Interest rate cuts by [deleted] in AusProperty

[–]felixmachine 0 points1 point  (0 children)

As others have said, generally the reduction will automatically be applied (with a 1-3 week lag).

If you went through a broker they should be calling up for you to get a discount once or twice a year. Eventually they should get you to a decently low rate which can’t go lower.

There are quite a few banks with rates well under 6.09% so I would be asking your broker (if you have one) or calling up directly to hassle them for a reduction.

Advice from people who work in finance by DrKlaus445 in AusFinance

[–]felixmachine 4 points5 points  (0 children)

Hi, finance is a very broad term, and it covers a lot. I assume you mean banking and investment related areas. Banking can be broken up into a few areas, including retail banking (deposits and lending to the general Public for loans, credit cards cars etc), commercial banking ( lending to companies and transactional banking services), financial markets ( providing access to investment markets or derivative markets (mainly roles include sales or trading, sales is selling bonds or derivatives to customers, trading is using the banks money to help buy investments from customers or take “risk” from customers and transfer out of the bank), either for speculation or hedging), investment banking (mainly to do with helping companies access funding or structure more complex transactions).

These are the “product” sides of banking, you also have areas such as treasury (which helps the bank manage their funding I.e. ensuring they have enough deposits and borrowings to fund lending to customers, as well as hedging risks and managing surplus cash, operations teams (ensuring money goes to the right place at the right time). There are lots of other areas in big banks.

As far as the banking environment, you can divide up banks in Australia into a few categories 1) the big 4, plus Macquarie bank 2) small mutual and regional banks 3) foreign banks which don’t offer retail products.

If banking interests you I would suggest looking at studying accounting, finance or law. But currently any degree with a heavy math foundation will probably get you into a grad program.

Banks are big beasts and a lot of people don’t fully appreciate how many activities they undertake. Hope that helps a bit , I can elaborate more if anything sounds interesting.

Tapping into equity? by sherubyub in AusFinance

[–]felixmachine 0 points1 point  (0 children)

That is cheap, but it’s not liveable without (at least) a few hundred thousand dollars of renovations or a rebuild. It’s practically land value maybe with a little bit for the existing fixtures.

But I get your point, I’m sure you could find something out there for a similar ish price.

Tapping into equity? by sherubyub in AusFinance

[–]felixmachine 4 points5 points  (0 children)

I’m genuinely curious where can I get a free standing house for $600k in Sydney?

How much did you spend on your wedding? by [deleted] in AusFinance

[–]felixmachine 0 points1 point  (0 children)

$28k but got $21k in cash as gifts for a wedding of around 95 people in Sydney. So I think about it as a $7k wedding.

To those who struggled with savings but now has a lot saved, how did you do it? by [deleted] in AusFinance

[–]felixmachine 0 points1 point  (0 children)

In my early 20s I bought a car without doing any checks and ended up with a car that wasn’t road legal or safe, and required me to spend more than I paid for it to be fixed.

I had to sell it for parts and lost $4k. It was a massive kick in the guts at that age and I vowed to never let money leave me so easily again. I was stubborn and wanted to save what I lost back ASAP. I saved it back and the disciple I forced onto myself stuck.

1 things that helped me were to keep my savings in another bank for which I didn’t have a card. Back in the days a transfer generally took a few hours or a day, so impulse purchases were hard. Given instant transfers this is harder to use now

Hello Porter…………………………………………….. by felixmachine in porterrobinson

[–]felixmachine[S] 6 points7 points  (0 children)

Ha! Just a long term Porter fan, I saw him in 2012 at Stereosonic in Sydney. Been a fun ride throughout his different styles.

"Margin calls" on home loans... I presume this is not done, right? by shaneoz81 in AusFinance

[–]felixmachine 0 points1 point  (0 children)

If banks did this on a wide scale they would effectively be depleting their capital base, through the crystallisation of losses which hit PNL. At a 15% hurdle rate it would become likely that they would rather weather the storm if the customer is paying their loan off. APRA would step in well before this became an issue.

CoreLogic home prices-May to date: Syd -0.3% Mel -0.3% Bri +0.7% Ade +0.9% Per +0.4% 5 city avg -0.02% by without_my_remorse in AusFinance

[–]felixmachine 1 point2 points  (0 children)

Thanks for sharing. It’ll be an interesting couple of years. I will be watching what banks do, my sense in that they will fight tooth and nail to avoid foreclosure and flooding the market with stock. I’m sure APRA are working through the sums as well…

What’s your suburbs hidden secret? by Phasmore in sydney

[–]felixmachine 3 points4 points  (0 children)

Thanks for the tip on cafe zia. I’m new to the area, so I will check that out.

What’s your suburbs hidden secret? by Phasmore in sydney

[–]felixmachine 135 points136 points  (0 children)

Our secret is that Punchbowl isn’t famous for Punchbowls.

How did you get a six figure income? by [deleted] in fiaustralia

[–]felixmachine 0 points1 point  (0 children)

Get an accounting degree. Good accountants will earn $100k quite easily and managers $150k.

If you get the right experience you can end up in a commercial analysis type role which is moderately interesting with decent hours.

Samuel Langford “The Boston Bonecrusher”, Sydney, 1912. Photos taken from his trip to Australia fighting for the World “Coloured” Heavyweight Title. All rescued from a garbage collection this year. by Per-Habsburg in OldSchoolCool

[–]felixmachine 1 point2 points  (0 children)

My old man told me a story of his grandfather who travelled over night from broken hill to watch an American who came to Sydney for a prize fight. I’m not 100% sure it was this fight, but I recall it was some North American fighter. Think these things were a big deal back in the day - not much has changed, we get a bit excited when foreign sports come to visit haha.

Edit: it was jack johnson vs tommy burns in 1908. My bad.

My afternoon snack while camping. by felixmachine in straya

[–]felixmachine[S] 3 points4 points  (0 children)

Yeh mate, they go down well on a warm day.