Jacaranda Finance

The average Australian Equifax credit score is? Equifax Australia Credit Scores range from 0 to 1200. Do you know the answer? 🤔 Test your knowledge by having a crack at our anonymous general knowledge #creditscore quiz: https://lnkd.in/gnJ2QNcQ #creditscore #creditreport #financialliteracy #crediteducation #moneymanagement

💰 #money 💰 It’s a taboo topic, but let's normalise it. Talk about money with your kids, family, and friends. Financial education can pave the way to financial success, and that’s why later this month, we're launching something BIG. After 12+ months of hard work by our content team, we're thrilled to announce Finance Fundamentals in the Jacaranda Finance app. What is Finance Fundamentals? Short-form educational video content about finance, featuring the kind of topics and information they should be teaching at school. The first series, hosted and narrated by the great Chris Parsons, dives deep into credit scores. I'm excited to see this launch. ➡ Follow/connect with me for updates #financialeducation #moneymatters #financefundamentals #creditscore101 #jacarandaapp #creditscore

HECS debt does not accrue interest like a regular loan. Wiping $3 billion in debt will have no immediate or significant change to repayments for the 3 million Aussies that have a balance owing. The repayments they are obliged to make are unlikely to change. Minimum HECS repayments are based on gross income. Repayments range from 1% to 10% of gross income, depending on how much one earns above the threshold (which sits at $51,550 for 2023-24 financial year). Traditionally HECs has been indexed annually to inflation using the Consumer Price Index (CPI). Changes have been proposed. Here's a quick summary of the changes still needing parliamentary approval: ✅ New Indexation Method: Student loan indexation will be based on whichever is lower: The Consumer Price Index (CPI) The Wage Price Index (WPI) ✅ Retrospective Debt Reduction: The government will backdate this change to 2023, cutting the 2023 indexation rate from 7.1% to 3.2%.

A staggering ~51% of a consumer's credit score in Australia is influenced by hard credit inquiries alone. 📉 What does this mean for consumers? Being a savvy shopper is generally a virtue, but when it comes to shopping for finance, this behaviour could actually penalise your credit score. Every application for credit cards, mortgages, or personal loans could trigger a hard inquiry that can significantly impact the consumers score. 🔍 Upcoming Review: Heidi Richards, a former senior executive at APRA, is leading an independent review of Australia's Credit Reporting Framework: https://lnkd.in/gBjFsYfh 🤔 What changes do you hope to see in the new framework? The findings will be released on October 1, 2024. 📊 How can a consumers protect their score now: Only engage with lenders who offer pre-qualification checks before formally submitting an application which incurs a hard credit check. Or, use a finance broker. Between July and September 2023, mortgage brokers accounted for 71.5% of all new residential home loans: https://lnkd.in/gpaSfW4K

Should you pay off your mortgage, or keep it as a line of credit? That was the question Joanna Mather from The Australian Financial Review asked our CEO Daniel Wessels this week. Check out the article in the Penny Wise column to see Dan discuss the pros and cons of using your remaining mortgage as a line of credit. https://lnkd.in/ganfGFNs #financialliteracy #homeloans #lineofcredit #money

🌹We will remember them🌹 #anzacday #anzacday2024 #lestweforget

Did you catch Daniel Wessels on Radio 4BC Brisbane Pty Limited this weekend? You can listen to Dan talk about the importance of credit scores here: https://lnkd.in/ggjG4fKG #creditscoretalk #creditscore #financialliteracy #checkyourcredit

We wanted to start a conversation around #creditscores. And we’ve certainly done that! As you may have seen through ongoing coverage this week, including the below story by news.com.au journalist Kirrily Schwarz, I put out a call for credit score information to be made available on dating apps. Not for superficial reasons, but as part of a push for greater financial literacy and transparency. After all, credit scores can have a huge impact on how a couple’s life together unfolds, particularly around big-ticket milestones such as applying for finance. It makes sense to have this kind of impactful information on the table early in the piece. With the story getting a run right across Australia, the various comments sections have made for fascinating (and highly entertaining) reading! One thing that has stood out to me is that plenty of people don’t understand how credit scores work. Here are a couple of myths I’ve come across that I wanted to debunk: 1️⃣ MYTH: I don’t have a credit score as I pay my bills on time, live within my means and don’t borrow money. 🤜 FACT: Not using credit doesn't mean you don’t have a credit score. Everyone has a credit score. It usually results in you having a lower credit score as you have no credit history. 2️⃣ MYTH: Credit scores reveal whether you are good with money or not. 🤜 FACT: Credit scores can be influenced by a range of factors, including poor decisions people might have made years ago. That’s why they are only the start of a conversation on finances. 3️⃣ MYTH: Credit scores are a gauge to someone’s current asset position. 🤜 FACT: Credit scores are not an indicator of how much you have in the way of money and assets. They are a pointer to financial behaviour and habits, and these are both critical because they speak to whether a couple is financially compatible or not. Link: https://lnkd.in/gNTjfYF4 #relationshipgoals #creditscoretips #financetips #crediteducation #moneymanagement #financialliteracy #creditscore

Should dating apps include credit scores? 📱💕 Despite finances being one of the most important factors in a healthy relationship, apps like Tinder and Hinge in Australia don't currently allow users to include their credit score. With this topic gaining traction, our CEO, Daniel Wessels, spoke to The Courier-Mail over the weekend. See Dan's comments here, and have your say in the comments! https://lnkd.in/gSdPSp9z #creditscores #credit #Finances #relationships

Jacaranda Finance wishes you a very happy Easter ahead of the long weekend 💜 🥚 🐇 Our office will be closed from Friday 29 March - Monday 1 April. #easter2024 #easterholidays