As the end of the financial year (EOFY) approaches, you may be starting to think about tax time and what you can do to prepare to make the most of your return. While it’s always best to talk with a tax professional, we’ve compiled a checklist to help get you started: Prepare your documentation Gathering all relevant financial documents is crucial for accurately reporting your income and deductions. This includes: PAYG summaries: These documents outline the income you’ve earned and the taxes withheld by your employer throughout the year. Investment statements: Statements from bank accounts, s ..read more

Bringing a furry friend into your home can be an incredibly rewarding experience, but it’s important to consider the financial aspects before taking on the responsibility. From initial breeder or adoption fees to long-term expenses, the costs of pet ownership can add up quickly. Here are some key factors to consider before bringing a pet into your family. According to the Pets in Australia report, a cat or dog will likely cost you between $3,000 to $6,000 in the first year of ownership. After the first year, the average annual cost to care for your fur-friend is likely to be around $3,218 for ..read more

We are thrilled to welcome our new Managing Director, Doug Snell, who commenced his new role with us on Monday April 22nd.  With his proven track record of leadership and strategic vision, Doug brings a wealth of experience to lead Auswide Bank into its next phase of growth. Doug’s financial services career spans 35 years, including his most recent role of Chief Executive Officer of StockCo, a livestock-specialist finance provider. During his time at StockCo, Doug was instrumental in reinvigorating the business strategy, with a focus on increasing profitability, while improving business p ..read more

Starting a family is a milestone many young Australians anticipate, but findings from the Choosi Cost of Kids Report sheds light on the unexpected financial pressures accompanying parenthood. While raising children is undoubtedly rewarding, it also comes with costs that can challenge even the most prepared couples. According to the report, over half of parents found that starting a family was significantly more expensive than they expected. Surprisingly, childcare emerged as one of the most underestimated costs, followed closely by education expenses. Additionally, the report highlighted the f ..read more

Being sustainable at home isn't just about reducing your carbon footprint, it's also about saving money in the long run. By adopting eco-friendly practices, you not only contribute positively to the planet but also cut down on unnecessary expenses (win-win!). Firstly, what are the benefits of opting to be more sustainable at home? Environmental Conservation: One of the most obvious benefits is a reduction in energy consumption and waste production, helping to preserve the environment, conserve natural resources and mitigate the effects of climate change. Cost Savings: Sustainable practices ..read more

Buying a home is one of the most significant investments you can make, whether it’s by yourself or with a partner. One of the most important and fun parts of the home buying process is the open home inspections. While it can be easy to get caught up in the moment, imagining yourself living there or getting fixated on small details, it’s the perfect time to ask questions and find out some important details about your ‘maybe’ future home. Have any renovations been made? Understanding the history of the house and any past renovations can provide insights into the property’s condition, the quali ..read more

Retirement – it’s that dreamy chapter where you finally get to kick back, but making sure you’ve got enough funds to keep those dreams afloat can feel a bit like guess work. In Australia, where the cost of living is relatively high, understanding how much you need to comfortably retire is essential. From healthcare expense to leisure activities, various lifestyle factors can influence how much you will need for retirement. We’ve broken down some of the key things you need to consider. When to retire: Deciding when to retire is a big decision that significantly impacts your retirement savings ..read more

The start of a new year is seen as a time to make future goals and think about what you want to achieve. While saving money is usually somewhere at the top of the list, now is the perfect time to work out how you will save more and what actions you can take to put yourself in a better financial position for the year ahead. Set Clear Goals Rather than just aim to ‘save more money’, actually think about and define your financial goals. Are you looking to build up your savings in general? Are you saving for something specific like a house deposit or a holiday? Are you hoping to clear all your de ..read more

Life is unpredictable, and unforeseen emergencies can happen at any moment, and often our savings can suffer when funds are needed quickly. Being financially prepared for various emergencies is essential and can make a stressful situation much more manageable. Five crucial life emergencies you should budget for include: 1. Medical emergenciesHealth issues can happen suddenly and lead to hefty medical bills. Even with private health insurance and government rebates, medical treatment can be costly. 2. Job LossLosing a job can severely impact your financial stability, especially if you are mak ..read more

Did you know sudden Cardiac Arrest kills more Australians than anything else? This alarming stat comes from Heart180 Lifesaving Defibs, a company who has designed a life-saving app – literally! The app called ‘Defib Hero’ was designed by Australian, Guy Leech, after losing one of his best mates to a sudden cardiac arrest. Guy later learned that if there was a defibrillator (AED) close by, his friends’ chances of survival would have jumped from around 6% all the way to 70%. Defib Hero is designed to equip the local community so they can help save a life in a cardiac emergency. The app does this ..read more