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Ask Kochie: How to choose between the big banks vs smaller home loan providers

- February 19, 2020 2 MIN READ
Facebook Live with David Koch - February 2020

Did you miss this week’s Facebook Live session with David Koch? Watch the segment now as he gives a rundown on this week’s economic updates and answers questions from his audience on Facebook.

Questions answered this week:

– I’ve recently got a pay rise and am considering putting it into my super. Or would it be better to overpay on my mortgage?

– On very odd occasions I employ contractors – do I need to register for Single Touch Payroll?

– What specific impacts do you think the Coronavirus will have on our economy?

– My husband and I own two investment properties plus our house. How can I reduce my taxable income on investment income. I am a nurse and do not have much to claim and don’t have much to claim for investment properties. My husband has just started a new business and he has lots to claim on for his tax.
– I want to take out a home loan but I’m confused if I should go with one of the big banks or try one of the smaller providers in the market? Is there any advantage of going with a known brand vs a new player?
– One particular big bank at the moment is offering a substantial cash back if you refinance with them. The offered interest rate is better than our current, and the annual fee is the same as our current. What’s the catch? It would seem we are going to pocket money but it must be too good to be true.
– Would you recommend starting a new business in the current financial environment? I have an idea I think has legs but not sure if it’s the right time.
Watch the segment:

Got a question you want him to answer? Drop in the comments section below and don’t forget to tune into next week’s Ask Kochie Facebook Live session on Tuesday, 1.30pm