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What is PayID?

PayID is a simple system enabling you to use an email address or phone number as a ‘shortcut’ to your existing bank accounts. Once you set-up a PayID, instead of giving your banking details to someone to transfer money you can just give them your chosen contact details as a shortcut to that account. A PayID can be an email address, a registered ABN, a mobile or landline phone number which is a lot easier to remember rather than giving …

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Renovating Tips for First-Home Buyers

Shared from ‘It’s My Home‘ magazine Carlene Duffy from The Block Glasshouse shares her top tips for first home buyers looking to renovate. Educate yourself in order to avoid being swept up in passing trends. Learn what is current in finishes and furnishings, and how to differentiate fads. An experienced designer can usually sift through the trends to determine which styles will have longevity, and which will die a quick death. It is this knowledge that will save you money …

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Call for Nominations

Nominations are called for candidates for the position of director of First Option Bank to fill a vacancy on the Board. Director Dharmendra Kumar is required to retire in accordance with First Option Bank’s Constitution. Director Dharmendra Kumar offers himself for re-election. Nominations close on Monday 30th August 2021. The position will be effective from the end of the 2021 AGM. Copies of nomination form sand further information are available from the Secretary of First Option Bank on telephone 1300 …

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Bank of Mum and Dad

In Sydney the average advance was over $85,000, around 10 per cent of the average price of a home there, making the ‘bank of mum and dad’ the 11th largest lender in Australia!! Story by Martin North, Digital Finance AnalyticsPhoto by Ellery Sterling on Unsplash While the ‘bank of mum and dad’ may offer an attractive ramp on to the property market, there are important issues to consider for all parties, before committing. Younger households seeking to buy into the Australian home market, …

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Super vs Savings

Cash in a super account is probably earning you at least 5 per cent each year, after costs. By comparison, money sitting in a savings account with current interest rates at historic low levels is probably earning less than 1% interest! Keeping funds in an offset account makes sense if it’s reducing your mortgage repayments, however unless your home loan interest rates are higher than 5%…. in the long term, you may be substantially better off financially if you move …

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