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Customer alert update: Due to a technical issue monthly interest payments have not been paid to Bonus Saver and mySaver accounts. The problem has been identified and the bonus interest payments issue will be resolved overnight (1 June 2020). We will pay bonus interest at the previous interest rates (1.34%p.a. for Bonus Saver or 1.54% for mySaver + 0.01%p.a. base rate) effective to 31 May 2020 to all eligible account holders. The new interest rates announced on 28 May 2020 will now apply from 1 June 2020. The interest payment for May will now appear on your June statement, and in Internet Banking and the App. Again, we are very sorry for the delay in paying your interest and any inconvenience caused. View details

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So you're thinking about investing in property.

Buying an investment property is a popular form of investment but you need to be aware of the financial implications. There's some excellent information to assist first homebuyers at moneysmart.gov.au/investing/property

You'll need to consider:

  • rental income
  • depreciation
  • land tax and capital gains tax
  • landlord and building insurance
  • the type and location of the property
  • the transaction costs of the purchase
  • whether the investment will be negatively or positively geared
  • whether you'll self-manage the property or engage an agent
  • ongoing repair costs.

Calculate how much you can borrow, including all expenses of a home loan, such as:

  • interest rates
  • stamp duty
  • account keeping fees
  • insurance
  • pre-purchase inspections
  • legal, application, value and settlement fees.

You will also need to answer questions like:

  • Do you have a deposit saved? The usual amount is 20 per cent of the purchase price, but the more you can save the better.
  • Will you have to pay mortgage insurance?
  • Have you accounted for all transaction costs (legal, inspections, government charges, financial costs, moving costs)? Up to 5 per cent of the purchase price can be added in just these costs.
  • Do you want to buy an existing property or build your own?

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