The RBA has decided to leave the official cash rate unchanged at 1% as it continues to assess the impact of its June and July cuts. In making this decision not to drop rates again the RBA will have considered emerging evidence of an improving housing market, supported by strong auction clearance rates in Sydney and Melbourne.
More than 2.4 million Australians are self-employed, including 1 million who operate as sole traders.
If you are one of these 2.4 million, you’ll know how rewarding it can be – more flexibility with your work hours, better work life balance, you get to choose who you work with, you have the option to work where you like, you have more control over your income, and there are possible tax advantages.
However, sometimes, it can be a little more challenging, especially when it comes time to buy a home. This is because you will need to demonstrate a stable income and continuity of employment and this can often be difficult.
At Seek Financial, we have the privilege of meeting with business owners from all types of industries and backgrounds. Whilst they are very good at what they do, they often find that navigating through the finance application process can be quite frustrating. Well that’s where we come in, helping people secure finance for both their personal and business needs is our speciality. It’s what we do every day.
So we’ve put together our top tips to help streamline the process for you.
As we come up to the end of the financial year, now is a good time to consider whether the purchase of new assets or equipment could benefit your business.
Asset and equipment finance is a great way to preserve cash flow and working capital. Of course, the asset can also begin to generate immediate income for you and there could be potential tax advantages to make the most of.
Positive Credit Reporting also known as Comprehensive Credit Reporting (CCR) is a reporting system whereby lenders share more of your data with credit bureaus such as Equifax and Experian. This in turn will be listed on your credit report.
In the past, the only information that was mandatory to share was Negative Credit Reporting. It wasn’t until 1st July 2018 when it was made compulsory for the big banks to share at least 50% of your positive credit data with credit bureaus. By 1st July 2019 this amount will be increased to 100%.