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Provision Newsletter

The essential tool for any renovation: our budget tracker

Posted On:Sep 12th, 2014     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

According to research[1], the average renovation goes over budget by nearly $3,000 due to unexpected material and labour costs. But that’s not all.

The same research shows that the average renovation takes 58% longer than expected. If you’re renovating an investment property, extra time could also mean more time without a tenant, and less rental income which could really

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According to research[1], the average renovation goes over budget by nearly $3,000 due to unexpected material and labour costs. But that’s not all.

The same research shows that the average renovation takes 58% longer than expected. If you’re renovating an investment property, extra time could also mean more time without a tenant, and less rental income which could really inflame costs.

What causes a renovation to go over budget? Renovation projects usually go over budget because costs are inaccurately projected.

Costs for any renovation—no matter how small—need to be calculated before any work is carried out. And for a prospective property in need of renovation, the renovation costs should be worked out before an offer to buy is even made.

That means instead of conjuring a ballpark budget figure of say $40,000, you need to work up from exact costs to a realistic total cost. For example, you need to factor in everything from the number of power points required to the doors that need replacing to arrive at a true cost – in time and money – rather than a vague estimation.

The solution to staying on track

Whether you’re updating or undertaking a complete overhaul, you can keep your renovation on budget—and on time—by keeping the unexpected at bay.

The AMP renovation budget tracker has been invaluable to the contestants on The Block—and the good news is it’s now available for you via http://tracker.qandamp.com.au

Manage all the costs of your renovation from your desktop, and make sure you stay on track throughout your project.

Top tips

Consider our tips for your keeping your renovation budget on track:

  1. Use the AMP renovation budget tracker at http://tracker.qandamp.com.au

  2. Thoroughly plan everything—for example, map out your floor plan in detail and finalise the placement of permanent fixtures in your kitchen and bathroom before undertaking any work.

  3. Project-manage the renovation yourself but beware unexpected traps. Speak with professionals about realistic time frames and the time you’ll have to invest.

  4. Shop around and negotiate—compare quotes for materials and tradespeople but remember cheapest may not always be best. Ask for references when choosing tradespeople and get referrals whenever possible.

What you need to know

The above tips should be used as a guide only. AMP and its related companies are not liable for any claims, losses, damages, costs and/or expenses sustained or incurred in connection with the above tips. Any advice on this page is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of this advice having regard to those matters and consider the Product Disclosure Statement before making a decision about the product. AMP Life is part of the AMP group and can be contacted on 131 267. If you decide to purchase or vary a financial product, AMP Life and/or other companies within the AMP group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.

[1] Commonwealth Bank of Australia study conducted in May 2013 among 1,030 Australians with home loans aged 18 years and over, who have undertaken home renovations in the last ten years.

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Saving in a material world

Posted On:Sep 12th, 2014     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth

So why not try taking a break from spending this spring. If you can tighten your belt over the spring months, it could help you save for the upcoming Christmas expenses.

Here are some creative ways to cut your spending.

Get smarter with your spending

Negotiate on your utility bills

It’s a competitive market, with energy companies chasing your business. So don’t

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So why not try taking a break from spending this spring. If you can tighten your belt over the spring months, it could help you save for the upcoming Christmas expenses.

Here are some creative ways to cut your spending.

Get smarter with your spending

Negotiate on your utility bills

It’s a competitive market, with energy companies chasing your business. So don’t be afraid to ask your provider for a better deal, or switch providers for a better offer. Many companies also offer ‘bill smoothing’ so you make even payments throughout the year and don’t have to worry about a jump in your bill when the season changes.

Give up the daily latte!

For many of us, the morning coffee has become an integral part of our working routine. But just for spring, why not try the coffee machine at work. By the start of summer, you could have saved more than $360.

Buy in bulk…and get to the market

More Australians are realising the benefits of buying home brands and in bulk. Stock up on daily household staples to make some real savings.And for your fruit and veg, it’s worth trying the market. Buying directly from market traders can mean less mark-up. Get there half an hour before stalls close and you’ll find that prices go down rapidly as traders sell off their stock.

Shop online

There’s also a reason marketers pay a lot of money to put their products at the end of the aisle. It’s just too easy to pop them into your trolley. So why not go online? You might not get quite so many bargains. And you might pay a little for delivery. But you’ll avoid those impulse purchases. And by consuming less, you could spend less.

Leave the car at home

Spring is in the air. So with the weather warming up, you could try walking or cycling to work. You’ll save money, get fit and you might even get to work more quickly by avoiding the gridlock. And if your workplace is simply too far away, what about cycling to the nearest train station?

And get smarter with your finances

Put more into super

You can sacrifice some of your take-home salary to boost your super and potentially make immediate tax savings. These ‘concessional contributions’ carry tax advantages. Contributions are taxed at only 15% (or 30% if you earn over $300,000pa), which for many people is lower than their marginal income tax rate. You can put up to $30,000 into your super at the concessional tax rate (or $35,000 if you’re 49 or over as at 30th June 2014).

Bring your super accounts together

More Australians are realising the power of one super fund. We can help you bring your super together for immediate savings if you are paying multiple sets of fees.

 

Consolidate your debts

Having a number of debts could potentially mean you pay higher interest rates and multiple sets of fees. So think about bringing them together into the debt with the lowest interest rate, which could be your home loan. The lower interest rate means you’ll pay less interest from day one. And down the line you’ll pay off your debt sooner.

Set up an offset account for your home loan

An offset account is a day-to-day savings account typically linked to a variable rate home loan. Your savings reduce the balance of your home loan for the purpose of calculating interest charges. It’s a simple tool that can help you make immediate savings on interest. And over the life of your home loan you could save thousands of dollars.

Get your tax return done!

The official tax return deadline is the end of October. And if you’re using an accountant you’ve got even longer. But why wait until the last minute? The earlier you receive any tax return, the earlier you can start getting your money working for you. After all, it’s your money.

Come the start of summer, your combined spring savings on fees, groceries, utility bills, interest and so on could easily run into four figures. And come Christmas you might find you have a bit more in the kitty.

Keep it going!

Of course, we’re all different. So it’s important to find your own way to save and make the sacrifices you’re prepared to make to achieve the outcome you want.

What you need to know
Any advice in this document is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice having regard to those matters and consider the relevant Product Disclosure Statement before making a decision about the product. AMP Life is part of the AMP group and can be contacted on 131 267. If you decide to purchase or vary a financial product, AMP Life and/or other companies within the AMP group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.

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New rules for government pensions

Posted On:Sep 12th, 2014     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth
Have you spoken with a financial adviser recently?

It pays to be aware that if you receive a government age pension and set up or make changes to an account-based pension after 1 January 2015, you may be worse off. You have limited time to work out whether reviewing or setting-up an account-based pension before 1 January 2015 will

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Have you spoken with a financial adviser recently?

It pays to be aware that if you receive a government age pension and set up or make changes to an account-based pension after 1 January 2015, you may be worse off. You have limited time to work out whether reviewing or setting-up an account-based pension before 1 January 2015 will help you—it’s a good time to seek advice.

What will the changes mean for you?

All account-based pensions (ABPs)—including allocated pensions—set-up after 1 January 2015 will be assessed the same way as other financial assets. So if you’re receiving a government age pension it may be reduced as a result. This also applies to those ABPs set up before this date that are not eligible to preserve the old rules.

If you’re eligible, it’s not too late to set up an ABP before 1 January 2015 under the current rules. In fact, doing so may preserve your government age pension entitlements.

 Are you eligible?

If you have money in super but you haven’t set up an ABP yet, you may be able to preserve or maybe even increase your government pension entitlements if you are:

  • Male or Female and aged over 65 at 31 December 2014

  • Receiving a government age pension by 1 January 2015.

When’s the best time to set-up an ABP?

As an example let’s take a look at Jane and Michael’s situation to see how the changes to Centrelink will work.

Jane and Michael are about to retire in November 2014 as they will reach age pension age of 65. They own their own home and have super of $$150,000 (Jane) and $135,000 (Michael)  and no other assets.

If they leave their money in super then Centrelink will deem it to earn 2%pa on the first $79,600 and 3.5% pa on the balance (ie income of $14,481). They are currently entitled to an age pension of $32,337 pa combined under the income test. If the deeming rate was to increase to say 4% and 5.5% respectively, then their age pension would reduce to $29,487 pa combined, a drop of $2,850. On the other hand, if  Jane and Michael used their super balances to start ABPs before 1 January 2015 and draw the minimum income of $14,250 combined, then only $31 is counted under the income test and they would receive the full age pension of $33,035. This is $698 pa more than if they left their money in super. The reason for this is that under the current income test for ABPs, an amount is ignored each year worked out by dividing the initial start balance by their life expectancy at that time. In this case Jane and Michael can draw up to $6,938 pa and $7,281 pa before anything is counted under the income test. And better still – if the deeming rate was to increase to say 4% and 5.5% respectively, then their age pension would not be impacted and remain at the full level.

But if they wait until 1 January 2015 to transfer their super money to ABPs, then they will be subject to the new deeming income test for ABPs, which will deem their ABPs  to earn 2%pa on the first $79,600 and 3.5% pa on the balance (ie income of $14,481). This is no different to leaving their money in Super and they will receive a reduced age pension of $32,337 pa.

What if you make changes to your existing ABP?

Any changes you make to your ABP after 1 January 2015 could make your ABP assessable under the new rules—for example, if you:

  • Change your ABP provider

  • Combine multiple ABPs or consolidate super into your ABP

  • Add or remove a reversionary beneficiary (a person you’ve nominated to receive your pension income when you die)

  • Cease receipt of a government payment Start a death benefit pension for anyone other than a reversionary beneficiary.

It’s important to seek financial advice about whether setting up or reviewing your ABP now will help you preserve any age pension entitlements you may have.

What you need to know

Any advice in this document is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on the advice, you should consider the appropriateness of the advice having regard to those matters and consider the Product Disclosure Statement before making a decision about the product. AMP Life is part of the AMP group and can be contacted on 131 267. If you decide to purchase or vary a financial product, AMP Life and/or other companies within the AMP group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.

 

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Glass half empty or glass half full?

Posted On:Sep 12th, 2014     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth
When I left work in 2007 the ASX was around 6500 and I’m still waiting to recoup my initial investment. We didn’t go into recession, our interest rates are at record lows, unemployment is manageable and we have a triple AAA rating. So why has the Australian market been wobbling around like a drunken sailor while overseas markets

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When I left work in 2007 the ASX was around 6500 and I’m still waiting to recoup my initial investment. We didn’t go into recession, our interest rates are at record lows, unemployment is manageable and we have a triple AAA rating. So why has the Australian market been wobbling around like a drunken sailor while overseas markets have improved?

It’s understandable to be concerned about market ups and downs, particularly when you’re retired. But there is a perception issue here. People often take the starting point of the ‘high’, ignoring that the high was far higher than you would have got elsewhere.

The graph below takes a different starting point. As you can see, an investor since 2000 would have been better off in Australian shares than in global shares. In 2007, global shares had just got back to where they were at the turn of the century, while Australian shares were double the levels in 2000.

The US sharemarket really span its wheels in the years leading up to the GFC. When the S&P 500 made a new high in 2007 it was only marginally above what it was in March 2000. In contrast, Australian shares had a fantastic run up to 2007. So our starting point before the GFC was a lot higher. We had a ‘higher high’.

Playing catch-up

The GFC saw both the Australian and the US markets fall about 55%. But since then our market has recovered more slowly and remains roughly 20% below its 2007 high. Let’s look at some reasons why.

  • The natural ebb and flow of the markets. You typically find that you go through long periods of time when Australia is the place to be and then you go through long periods of time when the US is the place to be. The US had the tech boom in the 1990s while we were seen as old economy and out of fashion. And then it all reversed when their tech boom collapsed. We didn’t have any tech stocks and we got a huge lift-up from the commodities boom, emerging markets and the low Australian dollar—as recently as 2002 our dollar was at 48 US cents. Now the cycle has turned again.

  • Our resources boom was underpinned by strong growth in China. But over the past few years there have been more question marks about China, with worries about Chinese economic growth and property weighing down our share market.

  • When the US produces more oil and gas, it stays in the US and leads to lower prices. But when Australia ramps up its gas production, it leads to higher prices as that gas is destined for international markets. So their commodities story has been more positive whereas our recent commodities story has been more negative.

  • The US dollar is still running at pretty low levels compared with its peak in 2002, while the Australian dollar is still running at pretty high levels after reaching a peak of US$1.10. This has impacted the competitiveness of Australian companies while their American counterparts get the benefit of a lower currency.

  • There’s been a manufacturing renaissance in the US, with companies like General Motors expanding production, while in Australia GM is shutting down and vacating the market as a producer.

  • And finally the US has had very easy monetary conditions, with zero interest rates and new money being printed through the Federal Reserve’s quantitative easing program.

You can’t ignore any of these factors in creating support for financial assets—for example, low interest rates have encouraged more Americans to put their money in the sharemarket.

Future headwinds

The slower bounce back in our market is indicative of a long-term change. We’re not down and out but it’s a lot tougher now.

The commodities tailwind has become a headwind. We still have to contend with a relatively high Australian dollar. And our household sector has a debt to income ratio that’s about 30% higher than the US.

All these are likely to act as a constraint on our markets. So for an investor looking for a diversified portfolio, there’s a case to have more in international shares than you might have had a decade ago.

But you need to be careful. It depends on what you’re after. If you’re looking for capital growth then there may be potential offshore. But in chasing that you could miss out on the higher income flows you may get from Australian shares.

Australian assets offer higher income generally. For example, our bond yield is 3.5%, while the US is 2.5% and Japan is 0.5%.

So it’s hard to pass the Australian market up even though it hasn’t recovered as quickly since the GFC.

And you can’t ignore the power of dividends. Dividends in Australia are much higher than the US and Australian investors also get franking credits, which mean the company has already paid tax. The dividend yield for Australian shares is about 4.5%, whereas in the US and other markets it’s nearer 2%.

So even investors who put their money down in 2007 should now be ahead if they reinvested the franked dividends they got along the way.

Safety first?

When you’re retired, perceptions change and it’s difficult to see the investment glass as half full. It can be tempting to look at the relative safety of defensive assets like bonds and term deposits.

And while there is some sense in becoming more defensive in retirement, you’ve got to be careful.

Historically we tend to think of bonds and term deposits as the place to go for yield. But the current bond yield is very low and so are bank interest rates.

One alternative investment option that seeks to deliver both income and capital growth is the AMP Income Generator.

The Income Generator takes account of the fact you’re going to get a pretty low yield from cash, bonds and term deposits, given the present low interest rates and market conditions, and therefore actively seeks out higher yielding opportunities like corporate debt or shares which offer income flows.

 

What you need to know
This document was prepared by AMP Capital Investors Limited (ABN 59 001 777 591, AFSL No 232497). This document, unless otherwise specified, is current at Monday 15 September 2014 and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after that date. While every care has been taken in the preparation of this document, AMP Capital Investors Limited makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts. Past performance is not a reliable indicator of future performance. This document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any investment decisions, consider the appropriateness of the information in this document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs. This document is solely for the use of the party to whom it is provided.

ipac asset management limited (ABN 22 003 257 225, AFSL 234655) (ipac) is the responsible entity of the AMP Capital Income Generator Fund (Fund) and the issuer of the units in the Fund. To invest in the Fund, investors will need to obtain the current Product Disclosure Statement (PDS) from AMP Capital Investors Limited (ABN 59 001 777 591, AFSL 232 497) (AMP Capital). The PDS contains important information about investing in the Fund and it is important that investors read the PDS before making a decision about whether to acquire, or continue to hold or dispose of units in the Fund. Neither AMP Capital, ipac nor any other company in the AMP Group guarantees the repayment of capital or the performance of any product or any particular rate of return referred to in this document.

This document is solely for the use of the party to whom it is provided and must not be provided to any other person or entity without the express written consent of AMP Capital.

 

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Am I too young for a self-managed super fund (SMSF)?

Posted On:Sep 12th, 2014     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth
Some of my friends in their 30s have set up an SMSF. I don’t have a large super balance but want control. Is it worth it?

If you’re under 55 and thinking about setting up a self-managed super fund (SMSF) you’re not alone. SMSFs are being established by younger Australians in a shift in the age of those wanting

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Some of my friends in their 30s have set up an SMSF. I don’t have a large super balance but want control. Is it worth it?

If you’re under 55 and thinking about setting up a self-managed super fund (SMSF) you’re not alone. SMSFs are being established by younger Australians in a shift in the age of those wanting control over their super. In March 2014, younger people represented 75% of new SMSF members[1].

Before deciding if an SMSF is right for you, consider some of the common questions AMP customers are raising with us.

How much do I need?

There are varying opinions about how much money you need to start an SMSF. Consider how much you’ll have if your super is combined with other potential fund members. And keep in mind that if your combined balance is less than $200,000 the ATO suggests an SMSF may not be the most cost-effective option—when compared to fees in retail, industry and corporate funds, SMSFs may cost more.

What age do I need to be?

By law you must be 18 to be a trustee of an SMSF although people under 18 can be SMSF members but conditions apply—for example a parent of a younger member may need to act as their trustee.  Generally, all members must be trustees of the fund.  They have legal obligations and are responsible for the management and decisions of the fund

If you’re under 55 you or your spouse may be actively contributing to super—and ideally you’ll have built up considerable super assets already. If you’ve also gathered investment knowledge and experience along the way, they’ll come in handy if you decide to manage your own fund.

What are the risks?

Generally the risks come with the increased responsibilities you’d have as an SMSF trustee.

Running an SMSF means you—along with other trustees—will be responsible for all of the decisions regarding the investments and activities of the fund.

If you’re pretty savvy when it comes to investing you may like the idea of selecting and managing investments from asset classes across the world. But the risk is your fund’s investment performance will ultimately rest with you and your fellow-trustees.

One of the most important duties of an SMSF trustee is to keep abreast of strict superannuation laws and understand how they’d be applied to you and your fund. Penalties for breaches were introduced on 1 July 2014 and can be applied to trustees (corporate or individual) but can’t be paid with SMSF monies. That means you could be personally liable for a penalty if your fund is found to be in breach.

What are the opportunities?

While there can be a lot of work involved in running an SMSF you have more opportunity in several areas.

You can pool your superannuation with that of up to four family members (including yourself). Not only does that provide the opportunity for costs savings—the bigger the fund balance the greater the potential for savings—but you also have full transparency of all the costs and returns for your super. That can help you manage your tax effectively too; another benefit of an SMSF.

An SMSF gives you ultimate investment flexibility too. So not only can the fund invest in direct property—residential and commercial—but it can borrow to invest. If you are a business owner your SMSF has the potential to buy premises that your business can lease back. Special rules apply so if this is an opportunity you’d like to explore, make sure you seek advice first.

SMSFs also provide flexibility in retirement. When it comes to accessing your money down the track—and how you’ll hand down your assets when you die—you have several options. It’s another area you’ll need expert advice in so speak with a financial adviser.

What next?

Before setting up an SMSF look into all your options. There are ways to manage the administration without using up all your spare time. You’ll need to consider your strengths and weaknesses and those of each trustee too—we can help you do this so contact us today to learn more about what might be suitable for you.

  [1] Those aged under 55 years establishing an SMSF, ATO Statistical Report March 2014.

 

What you need to know
Any advice on this page is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of this advice having regard to those matters and consider the Product Disclosure Statement before making a decision about the product. AMP Life is part of the AMP group and can be contacted on 131 267. If you decide to purchase or vary a financial product, AMP Life and/or other companies within the AMP group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.

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Am I better off renting or buying a home?

Posted On:Sep 12th, 2014     Posted In:Provision Newsletter Articles    Posted By:Provision Wealth
An impossible dream?

The thought of buying a home can be exciting and daunting. The deposit amount and ongoing interest charges can really add up, making home ownership seem out-of-reach—especially in today’s housing market.

It’s no wonder many potential home buyers are asking whether they’d be better off renting. The good news is renting and buying don’t have to be

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An impossible dream?

The thought of buying a home can be exciting and daunting. The deposit amount and ongoing interest charges can really add up, making home ownership seem out-of-reach—especially in today’s housing market.

It’s no wonder many potential home buyers are asking whether they’d be better off renting. The good news is renting and buying don’t have to be mutually exclusive. There are ways to use the benefits of short-term renting as a strategy to buy your own place—but you may find out it’s better for you to rent long term, and not buy.

Isn’t renting just throwing money away?

The answer is yes, and no. Yes, rent money can be dead money. Because if you just rent and don’t invest, your money can’t grow and you’re simply paying off someone else’s home loan or providing rental income for them.

But the non-deductible interest on a home loan can also been seen as a waste. And because renting is sometimes cheaper than paying off a home loan you may be able to make renting work for you.

The fact is renting (combined with investing) may work out better financially than buying your own home. Who’d have thought?

Here’s how it could work: say you pay rent and at the same time invest in shares or super. If you invest the difference between the rent you pay and what you’d pay on a home loan—depending on the performance of your investments—there’s a chance you’ll be better off than if you bought a home. You’d need to look into whether this would suit you though.

Renting and investing in property

If you don’t want to live in an area that’s currently affordable for you to buy in, you could consider renting in an area that better suits your lifestyle and aim to buy in an affordable area that may be a good investment.

You could end up with the best of both worlds: your loan interest payments and various expenses for your investment property may be tax-deductible and you can enjoy living in an area of your choice.

It’s one way to enter the property market and aim to build capital growth, rather than having to save a larger deposit for a property in a more expensive area. But you’d need to work out the costs involved and whether it’s an option you could afford.

What if I choose not to buy at all?

Some recent media reports suggest an investment in shares or super could work out better financially than buying a home. Because an investment in shares or managed funds could provide better returns than the capital growth of your own home.

And with super providing  tax concessions, it can be a very cost-effective way to build long-term wealth for your retirement.

The real value of buying

But aside from the potential financial benefits of renting and investing, owning a home is still part of the Australian dream. And as hard as it can be to get started, when you put your money into a home loan you’re effectively forcing yourself to save, build wealth and become better off.

And more than that, owning your own home means having the security of a home to live in, and control over decisions about it—you can renovate or maybe rent out a room to help you in the early days of your home loan.

Deciding on the best option

There’s a lot to think about when weighing up rent versus buy and what’s right for you—make sure you consider:

  1. The purchase price of property and the on-going costs associated with home ownership compared with the cost of renting

  2. Your lifestyle and flexibility needs

And remember that whatever you decide, you can be better off by planning ahead – you’ll also develop good financial habits along the way to help you build wealth.

 

[1] Reserve Bank of Australia, Is Housing Overvalued? July 2014

What you need to know
Any advice on this page is general in nature and is provided by AMP Life Limited ABN 84 079 300 379 (AMP Life). The advice does not take into account your personal objectives, financial situation or needs. Therefore, before acting on this advice, you should consider the appropriateness of this advice having regard to those matters and consider the Product Disclosure Statement before making a decision about the product. AMP Life is part of the AMP group and can be contacted on 131 267. If you decide to purchase or vary a financial product, AMP Life and/or other companies within the AMP group will receive fees and other benefits, which will be a dollar amount or a percentage of either the premium you pay or the value of your investments. You can ask us for more details.

 

 

 

 

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