r/AusFinance

22 yo single male living in rental share house. I have recently graduated. I have no loans on my head. I am working full time as a registered nurse and trying to make as much as possible. But still how am I supposed to buy a house? The prices are so fucked when it’s my turn to buy something.

I studied in Brisbane but then moved to bundaberg for work. I can consider buying a house in regional where the prices are like 600 - 800k with a frekin 30 yr loan.

I wanted to buy in Brisbane but it does not seem possible.

Whattt should I do?

How much should I save for deposit?

Should I just buy some land and then build a house? Will that be cheaper?

Any schemes that I should look for to improve my situation?

Please share im just depressed by looking at the prices😭😭😭😭

If one was made redundant with a ~100k payout they will have to serve a 13 week waiting period before being eligible for Centrelink unemployment. Thats quite clear from what I've read.

If they still have most of the money left after week 13 are they still entitled to claim unemployment benefits ?

Mortgage is 750k for ppor, 300k in offset, plus 115k ETFs plus 100k redundancy

So what Im trying to understand is would one need to push all of that liquidity (300k plus 115k ETFs plus 100k redundancy payout) into the mortgage and reduce the mortgage to $235,000 to meet the liquid assets test and receive Centrelink beyond week 13 ?

Or alternatively does one not need to do anything and despite having 515k in cash/ETFs will be entitled to Centrelink unemployment benefits post week 13 ?

Given it can take a long time between roles in this market it would be good to understand this rule clearly

"A Stocks & Shares ISA is a tax-efficient account that lets UK residents invest up to £20,000 each tax year without paying UK Income Tax or Capital Gains Tax on investment growth or dividends"

Many other higher CGT countries do similar things. France, Denmark etc.

The idea is to have decent CGT on the very wealthy while not being a huge burden on lower income investors (yes, we do exist).

From my research I think Australia is now the only country in the world that has both very high CGT while also having no alternative system for share investors (and before you start spamming "super!" - that's completely different as it has obvious age-based restrictions on access)

Hey all,

Thanks to everyone who comments and posts here — it’s been great reading along.

Throughout my 30s I fought my way out of a seriously bad financial situation. It was a tough time — I was in massive debt, and not the good kind tied to an asset.

If anyone is currently in that situation: keep fighting, keep being disciplined, you will get there. As Rocky Balboa said, “keep moving forward.”

One thing being in debt taught me was how to be frugal and how to save. Once the debt was paid off, all I’ve done since is save. I now have $120k in savings and earn $135k a year, but my job is on fairly shaky ground — I’d guess I have 2 years left, maybe a bit longer. I don’t think I’ll be able to earn that kind of money again, since I don’t have technical skills. I’ve been with the same employer for 10 years, so I’ll get a decent bump from long service leave or redundancy if it comes to that. I also have $250k in super.

I have no dependents. At my age, do you think I should buy a small apartment for myself and just hammer the mortgage? I’m not a first home buyer, so upfront costs on a $550k apartment would be about $100k, leaving me with roughly a $30k buffer if I bought in the next few months.

Honestly, I’d rent forever if it were more stable — but I don’t want to be hunting for rentals at 55 or 60.

I understand apartments aren’t great investments, but it suits my lifestyle and it’s what I can afford. I’d be very cautious about strata fees & building issues

Recap
43M
120k in savings and counting
135k per annum salary
250k in super

Any suggestions?

I am not sure whether we need to report this to the ATO. Is it considered taxable income, as I don't work for anyone doing these studies, and I pick the ones I enjoy?

If I don't report, is that fine, or does this need to be reported?

Also, what would happen if I do report, but technically I wasn't meant to? Will the ATO let me know that I should not have reported it, and provide me a refund for over-reporting? It took me a long time to earn that 3k, so to need to pay tax on top of that seems unrealistic, and I will not be doing more of them next year if we needed to pay tax on it.

I am 19 and earned 30k this year, excluding the surveys, so I am above the tax-free threshold. I was wondering whether the 3k I've earned from doing the studies is taxable? I make less than minimum wage doing them. Any expertise on this would be appreciated, as I do not want to get in trouble with the ATO.

Also, if I don't report it, as I genuinely believe it's a hobby, and I am not employed completing them, but technically I was meant to, would I get fined by the ATO or would they tell me to just amend my return ? I want to report it, if I am meant to report it. However, I do not want to report it if we are not meant to, as if I report it and I wasn't meant to, will the ATO let me know that I wasn't meant to and provide me a refund for reporting it and paying tax on it, or will they not mention anything about it and keep my money? I hope that makes sense.

If anyone has been in my scenario before, please let me know how to approach this. Thanks!

I requested a withdrawal of AUD $150,000 from Stake Australia on 25 June, and it has now been 10 days without receiving the funds and remain marked as “processing.”. Previously, I have withdrawn to the same bank account multiple times without any issues or delays.

I sent two emails but received no response. I eventually called, and I was told to send a bank statement via email, which I did, but I still haven’t received my money.

I urgently need the funds and am suffering significant financial losses, including not having access to money I need for immediate expenses. I have no clear idea when this will be resolved.

There was no communication from their side for an entire week until I followed up myself regarding the delay.

If this continues over the weekend, it will be three weeks in total with no clear timeline for completion.

Anyone here with the same experience? What should I do? Can anyone help?

I asked my company to put 2400$ into my super from the second last pay(25th of June) of the last financial. The transfer to my super was only made on 1st July by the company.

Now the 2400$ is included as taxable income, and I cannot claim the 2400$ deduction on my tax return because according to the super, it landed on 26-27 financial.

Any advice?

Hi guys, im 20 years old and I am planning to start investing 200-300$ weekly in ETF's but after watching a 1000 youtube videos about everything, it made me more confused, so after all my research, i planned to go 80% DHHF and 20% IVV, is this a good portfolio for long term investment? Please dont laugh, im new at this and I genuinely need your help! Thanks.

Say you are in your early 30s and support a family.

You earn $200 an hour.

Say it's a moderately stressful job and you don't love being at work but don't completely hate it (but if you had the choice you wouldn't work).

You could work 1 day a week or up to 7 days a week, but each day has to be a full 8 hours (and can't be more than that because you work in a team environement).

NO work from home option.

How many days per week would you choose work?

And how would you play it:

Philosophy of:
- hustle hard now and chill later on in life
- or
- not miss out on your youth, work part time, seek balance

Hope anyone throw some light on this. I've a PPOR with 650K mortgage with 5.84% and 26 years remaining. I'm 50 now. Ive used the limit of concessional super contribution. I've approx 600 in super now. Currently i put extra 1800 towards P&I mortgage to try to.pay off in 10 years(will be increasing 100 every year). I have 35K on emergency funds.

I was thinking whether it's beneficial to put that extra to super high growth as non concessional and pay off the remaining in 15 years when I can withdraw super lumpsum. No tax on cgt as well. Assuming 12% growth.

Peace of mind inputting extra to mortgage as offset OR on Super. I did a rough calculation and I think I will get extra 500K after repaying mortgage at 65.

Can someone explain what is happening when I claim a tool over $300? Do you get any money back on your tax return for that? I understand that you’re claiming the depreciation of it, but what does that mean? How does that affect my refund?

Explain like I’m 5 please, I’m having trouble understanding

An example would be this $1600 Snap-On Torque wrench I’ll be claiming. Can someone explain how this would affect my refund if I were to claim this year?

Cheers in advance

Hi, I'm a first year uni student who's lost in choosing career paths. I'm currently interested in physiotherapy, and according to my research they earn around 90,000 to 100,000-ish? But I don't really have an idea of what that looks like and whether that would be enough for me.

For me, an ideal salary would be able to send my kid to a private school, go on vacation maybe for 3 weeks of a year? Be able to have nice dinners occasionally (one every two months maybe?) and I also love going to concerts (which are maybe $500 a year max?). I grew up in the western suburbs of Melbourne, and would like to stay here in the future.

Will you consider putting your extra business money in term deposit? Any recommendation on the bank that currently offers the best rate for business transaction accounts?

33F, 100k cash in ING, 133k in stocks Commsec and commsecpocket, 42k in super - just received 35k bonus.

I moved here a couple of years ago, got a great job, and started saving and investing everything in excess of what I spend monthly. I initially planned to salary sacrifice everything into Super because I have about 100k in carryover concessional super but

1. There were recent changes in taxation and it made me worry about future changes
2. I was thinking to use FHSS in 2-3 yrs when I’m ready to buy a house but upon research, I can only withdraw up to 15k super per yr for FHSS
3. I cannot justify house prices. There are 500k decent homes in Spain/Portugal/Italy and I could move back in 10-15yrs if I choose to
4. If I receive the whole thing in cash, it would be taxed at 37% then the cash I will put into stocks- taxed again if I sell

There’s so much tax each move that I’m not sure if it’s worth saving and prepping for the future when there could be more taxes and uncertainty or enjoy it now which also makes me feel irresponsible.

I just want to save/invest enough so I can slow down in my late 40s/early 50s.

Anyone in the same boat? Anyone more experienced? What to do?

50 years old with a 240k mortgage on 750k home, 290k in super, earning 80k/year. No other loans/debt.

Would it make sense to pay off the mortgage faster, or contribute more to super..?

me and my partner have found a house that we genuinely really want and would be quite upset if we didn’t get. Realtor said that no offers have been made yet, and we’ve been to all open houses and there’s been about max two other groups of people in there.

We want to place an offer today, and have finally understood a bit of the process how to do that. The asking price is from 575k-615k. Our max we’re willing to spend is probably 600k.

We want to start off with 575k as we know they’ll probably ask for more. However, do they normally ask you a few times to increase, or do they kind of just give you two opportunities and that’s it? Our first initial thought was going up by 5’s, but if they only ask you a couple times then i’m not too sure how we should offer to try and out bid if needed.

Our Conveyancer will look through the contract tomorrow as well. This whole process is insane.

Thanks!

I have SG for the period of up to 25 june but only arrived in aussuper on the 2nd july. Normally this payment occurs on the same month.

Can this SG be reported and moved back to fy25?