat again soon to discuss your next steps on the property ladder.
If you scored 9-12: You likely either work in the finance industry, are a savvy property investor, or we’ve taught you well! Long story short: you know your stuff!
If you scored 13-16: Ok, so you either work for us, are married to one of us, or you’re one of our competitors sussing us out! If you scored in this range, take a bow!
If you ever want to clarify anything with us – whether that be acronyms, abbreviations or any other finance topic – then please don’t hesitate to ‘DM’ us (see, we’re down with all kinds of lingo around here!).
Disclaimer: The content of this article is general in nature and is presented for informative purposes. It is not intended to constitute tax or financial advice, whether general or personal nor is it intended to imply any recommendation or opinion about a financial product. It does not take into consideration your personal situation and may not be relevant to circumstances. Before taking any action, consider your own particular circumstances and seek professional advice. This content is protected by copyright laws and various other intellectual property laws. It is not to be modified, reproduced or republished without prior written consent.