Friday, June 05, 2020


Exercise more... spend more time with family... change job... write a novel. Each year starts with the best intentions, but like the Harbour Bridge fireworks, they can all too quickly go up in smoke. One new year resolution that is easy to stick to is getting your finances in order - especially if you are suffering from a credit card hangover from your Christmas festivities. 

Of course, it is best not to overextend yourself on the plastic. But it is not always easy to resist splurging to make your family's holidays special. However, if you are facing a New Year credit crunch, there are three easy steps to a more prosperous 2020:

1. Check your super

Underperforming super is a drain on your long-term wealth. Are your investments low or high risk? What other benefits does your fund offer? These are questions you need to ask. There are plenty of super comparison websites out there, so check your super fund and, if it is underperforming, change it! Of course, you must also consolidate your schemes into one. You can track your old super online using the ATO's MyGov service. 

2. Check your insurance

In addition to the usual car, home and contents insurance, it is a good idea to protect your family and income against any major change in your health or circumstances. As well as life insurance, it is prudent to consider income protection to cover for total permanent disability. 

3. Consolidate debt

If you have equity in your home, there is no reason to pay the high interest rates charged by credit card providers. By consolidating all your debts onto your home loan, you could save thousands of dollars and become debt-free faster.

At each stage of your check list, it is important to talk to the professionals. That is where Zippy Financial can help. Thanks to our team of experts, we can give you all the advice you need. If you want to start 2020 on a firm financial footing, make it your new year's resolution to give Zippy a call. 

First home buyers are being left in the dark about a government loan deposit policy that is due to start in less than a fortnight, according to one of the nation's leading mortgage brokers. 

Zippy Financial Director and Principal Broker Louisa Sanghera said it appeared planning for the Federal Government's First Home Loan Deposit Scheme had been left to the last minute and the policy was now being rushed into existence. 

"The scheme was first announced during the election, but it seems the policy is only now being developed when it is due to start on 1 January," Ms Sanghera said. 

"It does seem like the policy has been rushed and not been properly thought through. 

"With less than two weeks before it starts, first home buyers are mostly in the dark about how the scheme will even work." Ms Sanghera said mortgage brokers were also struggling to understand the finer details of the scheme, including why such a small number of lenders were taking part.

The National Housing Finance and Investment Corporation (NHFIC) recently released the list of lenders involved in the first round of the scheme, with only 27 participating, including just two major banks. 

"By restricting the scheme to 27 banks they are reducing competition, which will potentially mean higher interest rates for the type of buyers who are struggling with housing affordability the most," Ms Sanghera said. 

"The selection of lenders has also not been transparent, because I can't find any information on which banks applied to be part of this scheme, who was declined or why."

Ms Sanghera said some of the regional lenders given access to the scheme would be of no help to first home buyers who lived in Sydney or Melbourne, which reduces choice even further. 

"Many of the lenders are also not available on mortgage broker's panels, even though brokers write about 65 per cent of mortgages in Australia, so we have no access to them," she said. 

"How can restricted access to all banks be a good outcome for everyday Australians trying to get into the housing market? How has ASIC even approved this scheme?"

Ms Sanghera said buying your first property was stressful enough without having to deal with a rushed policy and limited number of lenders. 

She said many first-time buyers would have to deal directly with the banks because of the limited access brokers had to the lenders in the scheme. 

"If first home buyers don't use a broker, they'll have to go through the maze of paperwork and compliance information required to obtain a loan by themselves, which will ultimately make the process much more difficult and stressful for them," she said. 

About Zippy Financial Group:

Zippy Financial Group is owned and managed by Louisa Sanghera, with passion and absolute dedication to her clients. 

Ms Sanghera has curated a hand-picked team of highly experiences brokers to support her as loan processors, who share her vision to provide exceptional service and look after Zippy clients for life. 

Louisa created Zippy Financial after a 25-year career in banking. Through experience, she noticed the broking industry was generally lacking in empathy and genuine client-focused care. She decided to use her expert knowledge and extensive management training to start her own business and the Zippy Financial Group was born.

Being a working mum herself, Louisa had an ambition to create a practice of working mums, supporting them with a career that fit in around their family lifestyle. 

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Contact Details

Zippy Finance 

PO Box 3078
North Turramurra
NSW 2074

T 1300 855 022 

Louisa Sanghera is a credit representative (437236) of BLSSA Pty Ltd ACN 117 651 760.  Australian Credit Licence 391237. ABN 85 168 278 975.

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