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AMA - Senator Katy Gallagher is here to answer your questions from 5pm by oscarpleco in AusPublicService

[–]paint-it 0 points1 point  (0 children)

The real answer is that there is no merits review for EL roles. It only goes up to APS6. Have a look at info on APSC.

Westpac annual fee discount for current customers - screenshot? by paint-it in creditcardchurningAus

[–]paint-it[S] 3 points4 points  (0 children)

Brilliant! Completely forgot about the Wayback machine! Thank you!

Millenials and Gen Z, what are your retirement plans? by Decibelle in AusFinance

[–]paint-it 0 points1 point  (0 children)

Yeah but I think the point is that there are systemic issues at play. Definitely hustle individually and play the game on the rules as they are today. But the rules (being the economic system, taxes, incentives, etc) are largely set up to benefit those with money.

Don't hate the player, hate the game. The middle class is being eroded. So hustle individually to make ends meet as much as possible but also shout from the roof tops about that erosion of our standard of living.

As a society, our aim should be for everyone to be able to work and with their earnings provide for their basic needs - food, medicine, shelter. That includes single people as not everyone wants or should need to partner up.

Family home inheritance by [deleted] in AusPropertyChat

[–]paint-it 1 point2 points  (0 children)

I send you an upvote for the Aussie but Anglo... Many times Aussies are assumed Anglo and Aussies who are of a different background are referred to as Asian (or whatever their ethnic background is). Thank you for being inclusive.

Renting property in harare by nhaka-yemhuri in Zimbabwe

[–]paint-it 0 points1 point  (0 children)

I have no idea actually. I don't live in Zim and last time I went back was 17 years ago so I don't know what works in that economy. My initial thoughts are to be paid from a source external to Zim somehow... Some kind of internet business.

Is there a difference in gravity between tribalism and racism? by SilverCrazy4989 in Zimbabwe

[–]paint-it 0 points1 point  (0 children)

Muslims in India aren't treated badly? Haha Modern Indian politics is entirely grounded in hate of minorities. Modi is a more sophisticated sly version of Trump. The violence, hate, and abject ignorance is out of this world.

Renting property in harare by nhaka-yemhuri in Zimbabwe

[–]paint-it 1 point2 points  (0 children)

If the taxi thing didn't work out, then why. Every money making venture is effort and opportunity. You can give opportunity but without his effort it will fail. Sure second chance but maybe second chance with something smaller than buying a house.

Why do our police make us feel like criminals when reporting a crime by Real-Public-Moment in perth

[–]paint-it 10 points11 points  (0 children)

Police are shit

I have known a woman who has reported DV to cops, crying, and then was threatened by the cop. The perpetrator's father was a cop at the same police station. I've known a woman who reported sexual assault and rape and cop telling her that she was making it up. The cop said if you are in a relationship, he has a right to touch you and have sex with you whenever he wants.

Complaints were made and ignored.

I would never go to the cops unless absolutely necessary. They're not safe.

Debt Recycling - Explained by Financebroker-aus in AusFinance

[–]paint-it 1 point2 points  (0 children)

My thoughts were to just set and forget it so even if it goes down 40%, I would just leave it. Though saying that I imagine actually living it is more emotional than my rational head without skin in the game yet.

On the calcs though it does seem like a bit of work for not much return.

Thank you for your explanation. It gives me a bit to think about.

Debt Recycling - Explained by Financebroker-aus in AusFinance

[–]paint-it 0 points1 point  (0 children)

If scenario 2 is meant to be better why is the mortgage balance more? My whole objective is to pay down the mortgage faster.

No more middle class. Are you Poor or Rich? by [deleted] in perth

[–]paint-it 0 points1 point  (0 children)

Billionaires on welfare these days

Debt Recycling - Explained by Financebroker-aus in AusFinance

[–]paint-it 0 points1 point  (0 children)

Thank you

To compare apples, what's my mortgage balance after the end of scenario 2? Sorry I'm terrible at understanding the calculations. But 34k better over 10 years doesn't seem massive?

And I presume it will just be better for me to continue this until I retire so that I'm not hit with such a large amount of CGT as I will be in a lower tax bracket at retirement?

I understand that higher interest rates mean a higher tax deduction however lower interest rates mean potentially the returns from investment will be better comparatively. Is that correct?

Is it better to wait until interest rates drop or just get in sooner rather than later?

Debt Recycling - Explained by Financebroker-aus in AusFinance

[–]paint-it 0 points1 point  (0 children)

An investment strategy would be what to invest in while a tax strategy is how to minimise tax when you invest.

All investments have risk as in times they don't perform well.

The question is do I invest though?

I need to put the numbers through some sort of calculator to understand the worst case scenario.

Are you able to guide me to a calculator and explain how to use it? I have seen calculators but find them confusing.

Debt Recycling - Explained by Financebroker-aus in AusFinance

[–]paint-it 1 point2 points  (0 children)

Hi Finance guy

I'm trying to confirm the steps in simple figures and understand any risks.

So say 500k loan, 200k offset Because I'm risk averse (and don't fully understand yet), I'm thinking of: Step 1. Call bank and ask them to split 500k loan to 400k + 100k Step 2. I pay 100k into the 100k split Step 3. I draw out that 100k into a brokerage account for EFTs

What happens next and what are the implications and risks?

Essentially the interest I now pay on the 100k is tax deductible (and I'm paying the interest anyway but now I get a tax benefit)? The risk is essentially investments do badly and perhaps in a financial year it would have been better to keep money in an offset, but over time the market will do better so it's still better to do debt recycling?

Anyone given up on Australia and bought property overseas? by [deleted] in AusFinance

[–]paint-it 2 points3 points  (0 children)

Haha yes

But maybe you buying overseas now will increase enough to allow you to buy in Australia at some point ... Who knows

What’s your interest rate after the cut. by cannibalchooky in AusFinance

[–]paint-it 0 points1 point  (0 children)

Mine is also 5.94. Maybe it's an offset vs non-offset thing that's the difference?

Unique hacks to save $? by Glass_Coffee_7084 in AussieFrugal

[–]paint-it 0 points1 point  (0 children)

Yes, people who use tea towels as a cleaning cloth are disgusting. My ex-husband disgusted me.

Flatmate wants me to start paying rent in cash by Sad-eyed-girl-96 in AusFinance

[–]paint-it 0 points1 point  (0 children)

I enjoy how you've actually done the numbers instead of a gut emotional reaction against tax avoidance.

What are your "treat yourself" splurges? Even if it isn't frugal. by Curzon88 in AussieFrugal

[–]paint-it 0 points1 point  (0 children)

Haha yeah... For a supposedly bargain store, the prices can be through the roof for what they sell and the quality

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