Laine Gordon

Common money mistakes and how to avoid them

When it comes to managing money most of us will admit to making the odd mistake now and again, but make too many and you could soon be out of pocket. Here, we highlight some common money mistakes made by Australians and teach you how to avoid them in the future.

Slash your mortgage by $32,000

Want to reduce the amount of interest you pay on your home loan? It can be as simple as linking your everyday banking with your mortgage using an offset feature.

First home buyers hung out to dry?

Despite some growth in the past few months, there were around 60,000 fewer first home buyers to enter the market in the 12 months to May 2011 than last year, says RateCity.

Chop $77,000 off your mortgage

Cropping almost five years, and about $77,000, off your home loan may be as simple as increasing your repayment frequency from once per month to fortnightly. But the amount you save will depend entirely on your lender and their method of calculating interest.

Falling fixed rates a sign of what's to come?

A further drop in some fixed interest mortgage rates has fuelled speculation that the Reserve Bank will slash the cash rate when it meets on Tuesday (August 2). But consumers are being urged not to become complacent with debt levels and continue to pay down debt where possible.

The $1.3 billion credit card bill

Australian households whittled away $1.3 billion on their credit cards last year - and much of that was before they even purchased anything or paid interest. That figure is the amount Australians paid on credit card fees in 2010, according to the Reserve Bank of Australia (RBA).

Fancy a discount on your taxable income?

Saving money may soon become easier if a proposed Federal tax incentive gets the green light. It's a timely initiative for Australians, which are saving more of their income now than in the past 24 years, according to Australian Bureau of Statistics figures.

First time property owners urged to buy now

Can’t afford to get into the property market just yet? A new report from PRD Nationwide is urging first timers to bite the bullet while prices are soft and suggests that if you can’t afford it, team up with a friend or relative or start small with a stepping stone such as a studio apartment.

Is your lender trying to supersize you?

Next time you go into your mortgage or bank branch to conduct some day-to-day business, beware the smiling customer service operative behind the counter. According to a new survey, they might be out to sell you a shiny new financial product you don’t want or need but that they’ll have you thinking you just can’t live without!

Property bubble set to burst?

Whether or not you believe the ‘housing bubble’ a) exists, and b) is set to burst,