However, before you call in the tradies, there are issues to consider first, such as your budget and lifestyle requirements. You may even need to organise some home improvement financing with your lender.

It is also essential any improvements enhance your property’s value, especially if you’re planning to sell any time soon. For example, one leading consumer advocate estimates a quality bathroom improvement can add as much as 10% to the value of a home.

Angus Raine, Executive Chairman, of the Raine & Horne[i] property group, advises that estimating the extra value home improvements is an inexact science. “Generally, home improvements in the short-term are linked to lifestyle considerations.

“However, for those with a plan to sell, smart home improvements can attract more buyer eyeballs to a property, especially in neighbourhoods where many homes are similar.”

Angus continues, “Your property needs to make as much noise as possible, so buyers will talk about it rather than the competition on Saturday night after 4 or 5 open for inspections.”

Apart from adding value, there is the matter of ‘over capitalising’ which occurs when a home improvement costs more than the value it adds. To avoid overcapitalising, Angus advises homeowners to have their property appraised by a real estate agent before starting any improvements whether it is a new kitchen or an extra room. “Once you know how much your home is worth, you can determine how much you want to spend on home improvements to reduce the chances of overcapitalising.”

Spicing up the kitchen

Many experts advise the kitchen is the first room buyers check out and therefore the perfect place to add some value. Renovating your kitchen might involve replacing your splashbacks, benchtops, cabinets, and door handles, Angus advises. Sometimes, even some fresh paint is enough to spruce up the kitchen, while some shiny new and improved appliances can increase kitchen appeal.

If you have the financial capacity, you could consider remodelling the entire kitchen. A full kitchen makeover can cost between $15,000 and $43,000, according to Archicentre[ii], a national provider of professional and independent building design, inspection, and advice. In some cases, a revamped kitchen can add enormous appeal and value to a property, depending on a range of factors including the design, flooring, finishes and fixtures, lighting and the appliances you choose.

Fresh bathroom makeover

If there is another room that could help improve the appeal of your home, it’s the bathroom. Nor does it need to cost an arm or leg to revive the bathroom. Retiling, updating handles and changing cabinet tops can contribute to a bathroom refresh. Blast from the past, wallpaper is also back in vogue, advises Angus.

With appropriate planning and expertise, a more thorough bathroom renovation, which, according to Archicentre, can cost between $12,000 – $27,000 can potentially improve a property’s value. An estimate from leading consumer advocacy group Choice suggests a bathroom refresh could add up to 10% to the value of your home over time[iii].

A study or home office can add value

Apart from bathroom wallpaper, work from home (WFH) is probably the biggest single trend to impact the housing market in 2020. In fact, at last count, almost 3.5 million of us work from home in our main job or business, according to the Australian Bureau of Statistics (ABS)[iv].

The home office could be a distinct room, or a portion of a space set aside within your home for work and study. If you don’t have some spare space, you could consider adding a study or home office as an extra bedroom to your property. Additional rooms generally translate to higher sales prices for a property, and by anywhere between $50,000 and $80,000[v] for a home valued between $500,000 – $1 million.

Granny flats

If your local council allows it, adding a granny flat might be a more sensible way to provide a WFH environment. “Better still, by building a granny flat, you won’t have to make expensive structural changes to your existing property,” says Angus.

He adds, “Moreover, a granny flat can add great value, especially as it will provide a separate entrance that ensures you can maintain a natural division between work and family life.”

There are also tax deductions available for those businesses who operate from home, while the granny flat may be a source of extra income if it is made available for rent in the future. Granny flats can cost anywhere from around $70,000 to $200,000, according to comparison website Canstar[vi].

Financing your dream improvements

If you have been daydreaming about renovating or expanding your home, adding a swimming pool or upgrading your bathroom or kitchen, check out our unsecured Home Improvement Loan.

With loans starting from as little as $1,000 and competitive interest rates, our Home Improvement Loan can help turn your renovation dream into reality. Apply online at www.communityfirst.com.au/ or call us today on 1300 13 22 77.

Last updated: 05 February 2021

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

Safer and more flexible business payments

Whether you’d like to take payments online, from your mobile phone, over the telephone, EFTPOS, through your website or a combination, we’ve got you covered thanks to our tailored payment solutions from Safe2Pay*.The Ingenico 5000 terminals, for example, can be integrated with your business’s Point of Sale (POS) system.

Another fantastic feature of our bespoke payment solution is PocketPos, which facilitates mobile transactions between you and your customers. This solution can be white labelled and will support social distancing restrictions as you return to business.

By opting for a solution from Safe2Pay, they can guarantee faster payments, multi-currency conversions and secure online transactions that will help protect your business and customers against payment fraud. Better still having all payment solutions managed centrally by a single provider could result in further cost savings for the business and more efficient monitoring and reporting.

As part of our flexible payment services, we can also provide businesses a dedicated, hosted payment page. This hosted page allows your customers to pay for online purchases directly through your website using a credit or debit card.

A hosted page will integrate with your invoice software to auto-fill invoice numbers and payment amounts, ensuring there are no more customer errors.

For more details email us directly at bankingspecialists@communityfirst.com.au

* All Safe2Pay products and services are supplied pursuant to the terms and conditions contained in the Safe2Pay Merchant Services Agreement. The Safe2Pay services are provided by Safe2Pay Pty Limited (ABN 48 611 437 391) that holds Australian Financial Services License number 506640. Community First Credit Union Limited acts under a referral agreement for these products and services.

Ashley and Vaughn Matthews from NSW’s Lake Macquarie region are the latest Aussie couple to realise the Great Australian Dream of homeownership.

The young couple has secured a gorgeous, modern four-bedroom house in Cameron Park with a double garage built in 2014 and were ably supported into their first home by Community First’s Nathan Johns, Regional Store Manager for Lake Macquarie. 

Apart from tapping mum and dad for support, the Matthews also took advantage of the Australian Government’s First Home Guarantee Scheme. The Scheme which is managed by the National Housing Finance and Investment Corporation (NHFIC) supports eligible first home buyers such as Ashley and Vaughn purchase their first home faster.

Usually, first home buyers with less than a 20% deposit need to pay lenders’ mortgage insurance, which can add many thousands of dollars to a home loan. Under the Scheme, eligible first home buyers can purchase a property with a deposit with as little as 5%. This support has been made possible by the NHFIC, which guarantees a participating lender up to 15% of the value of the property purchased by an eligible first home buyer. Community First Credit Union is currently one of the lenders participating in the Scheme.

Ashley explained, “We were going to pay LMI but decided to take advantage of the First Home Loan Deposit Scheme after my father saw that Community First still had slots in the Scheme available for first home buyers.

“We also took full advantage of the stamp duty break available to first-time buyers.” Currently, first home buyers in NSW do not pay stamp duty on homes valued up to $650,000. If the home is valued between $650,000 and $800,000, a concessional rate applies.

Buying a first home stands as a significant achievement for Ashley (27) and Vaughn (30). “I’m stoked, as I didn’t think I’d ever be able to buy a home before I was 30,” a chuffed Ashley declared. “The combination of moving home with my parents, the First Home Loan Deposit Scheme and the stamp duty tax breaks helped us meet our goals early.”

The support of Community First’s Nathan Johns was also crucial in helping the young Lake Macquarie twosome into their dream home. “Nathan was fantastic and just made it so easy for us. It could be a stressful process, but it wasn’t,” Ashley remarked.

“Nathan went above and beyond, and we never felt like we were working with a big bank where you’re treated as a number and a dollar sign.”

Ashley concluded, “Nathan was genuinely excited for us and made it an easy and workable relationship.”

For more information about the First Home Guarantee Scheme and how we can help you into a first home, just call us on 1300 13 22 77.  

Need to increase your Community First loan?

With restrictions lifting many people are getting out and about. Whether it’s part of their daily routine, such as driving to work, driving to buy groceries or driving on a long road trip, it’s always a good idea to have your vehicle in tip-top condition. Here are a few ways to get your car road ready. 

Pay attention to your vehicle

Our vehicles are a precious item, after all, they don’t come cheap and we use them as a transporting vessel not only for ourselves but for our families too. That’s why it’s so important to pay attention to your vehicle and listen and look out for any out of character signs – because there’s nothing worse than sitting on the side of the road with a car full of impatient kids waiting for roadside assistance to arrive. No matter how new or old your vehicle is – or how long or short your drive is – you should always treat your vehicle like a person and regularly check if it’s in good working order. If you think it’s time for a change or upgrade, take a look at our car loans.

Organise routine checks

If you’ve got a memory like an elephant, organise a time every few months to conduct routine checks on your vehicle. If your memory isn’t so sharp, mark some time in your diary to remind yourself to give your vehicle the love and care it deserves. When the engine is cold, do all the usual checks, such as inspecting the oil, brake and power steering fluids, and engine coolant transmission fluids. It’s also wise to look under the car for obvious leaks because if you are driving with leaking fluids it may cause problems or failure related to your steering, braking or radiator. And when it comes to getting behind the wheel, it may be stating the obvious but check the whereabouts of all little people and pets before you take off.

Make light of every situation

Checking all the lights on your vehicle – internally and externally – is a crucial check to make. Ensure your vehicle’s indicators, low and high beam headlights, brake lights, reverse lights, fog lights, hazard lights and warning lights are all working. If you don’t have another set of eyes to help you out, reverse up to a reflective surface or take it to a mechanic – most will check this as part of their safety and service check.

Check your tread

Your car’s tyres are the closest thing between you and the ground, so regularly check the state of them. And yes, this means checking the condition of the spare tyre hidden in the boot too. Unnecessary delays and disruptions can be caused by a blown tyre – and that’s the last thing anyone needs. It’s best to conduct these checks when the car is cold and hasn’t been driven. Check the recommended pressure and tyre tread of at least 1.5 millimetres. If your vehicle’s tyres are less than that, it can reduce your grip levels while driving on the road, increase the distance it takes your car to stop, and increase the chance of sliding out in wet conditions.

Get a clear view of the road ahead

Like many vehicle parts, wiper blades wear away over time due to weather conditions and continuous use. Sun, oil, airborne debris and moisture can all play a part in aging your windscreen wipers. So, if your car’s windscreen wipers start to squeak, skip, streak, smear or split then it’s most likely time to change them for new ones. It’s so important to check them regularly or at least every six months because over time they dry up and don’t do the job of clearing your windshield properly.

Sort out the paperwork

It’s illegal to hit the road without rego and insurance, so be sure your rego is valid and your motor vehicle insurance cover is up-to-date. If you plan on taking a long road trip, you want to be prepared for the worst so you can feel confident in knowing you’re covered in case you have a road mishap or damage your car along the way. And if you’re crossing borders or travelling in unfamiliar terrains, check local road rules and make sure you’re aware of varying driving conditions and any border closures that may still be in place so you can best prepare for your journey.

Insurance issued by Insurance Australia Limited ABN 11 000 016 722 AFSL 227681 trading as CGU Insurance. Any advice is general only. Consider the relevant PDS available from cgu.com.au to see if a product is right for you

Last updated: 22 June 2020

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.

What does refinancing your car loan involve?

Refinancing your car loan involves taking out a new loan for your car to pay out your existing loan. It’s not buying a new car; it’s simply replacing the finance attached to it.

Why refinance my car loan?

Some of the reasons why you might look to refinance your car loan include the following:

• You want a loan with a lower interest rate to help you save money on interest, and lower your loan repayments.
• You want to lower your loan repayments by increasing your loan term
• You want a loan with greater flexibility such as the ability to make extra repayments and access available redraw.

What fees might there be?

The fees you need to be aware of when refinancing your car loan include switching fees such as early loan repayment fees on your existing loan and application fees on the new loan. Different lenders charge different fees so you should check with individual financial institutions as to what fees and charges apply. Note that not all car loans have early repayment penalties.

Things to consider when looking for a car loan

You of course need to assess what your needs are to determine which loan is right for you. Following are some things for you to take in to consideration:

Finding a low interest rate to save money

If the reason you are refinancing is because you are looking to save money on interest, then look for a loan with a low interest rate. You can even secure lower interest rates depending on the age and green star rating of your car. You should also take in to account loan account keeping fees. While small, these fees are usually compounded on to the loan so end up costing you more than what you think over the life of the loan.

When do you expect to have the loan paid off?

If you are trying to pay off your debt as quickly as possible, you will need to look for a loan not only with a low rate, but one that enables you to make unlimited additional repayments at no extra cost.

Are flexible features what’s important to you?

If the features of your loan are important to you because you want flexibility, look for loans that allow you to access redraw in case you need it. Whether you pay your loan off quickly or according to the minimum repayments, you may want the security of knowing you won’t be penalised either way. Loans that offer no penalties for making extra repayments will give you this peace of mind.

Secured loans vs unsecured loans

A secured car loan means that the vehicle is taken as security for the loan, so that in the event you are unable to meet your repayment requirements, the financial institution will repossess the car.

An unsecured loan means that the vehicle is not taken as security over the loan so there will not be any financial interest showing on the car.

Secured car loans usually offer a lower interest rate than unsecured car loans. You could consider switching from an unsecured loan to a secured loan to enjoy some further savings., depending on the age of your car.

Many loans for newer cars also come with fixed interest options so you can enjoy the peace of mind of having the same low rate for the life of the loan, without your regular repayments changing.

How long do you plan on keeping your car before you sell it?

If you’re looking for a loan with a balloon/residual payment at the end in order to lower your regular repayments you need to factor in how long you plan on keeping the car and whether or not you will have the money to pay the residual when it falls due.

If you plan on selling the car before the residual is due, consider what the car’s market value will be and whether or not it is likely that you will need to pay out any differences in order to sell it.

Is it worth it?

If you’re refinancing your car loan to extend the term and lower your repayments, you’ll need to understand that you will most likely end up paying more interest.

Secured car loan interest rates are often more attractive for cars less than 5 years old so you’ll need to check whether you can get a similar interest rate to what you’re on. If you can’t, it might not be worth it.

Once you have assessed the reasons why you’d like to refinance your car loan, you should weigh up the switching costs and how they impact on the benefits you expect to realise. For example, if you’re refinancing to save money on interest, you could find that the switching costs erode a lot of the savings you expected to make.

See how much you could save

To see whether refinancing your car loan may be worth it, take a look at our personal loan calculator. You’ll be able to work out your repayments and interest payable for different loan options.

To find out more or apply, visit our car loans page or give us a call.

Credit eligibility criteria, terms and conditions, fees and charges apply.

Scammers are constantly looking for new ways to steal money. Scams can target anyone and it’s important to remember that everyone is vulnerable to scams, so everyone needs to be aware of how to avoid them. Some people think that only the gullible and greedy fall victim to scams. The truth is, scammers are clever and if you don’t know what to look out for, anyone can fall victim to a scam.

Have you or a family member received an offer that is too good to be true? Perhaps a phone call from Microsoft to fix a virus in your computer, or a threat to pay money you do not owe? What about an alert from your bank or telecommunications provider about a problem with your account or even an invitation to connect online? Scammers know how to press your buttons to get what they want.

The golden rules to protect yourself are:

Be alert. Always consider the possibility that uninvited contact from people or businesses such as the ATO, energy providers, telecommunications companies or software companies such as Microsoft, maybe a scam – whether made via phone, post, email, in person, or social networking sites.

1. Don’t respond to phone calls about your computer asking for remote access – HANG UP.
2. Do some research – if you are unsure of the legitimacy of a person or business, search for their business details online to find their number or business details. Never call them back on the number they have given.
3. Don’t open suspicious texts, pop-up windows or emails – DELETE THEM. Never provide credit card details or purchase gift cards to unsolicited callers.
4. Install security software on your computer, keep it up-to-date and install security patches when they become available.
5. Stay up-to-date on recent scams and what to look out for.

https://www.scamwatch.gov.au/

Customer owned banking put people first from the beginning, and that has seen us stand by customers through droughts, fires, wars, recessions, and now the hardships of COVID-19.

The challenges we face together may change over time, but our can-do attitude and ingenuity will always be there. We want to take this message forward, because many people are anxious about the future. Today, customer owned banking serves more than 4 million Australians and operates from every state and territory.

As a sector, we are still committed to helping people and families buy homes, plan for a bright future, help businesses get ahead, and grow communities. Fair rates and a fair go for all. These are the foundations that Community First Credit Union has been building on since 1959.

As a key measure to help reduce the spread of COVID-19, many of us are now working from home. However this can present cyber security challenges, particularly if it is the first time you are working remotely.

In the workplace, people are often able to rely on their organisation’s cyber security to help keep them safe online. As we move to the home environment, we can’t always pay the same attention to the cyber security of our personal devices.

Sadly, people working from home have become targets for cybercriminals, so it’s more important than ever for staff to be careful and take action to protect their work and household’s cyber security.

Cybercriminals see a crisis as an opportunity. Major change brings disruption, and business transitioning to working from home arrangements can be an attractive target.

Be aware that the COVID-19 pandemic will be used by cybercriminals to try to scam people out of their money, data and to gain access to systems. While working from home you should:

• Exercise critical thinking and vigilance when you receive phone calls, messages and emails.
• Exercise caution in opening messages, attachments, or clicking on links from unknown senders.
• Be wary of any requests for personal details, passwords or bank details, particularly if the message conveys a sense of urgency.
• If in doubt of the communicator’s identity, delay any immediate action. Re-establish communication later using contact methods that you have sourced yourself.

Recent months have seen an increase in unsolicited calls from scammers calling people at home and raising a false alarm that they are at risk of their computer containing a virus or NBN issues. They claim that your computer has been hacked or infected with malware and it is threatening internet infrastructure.

How this scam works

You receive a phone call out of the blue claiming to be a representative of a large company such as Telstra or Microsoft. They may sound like the real deal, claiming to be a technical support officer from the company and using technical words to confuse you.

The caller will tell you that you need to take immediate action to avoid your internet connection being terminated due to the malware infection. They will tell you there is a small fee often around $10 to have the support officer look at your computer.

If you give remote access or give your personal details including login and passwords you may find a lot more transactions taking place than the initial $10. The possibility of losing all your savings is quite real.

Protect yourself

1. If you receive a call from someone claiming to be a representative of Telstra, NBN, ATO or any ther company claiming you have an issue with your computer – Hang Up.
2. Never give an unsolicited caller remote access to your computer.
3. Never give out personal, credit card or online account details.
4. Make sure your computer is protected with up to date anti-virus and anti-spyware software.
5. Remember you can still receive calls even if you are on the Australian Government’s Do Not Call Register or have a private number.
6. Don’t be pressured by a threatening caller. Stop, think and check whether they are in fact legitimate.

For more information on common scams, go to scamwatch.gov.au