ODYSSEY FINANCIAL TIPS & ADVICE

Welcome to the Odyssey Financial Tips & Advice Blog which is packed full of relevant news articles, investment advice and general information on the finance industry and how it may affect you.

Borrowing soars: average loan up almost $100,000 in 12 months

How much do you need to borrow to buy a typical Australian home these days? Well, the average loan size has increased dramatically over the past year – up almost $100,000. The national average […]

What was Australia’s top-selling vehicle in 2021?

Some of us buy cars for work, others for play. So it’s no surprise that the top two cars in 2021 can do both. But which vehicle took the crown? Well, it was super […]

Homeowners nearly four years ahead on their mortgage repayments

Australian homeowners are loading up their offset accounts in record amounts, so much so that the average household is now almost four years ahead on their mortgage payments. Quick question: do you have an […]

2022 forecast: places where housing prices aren’t slowing down

National housing values grew 22.1% in 2021, and there are two capital cities and one region in particular that are not ready to slow down just yet. Can you guess where? Happy New Year […]

Three (financial) New Year’s resolution ideas

Cut calories, increase your steps, abstain from alcohol: each year we set ourselves some pretty lofty New Year’s resolutions, most of which are doomed to fail. So why not add a nice straightforward financial […]

Season’s greetings! Here’s to a prosperous 2022!

To all our terrific clients: thank you for your ongoing support and for being such wonderful, loyal clients. We are always so appreciative of any opportunities – be they big, small, or anywhere in […]

Up to 4,600 first home buyer guarantees back up for grabs

Want to buy your first home with a deposit of just 5% and pay no lenders’ mortgage insurance? You could be in luck – the federal government will soon reissue up to 4,651 unused […]

How many SMEs find it difficult to repay business loans?

Ever thought about taking out a loan for your business but hesitated because you were worried about meeting your repayments? Don’t worry, it’s a common concern. But some promising data has just come out […]

Don’t drown in Buy Now Pay Later debt this Christmas

Christmas is fast approaching and there’s a good chance you’ve started turning your attention to gifts for family and friends. But be careful this silly season: more than half of Buy Now Pay Later […]

FOMO factor: more Aussies looking to buy with mates or siblings

Ever thought about buying a property with a friend or family member? You’re not the only one. The rising cost of property and FOMO has led to more than a quarter of Australians considering […]

Are your cashflow needs in order ahead of the summer trading season?

The summer trading season poses a raft of tricky cashflow and stocking challenges for retailers at the best of times, let alone following a global pandemic slowdown. But if done well it can set […]

How well has your salary kept up with house prices?

You’ve probably noticed that house prices in Australia consistently outstrip growth in wages. But by how much? And what can you do to make sure you’re not forever chasing the great Australian dream? Each […]

Think property prices will dip when rates rise? Don’t bet the house on it

Whether you’re looking to buy, sell or hold, there’s a good chance you’ve wondered whether the property market will tumble when interest rates rise, right? Today we’ll look at what happened to house prices […]

How to protect your business and your customers from scams

When you pay a supplier or service provider, are you certain you’re paying the right account? You’ve got to be super careful these days, as scammers are compromising inboxes and requesting payments to a […]

Open banking is ramping up, so how are lenders using your data?

Open banking is here and it’s charging full steam ahead. So just how are lenders and fintechs using your shared data in this brave, new, data-fuelled world? A new report has shed some interesting […]

Wheels in motion: RBA paves the way for early cash rate rise

Mortgage holders are facing a sooner-than-expected cash rate rise after the Reserve Bank of Australia (RBA) revised its outlook due to the economy bouncing back strongly from the Delta outbreak. So just how soon […]

Netflix and too chill: house hunters cutting corners on inspections

More than half of Australian house hunters spend the same amount of time inspecting a property as they do watching an episode on Netflix, according to new research. We get it. You see a […]

Are you relying on a personal credit card for business expenses?

We’ve all been guilty of the odd credit card mix-up from time to time – it happens! But if you’re consistently relying on a personal credit card to pay your business expenses – like […]

Seismic shift: two major banks hike fixed interest rates

Are the days of ultra-low fixed interest rates over? It’s looking increasingly so, with two major banks increasing their fixed rates this week. So if you’ve been thinking about fixing your mortgage lately, it […]

How 1-in-10 first home buyers cracked the market 4 years sooner

Almost 33,000 Australians bought their first home four years sooner thanks to two federal government schemes that give first home buyers a leg up into the property market. Could you, or someone you know, […]

SME lending options are on the rise, but how do you access them?

While many SME owners worry about their access to finance, a surge of new lenders and products is rapidly expanding the options available. And brokers have an important role to play for businesses, says […]

Bar raised for borrowers: tougher home loan serviceability tests

Some borrowers will soon find it harder to get a mortgage after the banking regulator announced tougher serviceability tests for home loans. So who will they impact most? The Australian Prudential Regulation Authority (APRA) […]

Is a home loan lending crackdown on the horizon?

The federal treasurer has given the strongest indication yet that a home loan crackdown is coming, stating that “carefully targeted and timely adjustments” may be necessary to avoid troubled waters. So what could a […]

Only half of SMEs have recently been able to secure full funding: report

Almost one-in-two SMEs have applied for new funding in the last six months, a new report has found, and of those SMEs only half were successful in obtaining the full amount they were seeking. […]

Top 5 property investor trends for 2021-22

With house prices going gangbusters in the first half of 2021, is it still a good time to buy property? The majority of investors think so, according to the latest annual survey. And investors […]

Are you too loyal for your own good? The banks think so

The average Australian homeowner is paying more than $37,000 in extra interest over the life of their home loan due to the loyalty tax, and it’s got three-quarters of borrowers feeling “ripped off” and […]

Refinancing figures are on a record-breaking run: here’s why

With interest rates at record low levels, the number of homeowners refinancing skyrocketed to an all-time high in July. Today we’ll run you through why so many people are refinancing, and why you should […]

Are they really OK? Here’s how to check in with them today

Do you know how the people in your world are really doing right now? Chances are you know someone who’s doing it tough, but silently pressing on. As always, we’re here to support you, […]

Nine in 10 FHBs trust brokers to help them buy their first property

Remember that classic TV ad: ‘nine out of 10 dentists recommend using [toothpaste brand]?’ Well, it turns out we’ve earned a similar level of trust when it comes to helping first home buyers sink […]

How to ease financial pressure through debt consolidation

With many people around the country doing it tough right now, this week we’ll look at a way you can take some pressure off your monthly finances through debt consolidation. Here’s a quick experiment. […]

SME Recovery Loan Scheme revamped to help more businesses

More small and medium-sized businesses struggling to stay afloat due to the economic impacts of COVID will have access to cheaper funding after the federal government expanded the eligibility criteria for the SME Recovery […]

COVID hardship and grant options that could help you

With the pandemic once again tightening its grip around many parts of Australia, today we’ll run you through hardship and grant options that could be available to you or your business. Setting all politics […]

New super laws: a timely reminder to check your life insurance policy

What measures do you have in place to help protect your family home or business? If life insurance through your superannuation account is one of them, then it’s a good time to give it […]

House price growth hits 17-year high, but is it slowing down?

You’d have to go all the way back to the 2004 Athens Olympics to find a time when house price growth was faster than it has recently been. But latest data suggests the golden […]

Buy Now Pay Later users put on notice by credit agency

Do you use a Buy Now Pay Later (BNPL) service like Afterpay or Zip? If so, be warned that one leading credit reporting agency has made a big change that means your BNPL data […]

Let’s go shopping: Is now the time to refinance?

Let’s go shopping: Is now the time to refinance? Australia’s cash rate is at its lowest level in history. Does that mean the time is right to make the most of the low cash […]

Getting It Together: What to know before you consolidate

Getting It Together: What to know before you consolidate Managing multiple loans can be difficult – and stressful. One way to simplify your financial situation and save yourself time, effort and (hopefully) money is […]

Concerned About Servicing Your Loans

Concerned about Servicing your Loans?
 If you are concerned about servicing your loan, reach out to your local mortgage broker for help. As Australians everywhere take a close look at their financial circumstances, mortgage […]

To Rent or to Buy

To Rent or to Buy It’s a dilemma that may seem hard to resolve. To help you make your decision, we weigh up some of the pros and cons of renting a home, buying […]

Five Things You Need To Know Before Becoming A Rentvestor

Five Things You Need To Know Before Becoming A Rentvestor Rentvesting – renting a property to live in while owning one or more investment properties – is becoming an increasingly popular way for Australians […]

Four Questions Every Property Buyer Should Ask Their Real Estate Agent

Four Questions Every Property Buyer Should Ask Their Real Estate Agent If you are buying a new home or investment, chances are you will be attending a lot of open houses and meeting a […]

The Parent Trap: Should You Loan to Your Kids to Help Them Buy?

The Parent Trap: Should You Loan to Your Kids to Help Them Buy? The average age of first home buyers keeps increasing, with more young people turning to their parents for financial help. But […]

Ten Questions to Ask a Mortgage Broker

Ten Questions to Ask a Mortgage Broker Using a mortgage broker to help you choose a home loan can save you considerable time and could result in huge savings. However, before you decide on […]

Refinancing Could Save You Thousands – and Give You Greater Flexibility

Refinancing Could Save You Thousands – and Give You Greater Flexibility What Is Refinancing? Refinancing is the process of replacing an existing loan with a new one. When it comes to home loans, it […]

The Small Owner’s Definitive Guide To Equipment Finance

The Small Owner’s Definitive Guide To Equipment Finance Small businesses can always benefit from an upgrade to existing equipment or from purchasing the very latest technology or machinery. However, the reality is that many […]

Did you know… about non-bank lenders?

Did you know… about non-bank lenders? Deciding where to go for your home loan is one of the most important decisions you’ll make. While many prospective property owners will choose to use a mainstream […]

5 Reasons to consider a white label loan

5 Reasons to consider a white label loan A white-label loan is essentially a home-branded loan, much like the home-branded products you see in the supermarket aisles. Like these products, white-label loans aim to […]

What you can borrow or what you should borrow?

What you can borrow or what you should borrow? The amount you can borrow and the amount you should borrow are sometimes two very different things. Before you apply for a home loan, it […]

Fixed, variable, split – find the right fit for you

Fixed, variable, split – find the right fit for you In Australia, there are a number of ways to structure your home loan repayments. Finding the best option may save you time and money […]

How redraw works and why it’s a handy loan feature

How redraw works and why it’s a handy loan feature It’s one of the less glamorous home loan features, but the redraw facility deserves a second look. Here’s why: The redraw facility explained A […]

Seven things to look for when choosing your Mortgage Broker

Seven things to look for when choosing your Mortgage Broker When it comes to one of the biggest financial decisions you’ll ever make, it pays to have some professional help. But how do you […]

Mortgages and Breakups: Some practical tips when separating

Mortgages and Breakups: Some practical tips when separating Breaking up is hard to do. On top of the emotional impact, there are practical ramifications as well. When there’s a separation or divorce, debts you’ve […]

How to get the most out of Refinancing

How to get the most out of Refinancing Everyone wants to pay less on their mortgage, and refinancing is one strategy to help lower your interest rates – but is it worth it? We […]

Say goodbye debt (and hello home loan) in seven straightforward steps

Say goodbye debt (and hello home loan) in seven straightforward steps It’s all too easy to rack up debt – credit cards, HECS, car loans – and may seem all too hard to pay […]

How to instil financial smarts in your kids

How to instil financial smarts in your kids Worried about your kids not mastering the skills to manage their finances as adults? These tips for parents will help children develop good financial sense from […]

When the auction is passed in – to you! What happens next?

When the auction is passed in – to you! What happens next? The hammer falls, the auction has ended, the bidding’s all done… and the property is passed in to you, the highest bidder. […]

Understanding which home loan features are right for you

Understanding which home loan features are right for you Loans are by no means ‘one size fits all.’ Different loan types suit different age groups, different living situations and even different attitudes to money. […]

Buying property with other people: Mine, yours or ours?

Buying property with other people: Mine, yours or ours? When people buy property together, particularly if it’s with a partner or spouse, they often register the title in both people’s names – especially if […]