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The end of the financial year/new financial year is the perfect time to take stock, assess your current situation and plan for the year ahead. Here at Divitis Finance we’ve come up with 5 top tips to help you achieve your financial goals.

  1. Self-Employed – Read this before you submit your tax return!

Tax planning is more crucial than ever before due to the continuous changes to bank verification, especially for our self-employed/business owners/contractors. If you’re self-employed and potentially have a funding requirement over the next 12 months for either business or personal (such as refinance/new purchase) be sure to consult a mortgage professional before submitting you 2018 Returns. Too often we see business owners get themselves into a position where they can’t obtain the funding they require because their accountant has legally minimised their tax. We help our clients avoid the stress of obtaining finance as a self-employed person by having those proactive conversations with the accountant, ensuring you benefit and achieve your goals.

  1. Mortgage(s) – Check your rate!

Since 2016 our friends at the banks have consistently “crept up” interest rates & repayments (unbeknown to most loyal existing clients). If you are reading this, check your current rates RIGHT NOW! If your rates are above; 4.00% for Owner Occupied and 4.50% for Investment YOU ARE PAYING WAY TOO MUCH! Check your rate, it will only take you 2 minutes, and if you are above these benchmarks a simple call to your bank can potentially save you $$$. We have saved clients $000’s this year alone by seeking better opportunities for them.  You can check your rate at any time however, the start of the new financial year is a great time to get your finances in order. Feel free to contact us as we can guide you through how to get a better rate with your existing bank.

  1. Consolidating Debts – Get a grip!

Lots of us have that credit card or other lingering debt that we seem to be getting nowhere in paying down. Consolidating your debt(s) into a better more manageable situation, whether that’s into your home loan or into one debt management loan, will hopefully see you make a real dent into paying off that unwanted debt this coming financial year.

  1. Comprehensive Credit Reporting – Never miss a payment!

If you haven’t heard of CCR or Positive Credit Reporting before keep reading! This is set to change the Financial landscape dramatically from 1st of July. Without going all finance geek on you, as of the 1st July 2018 the Australian Government will introduce a mandate that all banks are required to release information about your accounts and credit activity. Because of this the banks will be more empowered than ever to determine if you have been good and pay everything on time or if you are slack with late payments or other issues. Banks will then make their assessments based on this information so… who do you think they are going to prefer to lend to and which clients will get the best interest rates?

  1. Tax doesn’t have to be taxing – Plan ahead!

As the new tax year starts, you’re probably more focused on getting this year’s tax return lodged than worrying about next year’s. However, it pays to start preparing early. If you put in place an organised system for keeping your tax records now, at the start of the year, preparing your tax return next year will be less stressful and could result in a bigger tax refund. And the more organised your finances the better your options will be when applying for finance in the future.   Please don’t hesitate to contact me at dylan@divitisfinance.com.au or on 02 8412 0009 should you wish to discuss any of the above tips, have a separate finance need or just want a chat

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