Whether you’re looking for extra cash to purchase a property, or could do with a few thousand dollars to pay off your existing mortgage, the average Aussie household could make nearly $6,000 from selling their pre-loved items.
Turns out we’re a bunch of hoarders that’d make the Kerrigans blush, according to the 2020 Gumtree Second Hand Economy Report.
Indeed, more than 85% of us have unwanted items collecting dust around our homes that we could sell on second-hand trading platforms.
Just how much you ask? Well, the average Aussie household has 19 items, worth $5,800, scattered around their home that they should probably sell.
That’s a $500 increase per household from this time last year.
It kind of makes sense when you think about it.
When was the last time you jammed on your guitar or keyboard? Or cooked in nan’s cast iron pot? Maybe it’s been a while since you shifted the gears on the exercise bike, bench-pressed those weights, or popped up on the surfboard.
Need some more inspiration for your big spring clean? Here are the most common pre-loved items households could sell:
Clothing, shoes and accessories: 53% (of households)
Books: 45%
Music, DVDs or CDs: 44%
Electronic goods (including phones, PC’s): 41%
Games and toys: 35%
Home decor/furniture: 28%
Tools/gardening/DIY items: 21%
Appliances: 20%
Kitchen/dining items: 17%
Chairs: 17%
Lamps: 15%
Quite the opposite.
In fact, 42% of Australians surveyed in the report say they’re more likely to sell items through the second-hand economy now than before the pandemic.
That’s probably because 63% say they’re concerned about their ability to pay household expenses such as their mortgage, bills and food.
Just be sure to practice COVID-19 safe trading if your buying or selling, by:
– scheduling a video inspection of an item where possible
– washing your hands before and after meeting in person
– cleaning items before using (and asking the seller to do the same before purchase)
– considering contactless delivery via a courier service.
As mentioned above, if you’re looking for extra cash to purchase a property, well, you know where to find us when it comes to getting finance for it.
If, on the other hand, you’re simply wanting to pay off your existing mortgage faster, then be sure to get in touch with us – we have plenty of other tips and ideas we’d love to share with you.
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.
Home sellers across the country are lowering their price expectations in droves, new data reveals. But which two capital cities have seen the highest percentage of sellers discount their asking price?
Here’s an exciting stat for all you property bargain hunters out there: the percentage of sellers dropping their asking price during COVID-19 has more than doubled in our capital cities across the country, new Domain data shows.
So which two cities have seen the biggest increase in sellers offering discounts?
Well, the head-and-shoulders leader is Sydney, followed by Melbourne, with Adelaide only just nudging out Brisbane and Perth in a photo finish for third.
But all cities are offering median discounts between $22,000 and $50,000, which we’ll look at below.
Prices dropped on one-in-seven (14.7%) Sydney properties for sale last month, almost a threefold increase from the 5.3% of sellers who offered discounts a year earlier in July 2019.
In Melbourne, the percentage of sellers dropping their asking price during the COVID-19 pandemic increased nearly four-fold from 3.1% in July 2019 to 11.5% in July 2020.
Adelaide recorded the next highest discount figure at 10.1%, up from 3.1% last year, while in Perth the percentage of discounters almost doubled to 10% from 5.3%.
Brisbane followed closely with an increase to 9.7% from 4.4%, Canberra increased to 8.6% from 6.3% and Hobart to 5.4% from 2.8%. Darwin was the only capital to record a slight drop – with 5% of sellers offering a discount this year, compared to 5.5% a year earlier.
With most capital cities offering a median discount around 4-5%, the savings you could receive on a median-priced property in each city are: $49,150 in Sydney, $35,254 in Melbourne, $26,810 in Brisbane, $26,210 in Canberra, $24,553 in Perth, $24,351 in Hobart, $23,745 in Darwin, and $22,121 in Adelaide.
But remember, that’s just the median. Better (and worse) discounts are sure to be found.
The percentage of listings with discounts from July 2019 to July 2020:
Sydney: Increased from 5.1% to 14.7%
Melbourne: Increased from 3.1% to 11.5%
Adelaide: Increased from 3.1% to 10.1%
Perth: Increased from 5.3% to 10%
Brisbane: Increased from 4.4% to 9.7%
Canberra: Increased from 6.3% to 8.6%
Hobart: Increased from 2.8% to 5.4%
Darwin: Dropped from 5.5% to 5%
Now, it’s important to note that the value of the discounts isn’t increasing – just the percentage of properties offering discounts.
Domain senior research analyst Dr Nicola Powell explains: “We’re seeing a broader slowdown in properties, rather than prices tanking, which is good news.
“And I think we’ll continue to see price weakness but the falls to date have been minimal and they’ll stay that way, rather than some of those outrageous predictions we saw at the start of COVID-19 of 30% falls.”
Have you recently stumbled across a discounted property that’s too hard to ignore?
If so, get in touch today and we can help you get your finances in order and apply for a home loan. The lending market can be a little tricky to navigate at present, but rest assured we’re here to help guide you through it.
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.
JobKeeper is due for a big shake-up next month, which means if you’ve been relying on it to get your business through these rocky times, you need to start planning ahead now.
With the small business ombudsman and many economists concerned about an “insolvency tsunami” hitting small businesses, it’s critical that you start thinking about your ongoing funding plans now to avoid being swept up in the tide.
JobKeeper support is set to end for many businesses on September 27, while it will continue for other eligible businesses under a reduced amount until March 28.
So with that in mind, you may want to start assessing your business’s ability to make loan repayments, pay staff without JobKeeper support, take care of ATO debts, as well as any other financial obligations.
Businesses that have been drawing on JobKeeper should start asking the below three questions, says Wayne Smith, Group Executive of SME lender Scottish Pacific.
1. What support will I lose, and has my business got the cash available to replace it?
2. What payments will I have to make from October or March that I’m not making now?
3. Do I have any pressing creditors ready and able to take action against me once they are able to?
The unfortunate fact is that over the coming months many businesses will have a funding gap and have to face some very tough decisions.
“Your answers to (the above) questions will guide whether you seek extra funding or make a tough call on your business,” Mr Smith says.
“You don’t want the business to accumulate debt if it’s not going to be viable.”
Mr Smith says businesses can consider seeking rent reductions, JobKeeper, government grants, and ATO deferments.
“These initiatives have helped many businesses hibernate or trade through the tough times. However it’s important to consider how this will pan out when commercial evictions for non-payment of rent return, and creditors are able to present winding up petitions,” Mr Smith adds.
It’s important to note that the federal government’s Coronavirus SME Guarantee Scheme is being extended, with the initiative allowing lenders to provide eligible SMEs unsecured loans “more cheaply and more freely”.
Mr Smith says another option business owners could consider is Invoice Finance, which makes use of assets already in the business rather than using the family home for security.
“Put simply, using Invoice Finance brings forward payment of your invoices so you have cash in hand. You get 80% paid earlier, and the remainder later,” Mr Smith says.
Now may also be a good time to consider whether your business could benefit from a self-liquidating revolving line of credit facility, says Mr Smith, rather than further exposing yourself by taking on more loan repayments.
As mentioned earlier, if you think you might have a funding gap in your business, it’s good to act in advance – not when you’re scrambling to make ends meet.
So if you’d like to explore some funding options for your business please get in touch today – we’re here to help your business however we can.
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.
It’s been two months since HomeBuilder was first announced, and I’m sure many of us spent a bit of that time dreaming about an extra $25,000 to spend on a reno or new home. The good news is grant applications are now officially open.
All states have now opened application channels (see below) for the federal government’s new HomeBuilder grants, with ACT the only government yet to provide an application form (however you can register online).
The federal government scheme aims to assist Australians who want to buy a new home or begin work on eligible renovations by providing them with a $25,000 tax-free grant.
The scheme was announced as part of the federal government’s economic response to the coronavirus pandemic, with the stated aim of supporting more than 1 million builders, painters, plumbers and electricians across the country.
While many of the eligibility details were quickly revealed, there has been one key problem since the announcement of the scheme back in early June: there has been no way of actually applying for a grant.
But, there is now.
New South Wales: Revenue NSW is now accepting applications online. For more information on eligibility and the process, visit: www.revenue.nsw.gov.au/grants-schemes/homebuilder
Victoria: State Revenue Office Victoria is accepting applications online. For more details on eligibility visit: www.sro.vic.gov.au/owning-property/australian-homebuilder-grant
Queensland: In Queensland the Office of State Revenue is taking applications. For more info: www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/homebuilder
Western Australia: For those in the west, Revenue WA is the place to submit your application. For more info visit: www.wa.gov.au/service/community-services/grants-and-subsidies/apply-new-home-construction-grant
South Australia: The South Australian Revenue Office is accepting applications. For more details visit: https://www.revenuesa.sa.gov.au/grants-and-concessions/homebuilder-grant
Tasmania: For those in the apple isle, The State Revenue Office of Tasmania is handling applications. You can visit: www.sro.tas.gov.au/Documents/HomeBuilder-grants-guideline.pdf
Northern Territory: The Northern Territory Revenue Office is now accepting applications. For more details visit: https://treasury.nt.gov.au/dtf/territory-revenue-office/homebuilder-grant
ACT: As mentioned, the ACT is yet to provide an application form, however you can register online. For more info visit: https://www.revenue.act.gov.au/covid-19-assistance/homebuilder-grant
So, that’s how you can apply for the HomeBuilder scheme. If you’re keen to proceed, the next thing to tackle is financing the project.
And that’s where we can help.
If you’d like a hand obtaining finance to pay for the new home or reno you’ve been dreaming of, get in touch with us today – we’re here to help make your HomeBuilder dreams a reality.
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.
It’s been two months since HomeBuilder was first announced, and I’m sure many of us spent a bit of that time dreaming about an extra $25,000 to spend on a reno or new home. The good news is grant applications are now officially open.
All states have now opened application channels (see below) for the federal government’s new HomeBuilder grants, with ACT the only government yet to provide an application form (however you can register online).
The federal government scheme aims to assist Australians who want to buy a new home or begin work on eligible renovations by providing them with a $25,000 tax-free grant.
The scheme was announced as part of the federal government’s economic response to the coronavirus pandemic, with the stated aim of supporting more than 1 million builders, painters, plumbers and electricians across the country.
While many of the eligibility details were quickly revealed, there has been one key problem since the announcement of the scheme back in early June: there has been no way of actually applying for a grant.
But, there is now.
New South Wales: Revenue NSW is now accepting applications online. For more information on eligibility and the process, visit: www.revenue.nsw.gov.au/grants-schemes/homebuilder
Victoria: State Revenue Office Victoria is accepting applications online. For more details on eligibility visit: www.sro.vic.gov.au/owning-property/australian-homebuilder-grant
Queensland: In Queensland the Office of State Revenue is taking applications. For more info: www.qld.gov.au/housing/buying-owning-home/financial-help-concessions/homebuilder
Western Australia: For those in the west, Revenue WA is the place to submit your application. For more info visit: www.wa.gov.au/service/community-services/grants-and-subsidies/apply-new-home-construction-grant
South Australia: The South Australian Revenue Office is accepting applications. For more details visit: https://www.revenuesa.sa.gov.au/grants-and-concessions/homebuilder-grant
Tasmania: For those in the apple isle, The State Revenue Office of Tasmania is handling applications. You can visit: www.sro.tas.gov.au/Documents/HomeBuilder-grants-guideline.pdf
Northern Territory: The Northern Territory Revenue Office is now accepting applications. For more details visit: https://treasury.nt.gov.au/dtf/territory-revenue-office/homebuilder-grant
ACT: As mentioned, the ACT is yet to provide an application form, however you can register online. For more info visit: https://www.revenue.act.gov.au/covid-19-assistance/homebuilder-grant
So, that’s how you can apply for the HomeBuilder scheme. If you’re keen to proceed, the next thing to tackle is financing the project.
And that’s where we can help.
If you’d like a hand obtaining finance to pay for the new home or reno you’ve been dreaming of, get in touch with us today – we’re here to help make your HomeBuilder dreams a reality.
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.
You’ve heard the saying ‘safe as houses’, right? Well, it seems that old adage may ring true even in the current pandemic, with many of the nation’s top economic experts saying that’s where they’d put their money right now.
A Finder survey asked 28 leading experts and economists to weigh in on future cash rate moves and other issues related to the state of the Australian economy.
When asked: “Where do you think is the best place to invest your money right now?”, the leading response was “property”, with 1 in 3 experts (32%) backing it as their top option.
This was followed by shares (21%), gold (14%), superannuation (11%) and then cash (7%).
Rest assured it’s not all doom and gloom out there.
According to CoreLogic’s latest data, nationwide median housing values fell just 0.6% in July and fell 1.6% for the quarter, bringing the median dwelling value to $552,912.
However, to put that into context, over the past year national housing values have risen by 7.1%.
Sydney property prices led the way with a 12.1% increase in median value, followed by Melbourne (8.7%), Canberra (7.2%), Hobart (5.9%), Brisbane (3.8%) and Adelaide (2.4%).
Perth (-2.5%) and Darwin (-2.2%) were the only capital cities to record negative growth in housing values over the past 12 months.
Tim Lawless, CoreLogic’s head of research, said housing markets have remained relatively resilient through the COVID-19 period so far.
“The impact from COVID-19 on housing values has been orderly to-date,” says Lawless.
“Record low interest rates, government support and loan repayment holidays for distressed borrowers have helped to insulate the housing market from a more significant downturn.”
However, with fiscal support set to taper from October, and repayment holidays expiring at the end of March next year, Lawless says the medium-term outlook remains skewed to the downside.
“Urgent sales are likely to become more common as we approach these milestones, which will test the market’s resilience,” adds Lawless.
Here are a few other interesting stats and predictions we took out of the Finder survey:
– Almost half of experts (42%) believe now is a good time for homeowners to put their property on the market, while a quarter said homeowners should wait two years.
– Two-thirds of surveyed experts (65%) believe Australia will see GDP growth in 2020, despite the Treasurer confirming in June that the nation is now in recession.
– All experts believe no further cash rate cuts will be implemented this year. However, more than two-thirds (72%) of experts forecast an increase in 2021 or 2022.
– More than half of experts surveyed (58%) believe other banks will follow in St George’s footsteps to reduce lenders mortgage insurance (LMI) to $1 for first home buyers with a deposit of just 15%.
As mentioned earlier, it’s expected that properties priced for a quick sale will hit the market in the coming months – properties that may prove difficult for some buyers to resist.
So whether you’re looking to add to your property portfolio, looking for a change of scene, or keen to buy your first home and break into the market, get in touch today.
We’re here to help you find a loan that’s just right for you.
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.
If you’re a small or medium-sized business owner in need of an affordable loan then we’ve got good news: the federal government is expanding the Coronavirus SME Guarantee Scheme to allow businesses to borrow more and for a wider range of purposes.
The scheme, which is in phase one until September 30, allows lenders to provide eligible SMEs unsecured loans of up to $250,000 for up to three-year terms.
It’s got pretty good traction too, with more than 15,600 businesses accepting loans worth $1.5 billion to date.
As such, phase two has just been announced to further assist Australia’s economic recovery from coronavirus.
The Coronavirus SME Guarantee Scheme basically involves the government guaranteeing 50% of each new loan issued to SMEs by eligible lenders.
This allows lenders to offer the loans “more cheaply and more freely” compared to ordinary business loans, says the Australian Banking Association (ABA).
In a nutshell: SME Guarantee loans will soon be larger, longer-term and for a wider range of purposes.
The second phase of the scheme will kick off on 1 October 2020 and will be available until 30 June 2021. Here are the key changes taking place:
– Loans can be for a wider range of investment, beyond working capital
– Secured lending now permitted (excludes commercial or residential property)
– Maximum loan size increased to $1 million (up from $250,000 per borrower)
– Maximum loan term now five years (up from three years)
– Lenders can now offer a repayment deferral period.
This is where it can get a little confusing: the federal government has approved 44 lenders to participate in the scheme, which is a lot to choose from.
Fortunately, we can sit down with you and look at your business’s financing needs to help make your decision easier.
So if you’d like to discuss your eligibility and any other details of the scheme, get in touch today – we’re here to help you work through it.
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.
We’re all looking forward to things eventually getting back to normal, or at least the “new normal”. And while it’s not clear exactly what the “new normal” will look like in the property world, there are some promising early signs.
For instance, you might have seen that interest rates are pressing down towards 2% (and, in a few rare cases, dropping below 2%), and that property prices have dipped a little in some areas.
So what does this mean? Well, it spells good news for prospective buyers who’ve been fortunate enough to escape the financial impacts of COVID-19.
When looking for an ideal post-COVID-19 purchase location, the first thing to consider is that workplaces are likely to have changed forever.
In the post-pandemic world, it’s likely that those who want to work from home won’t face the same hurdles they did in 2019 and, as such, suburban and coastal suburbs may be more in demand.
This predicted shift in preferences away from inner-city living is clear in analysis supplied to Business Insider Australia by Finder, with half the suburbs on the list within walking distance to the beach.
The analysis also took into account factors including crime rates, property costs, and how family-friendly areas are.
So here are the top 10 suburbs to buy in, according to the analysis.
NSW: Cordeaux Heights, in Wollongong, south of Sydney
NSW: Eleebana, Lake Macquarie, north of Sydney
QLD: Westlake, a western suburb in Brisbane
QLD: Bridgeman Downs, a northern suburb in Brisbane
QLD: Cotswold Hills, in Toowoomba, west of Brisbane
WA: Carine, a northern suburb in Perth
WA: Leeming, a southern suburb in Perth
WA: Gooseberry Hill, an eastern suburb in Perth
SA: Aldgate, just south-east of Adelaide
ACT: Fadden, a southern suburb in Canberra
It’s worth noting that most, if not all, of the above suburbs have an average property price between $720,000 and $800,000.
While Victoria didn’t get a look-in for the top 10, the analysis ranked Thomastown, Lalor, Watsonia North, Greenvale, and Gladstone Park in Melbourne’s north favourably. In the city’s west, Kings Park, Keilor Downs, Albanvale, Keilor Park and Kealba also got favourable rankings.
You don’t need a list to tell you where you should live.
Everyone has different preferences, purchasing power, circumstances and dreams, all of which will influence your “top suburb” in the post-pandemic world.
So if you’ve been researching a suburb and have an eye on your next dream property, get in touch today. We’d love to help you arrange finance for it.
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.
Homeowners in record-high numbers are taking advantage of reduced interest rates and competitive refinancing offers. Are you ready to take the leap?
When times are tough, the belt gets tightened.
And we’ve seen that play out across the country in a big way recently, with the number of Australian families who refinanced their mortgage in May the highest on record, according to the latest figures from the Australian Bureau of Statistics (ABS).
In fact, 33,712 Australians refinanced a whopping $15 billion worth of mortgages in May.
To put that into context, before COVID-19 struck, that monthly figure floated around the $10 billion to $11 billion mark.
Anecdotally speaking, the recent 50% increase in refinancing sounds about right to us.
We’ve been flat chat over the past few months helping families refinance their home loans and save thousands of dollars in annual interest repayments.
First and foremost, the economic squeeze brought on by COVID-19 has made people stop and take stock of where they can make savings in their family budget.
And one possible way to do that is by refinancing, as Australian home loan rates have never been lower.
That’s because, on top of the Reserve Bank of Australia (RBA) dropping the cash rate to a record low, lenders are currently competing hard for your business by offering never seen before interest rates.
ABS Chief Economist Bruce Hockman further explains: “The value of existing owner-occupier loans refinanced with a different bank [in May] was by far the highest on record as borrowers responded to reduced interest rates and refinancing offers.”
Well, that’ll depend on your individual circumstances and a number of other factors, including how big and old your loan is.
But to give you a lower-end-of-the-scale example, 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.
“For a loan balance of $250,000, this difference implies an extra $1,000 of interest payments per year,” explains the RBA.
And if your loan amount is higher than the above example – or if your loan is older – then there’s a decent chance that refinancing could save you even more than $1000 in interest payments each year.
That’s the easy part – get in touch today.
There’s a reason tens of thousands of families are currently refinancing their home loans: now’s a good time to do so as competition among lenders is running hot. And the longer you put it off, the longer you’ll keep paying your current rate.
So if you’d like to refinance your home loan, give us a call and we can run you through your options and get the ball rolling.
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.
Getting a bill in the mail is never pleasant, but your annual insurance and workers compensation premiums can be particularly tough lump sums to swallow. There is, however, an affordable financing option that can limit the impact on your business’s cash flow. Let’s take a look.
Most businesses have expensive annual insurance premiums to pay, whether they be for professional indemnity insurance, product liability insurance, public liability insurance, or any other general business insurance policy.
Throw your workers compensation premiums into the mix and these obligations can become quite the annual financial hurdle to overcome.
Fortunately, a financing option exists that can smooth out your cash flow headache and help you become eligible for an early bird discount on your workers compensation premium.
IPF allows you to split your insurance payments into manageable, affordable, monthly amounts that won’t cripple your cash-flow like an annual lump sum payment can.
Basically, any business that has an insurance premium of more than $5,000 has the ability to use IPF if they need to.
The insurance premiums are normally financed over 8 to 10 months to ensure the premium is fully paid before its renewal, and there is generally no security required with IPF.
One insurance premium that IPF is commonly used for is workers compensation.
That’s because in some states (including NSW, Victoria and Queensland), employers who pay their annual premium in full are entitled to a 3% to 5% early bird discount.
But here’s the catch: workers comp premiums need to be paid in full before the early bird due date (typically around August/September) in order to receive the discount.
By using IPF to make this payment upfront you can secure the early bird discount, which helps to offset the cost of IPF.
Taking this option will also improve your business’s cash flow, allowing you to redirect capital into income-generating investments.
If you’d like to find out more about IPF then get in touch today – especially if you want to be eligible for the workers compensation early bird discount. We’re here to help your business any way we can.
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.