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Property expert Terry Ryder returns this year, having made good on his predictions for 2022 and providing a forecast that eschews the near-hysteria we've seen in the mainstream media for calm, measured analysis (p30). A health emergency involving a close family member needed immediate attention, made all the more stressful given we had an international flight to catch the following day. Our annual cover story again provides an outlook for housing and share-markets. [Extracted from the article]

The Money team is once again proud to put together this year's Best of the Best. With our borrowing power shrinking by as much as 20% since the interest rate hikes began, we want to help our readers stay ahead in 2023 by finding the top-performing and best-value product and services providers in the country. A big caveat to this year's winners list is that we've sourced interest rate data from June to September this year. [Extracted from the article]

This year's money gremlins - high inflation, higher cost of living and unsteady markets overseas - will remain with us in the next 12 months. Savings are at record highs, unemployment is at record lows and the government buffered most of the harsh blows of the pandemic, which helped many of us to get back on our feet quicker and avoid financial catastrophe. Five years ago, I never saw the need to keep checking petrol prices, but now I'm glued to my fuel app to find the cheapest petrol station near me. [Extracted from the article]

Behavioural finance expert Phil Slade argues that it can act as the perfect foil against the onslaught of easily accessible financial data - a way to fight market noise. In our cover story this month, "The new mindset for success" (page 32), we share how finance experts make the right decisions in a world full of booby traps and distractions. If you want to stretch your finance knowledge, turn to page 76, where we explain why private equity fund managers thrive well in a recession ("Join the private equity party"). [Extracted from the article]

LAST MONTH WE devoted our cover story, "Build your defences", to showing you how to protect your savings in tough times. In this issue, we look at the other side of the coin: the investment opportunities that have sprung up of late ("Bargain buys", page 32). There are plenty of other articles to get stuck into, including our latest update on home loans (page 64), how to score more frequent flyer points (page 44) and property exchange traded funds (page 62). [Extracted from the article]

If I could swap places with someone for a quick second, it would be with Tom Cruise. There is nothing we can do about rising interest rates and inflation, forecast to go up to a heady 7% by the end of the year, but that doesn't mean the well of market opportunities has dried up. In our cover story, "Build your defences" this month (page 32), we go through your pressing concerns (inflation, falling property prices and low super returns, to name just a few!) and show you how to shift gears. [Extracted from the article]

First, there were the small victories: comparing utility providers and jumping on discounted offers, switching banks, and updating my superannuation payments and insurance. Late last year, I signed up for #NoSpendNovember as part of an online challenge to withhold my discretionary expenses for a month. [Extracted from the article]

Starting July 1, the government has removed the $450 income threshold on superannuation payments. This means that part-time and casual workers will, by law, receive a superannuation payment equivalent to 10.5% of their pay even if they earn less than $450 a month. FROM THE EDITOR EDITOR'S DESK MONEY HQ IS celebrating a massive win for more than 300,000 workers around Australia. [Extracted from the article]

Get your paperwork handy, including the details of your home loan account, proof of the change in your life situation, your list of living expenses and when you expect your situation to improve or when you can go back to your normal mortgage repayments. This can be a precarious time because home loan borrowers who fall into this category have little to no buffer when interest rates rise. In some cases, you can ask to restructure your loan to better suit your circumstances, and if you're thinking of refinancing your loan, make sure you ask your bank what its financial hardship arrangements are for those who have been customers for less than 12 months. [Extracted from the article]

FROM THE EDITOR EDITOR'S DESK One of the most intense times in a game of tennis is the match point. In applying for a home loan, that "match point moment" is when the lender looks at your credit score. You can have a huge cash deposit in your bank account and a well-paid job, but a patchy payment history can come back to bite you. [Extracted from the article]

Capped at 7.5%pa interest rate The government has also secured small business owners the pre-condition that no bank can offer more than 7.5%pa interest rate under this scheme. MY MONEY Small business owners have until June this year to take advantage of a special loan designed for those affected by the pandemic and last year's floods. Fees and waivers Another reason small business owners should look into this loan before the June deadline is the lower servicing costs. [Extracted from the article]

While there are plenty of cruises offering a day of snorkelling or scuba diving, you can opt to stay dry and observe stretches of coral reef from the comfort of a glass-bottom boat. It's only a 45-minute high-speed ferry ride from Cairns reef terminal so you can wake up to a beach sunrise but have lunch in the city. MICHELLE BALTAZAR A city with a view … (clockwise, from above) reef view from a helicopter tour; a glass-bottom boat cruise; Boland's is an iconic landmark in the centre of Cairns; escargots at C'est Bon restaurant. [Extracted from the article]

Dave and Alison may never have to deal with a terrible boss in their lifetime after becoming part of the financial independence, retire early (FIRE) movement. Dave and Alison, a couple we interviewed for this month's cover story, named their pet dog, Boss. Most people love giving their pets quirky names. [Extracted from the article]

For example, with Greater Bank, prospective home loan borrowers could get a special 1.99% rate in February but for a line of credit facility the rate switches to 4.6%. For example, if your property is worth $1.2 million and you've got a $600,000 home loan against it, then you have $600,000 worth of equity that you can access for a line of credit facility with your bank. Called home equity line of credit home loans, this bank product category helps you tap into the value of your home. [Extracted from the article]

We have not shied away from the more sombre issues: we find out how victims of domestic abuse and ugly separations can regain their financial footing. On behalf of the Money team, I would like to thank our managing editor, Julia Newbould (author of The Joy of Money), who will be leaving us after two wonderful years with the magazine. On investments, we give you the latest on buying off the plan (page 57) and why this year is going to be another bumper season for initial public offerings on the sharemarket (page 76). [Extracted from the article]

Besides the associated loan fees and repayments, there are other costs to consider, including a possible change to your home loan insurance and a fee to get an up-to-date property valuation. Make sure you make your loan repayments on time as mortgage top-ups and other banking loans will be affected by your credit score. MY MONEY If you're looking to renovate your home, help a family member buy their first property or want to consolidate your loans, there might be an easy way to achieve that: top up your mortgage. [Extracted from the article]

Over the holiday break, I've decided to repaint our shed with a distinctive bright colour called Ocean Trapeze. FROM THE EDITOR EDITOR'S DESK If you are a fitness fanatic, you would have heard this oft-quoted line: trust the process. The reason is simple - the kitchen window overlooks the shed and the calm blue-green colour is the closest to having a view of the beach while we're in the midst of a viral outbreak. [Extracted from the article]

Banks' compassionate response to hardship helps to make up for past sins MY MONEY Big fair-weather banks are often friends. called They're our around during the good times but nowhere to be seen when you need them the most. For example, ANZ has expanded the six-month repayment deferrals to businesses with loans of up to $10 million, covering 98% of Australian businesses that bank with it. 2 LOWER INTEREST RATES FOR SMALL BUSINESS OWNERS AND HOMEOWNERS To help more small business owners get back on track, the banks have lowered their business loan rates and relaxed eligibility criteria. [Extracted from the article]

Third, our winners have rolled out their own environmental, social and governance (ESG) initiatives. Our managing editor, Julia Newbould, spearheaded this year's edition. ESG is now the core filter - the price of admission - for many Best of the Best winners. [Extracted from the article]

Dick Smith, famous for his electrical goods retailing business by the same name, shows us that someone from humble beginnings can one day become incredibly successful (page 17). We'll keep you posted on the investment scams and the sobering realities of building wealth while taking you away from the fear-mongering on property and sharemarket investing that will most likely persist in the new year. Sharemarkets have bounced, property markets continue to sizzle and many businesses found ways to pivot and survive. [Extracted from the article]

Compare interest rates Generally, green loans fall under the personal loans category and can be secured, against an asset, usually your home, or unsecured, which attracts a higher interest rate. For example, non-bank lender Brighte requires a $299 establishment fee and a $1.50 weekly account-keeping fee. [Extracted from the article]

FROM THE EDITOR EDITOR'S DESK Making money is a choice. The good news is that you have several options, as our experts explain in our cover story (page 32). On behalf of the Money team, we want to welcome our new readers who picked up Money magazine for the first time this year. [Extracted from the article]

Teamwork makes the dream work, especially when it comes to personal relationships. To our long-time subscribers, we appreciate your support and hope you can write to us and share your success stories for our newer readers. This month, we look at matters of the heart and money. [Extracted from the article]

Source: 86 400 1 CoreLogic Home Value Index, released August 2, 2021 2 Upfront LMI premium cost (excluding stamp duty fees) for an owner-occupied home loan, up to 30 years, estimated using Genworth's LMI premium calculator. LMI has allowed banks to lend money to a wider customer base, but it does come at a cost to the prospective borrower. MY MONEY Depending on how you look at it, lenders mortgage insurance (LMI) is a necessary evil or a necessary good. [Extracted from the article]

From understanding lenders mortgage insurance to the reasons for using a buyers agent, that's all covered here. That means warmer weather, longer daylight hours and jacarandas begin to bloom. Spring is the time of year when koala and kangaroo joeys begin to venture out of their mothers' pouches for the first time. [Extracted from the article]

Today, as long as you follow simple rules such as depositing a minimum amount each month or keeping your account completely digital or mobile (that is, you're not asking your bank for a paper-based statement to be mailed to you), then you can have multiple fee-free accounts. MY MONEY Millennials and the younger gen Y are setting a new gold standard in banking. KEEPING TRACK OF HIS MONEY Harrison Smith*, a Sydney-based PR account executive in his 20s, has four accounts with different banks and none of them charges him account-keeping fees. [Extracted from the article]

We are excited to present our special millennial issue, an in-depth look at what makes this impressive generation tick and how that in turn shapes their attitudes towards their finances. Younger millennials will need to work harder to buy their first home and those who graduate in the next few years might suffer career setbacks because of the pandemic. While there is a lot of debate about how much baby boomers and gen X will pass on to their children and grandchildren, at least half of this amount will grow or shrink, based on the decisions of the millennial generation. [Extracted from the article]

BANKING HAS NEVER been easier. You can do it completely online if you want, at a branch if you need face-to-face help, or a banking expert will come to you, thanks to the rise of at-home mortgage services. With Covid-19 hitting bank balances hard, your choice of finance provider could make the difference between shaving years of your loan or wearing those mortgage boots for longer. [Extracted from the article]

Our cover story, "Good debt, bad debt" (page 32), guides you through the ways you can make debt work for you. Have you ever written a grocery list and left the shops feeling chuffed because you've crossed off all the items as you had planned? Kicking off with the list of winners in the annual Consumer Finance Awards, we hope to prepare you for the new financial year with a roll call of the top institutions you can choose from when you're reviewing your home loans, investment loans and more. [Extracted from the article]

An introduction is presented in which the editor discusses various reports within the issue on topics including decisions for buying, holding or selling bank stocks and long-term investing.

The author discusses the publication of the periodical, the contribution of financial services information company Rainmaker Information Pty. Ltd. to the periodical and her career in finance media in Australia for a number of years.

That's because the real cost of the loan isn't just the interest rate but other fees and charges as well, including the application fee and ongoing fees. The average loan size is closer to home loans $400,000", says Mitchell. Assuming my niece took up a home loan package that had a lower interest rate but an annual fee of CommBank). [Extracted from the article]

$250,000 IS CLOSE to the magic number if you want to know how much you need to save through super as a single homeowner while still being eligible for the age pension. At least when the time comes and you've stopped working full-time, your retirement lifestyle choices can be yours, not the result of inaction or insufficient information. When we last ran a similar cover story two years ago, some readers were aghast at the idea of anyone wanting to have the best of both worlds. [Extracted from the article]

Refinance existing loans You may not necessarily want to borrow more money but might want to move your existing loans to a new loan with more favourable terms. MY MONEY BANKING Small business owners worried about their cash flow while business is still slow can take advantage of a new type of bank loan. Typically you have to pay an application fee, loan service fee, loan administration fee, account-keeping fees and merchant fees. [Extracted from the article]

And yet we still face similar financial challenges but for a whole different set of reasons, including a housing bubble, the possibility of a sharemarket crash and, as we comprehensively explore in this issue, multi-generational planning (page 32). IN OUR ASK PAUL segment this month, a couple who are 26 and 27 years of age bemoan the fact they can't afford a property in a metropolitan area. Despite the pandemic, our economy has so far held up, the jobless rate is lower than was grimly predicted a year ago and, with the federal government's prudent management of the health crisis, our employment and investing prospects set a gold standard for the rest of the world. [Extracted from the article]

If you are thinking of applying for a personal loan, here are some tips to get you the best deal: • Rates vary depending on the loan amount, repayment period and your credit score. • Some banks and online lenders have a "no early repayment fee" feature, which is great if you intend to finish paying the loan as soon as you can. • Most, if not all, lenders charge an application fee. Let's get personal about loans. [Extracted from the article]

Whether you're in the market for silver or gold, or uncovering nuggets of financial wisdom from successful entrepreneurs, or just want to know how to handle those awkward money conversations with your family, we've got you covered. Most people resign themselves to the fact that "mortgage boots" are part of life. Marcus Padley will make you laugh as he translates finance-speak into what it really means (page 82) and, still on the topic of language, David Thornton argues the case for the seeming lack of balance in "balanced" portfolios (page 64). [Extracted from the article]

With all the money management tools bundled into the account, it does have the potential to radically change the way you save, spend and borrow money. Budget and savings tools are bundled into your savings account While there is a plethora of money management apps available, neobanks offer the same, if not better, tools to track your spending and saving patterns. For example, one neobank allows banking customers to create up to five junior accounts (age seven to 17), set up a weekly allowance on each account and create tasks for them within the bank's app to get extra pocket money. [Extracted from the article]

Google has come a long way since it started as a search engine in 1997. There are Gmail, Google Maps, Google Drive and more recently Google Meet. It is a notepad app perfect for anyone working in a creative industry who likes the convenience of collaborating on the go using Google Workspace apps, including Google Classroom and YouTube. [Extracted from the article]

FROM THE EDITOR EDITOR'S DESK There are three types of people in the world: those who make things happen, those who watch things happen and those who wonder what happened. Finally, with superannuation literacy at the top of our priority list, we've updated our data (page 88) to better explain how your fund invests your money. You'll see that there's an extra column that states which risk category a particular superannuation investment option is in. [Extracted from the article]

MY MONEY BANKING Michelle Baltazar Not all savings accounts are created equal. This will attract a higher interest rate on your savings that are most likely just sitting there in your transaction account (check our Best of the Best issue to see the range of interest rates offered by various savings and transaction accounts). Other fees to watch out for include internet banking fees, EFTPOS fees, ATM fees (if you exceed the number of transactions you're allowed to make), non-bank or foreign ATM fees (banks such as ME, for example, would refund ATM fees), dishonour fees (as high as $30-$50) and "exceeding your credit limit" fees. [Extracted from the article]

FROM THE EDITOR EDITOR'S DESK When Money magazine first started its annual list of top 50 property hotspots, no one could have anticipated that a pandemic in 2020 would give the term "hotspot" a double meaning - and not a good one. In the same vein, sharemarket expert Jessica Amir, from Bell Direct, gives us the top 50 stocks (page 45), singling out five companies that could stand out in 2021 (page 41). For example, household name Telstra is on Intelligent Investor's buy list (page 84). [Extracted from the article]

First, check out our banking and spending categories to find the best-value products. We also want to thank Vadim Taube, chief executive of comparison site InfoChoice, for providing us with the financial data behind many of the categories. After all that, check out the best wines to drink, courtesy of wine author Peter Forrestal (page 140). [Extracted from the article]

Looking back, I am particularly grateful to our editorial team and contributors for finding us the answers to those important questions, including how to avail of government assistance if you're a small business, how to invest if you're starting from scratch, and how to handle those curly situations where family and finance collide. For savers and investors, returns are harder to get so make sure you're with the financial institution that will give you the highest rate and that charges the lowest fees. Before taking on the editorship, Darren was already a seasoned finance journalist and editor at the Financial Standard, a publication owned by Rainmaker Group (publisher of Money). [Extracted from the article]