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Fixed vs Variable: Pros and cons of fixing your interest rate Are you in the market for a loan but aren’t sure whether to take out a fixed of variable rate? Choosing between fixed and variable interest rates can be complex, especially for first-time borrowers. This blog aims to simplify this decision-making process by providing in-depth insights into both options, which will help you understand how these interest rates work and which best fits your financial situation. Understanding Interest Rates Interest rates play a crucial role in determining the overall cost of your loan. Banks will normally offer a fixed rate of a period of 1, 2 , 3 or 5 years. So the interest rate remains unchanged throughout whichever period you choose. This offers you stability and predictability in your repayments. Your repayment stays the same regardless of market changes. At the end of the fixed period, the rate normally reverts to a variable rate or you can choose to re-fix.Conversely, variable interest rates can fluctuate in response to market conditions. This could mean that your repayments decrease when market rates fall, but they also could increase if market rates rise. The Pros and Cons of Fixed Interest Rates Choosing a fixed-interest rate loan means that you’ll know exactly what your repayments will be for the fixed period you choose; this is normally less than or equal to 5 years. This can make it easier for you to budget and plan for your future. However, a major drawback of a fixed rate is their lack of flexibility. This means if the market rates fall, you will still be required to pay the higher rate. Additionally, fixed-interest rate loans may have restrictions on whether you are able to make extra repayments or pay off the loan early. It is likely to have a fee to break the fixed rate contract. The Pros and Cons of Variable Interest Rates A variable interest rate offers more flexibility than their fixed counterparts. If market rates decrease, so will your repayments, potentially saving you money. Many variable-rate loans will also allow extra repayments, allowing you to pay off your loan faster. On the downside, variable-rate loans are unpredictable. If the market rates rise, so will your repayments, potentially stretching your budget. Fixed Interest Rates with Horizon Bank At Horizon Bank, we offer competitive fixed-rate loans. By choosing a fixed-rate loan with us, you can effectively manage your finances by knowing exactly what your weekly, fortnightly or monthly repayments will be. Our team of experts are always available to guide you through the process and present the loan options that best suits your needs. Horizon allows up to $30,000 in extra repayments each loan anniversary year, which helps reduce the term of the loan. For extra repayments made on a fixed-interest rate loan, Horizon allows you to redraw on those funds if you require to do so down the track free of charge. Variable Interest Rates with Horizon Bank At Horizon Bank, our variable-rate loans are designed to provide you with flexibility and potential savings, which is ideal for both experienced buyers and first-home buyers. Benefit from a variable interest rate and take advantage of flexible weekly, fortnightly or monthly repayment options – whichever suits you best – as well as the allowance of extra repayments without penalty. Making Your Decision The choice between fixed and variable rates depends heavily on the current Australian economic climate. For example, a variable rate might save you money in a falling market, but in a rising market a fixed rate could offer you more stability. Your personal finance goals should be the primary driver behind your decision of whether you value stability or flexibility. We understand that choosing between a fixed and variable interest rate is a significant decision that can greatly impact your financial future. By considering the pros and cons of each option you can make an informed decision that aligns with your financial goals and circumstances. Contact us to explore your loan options, you can have a chat with one of our experts today. We’ve got the Illawarra and South Coast covered with branches located in Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula. Regardless of where you live, reach out to us by filling in an online loan enquiry form and we’ll assist you over the phone and email.

In this post we’ll look at the steps you can take to creating a personal budget for 2024. Creating and sticking to this will teach you discipline with your money and help you to reach your savings goals sooner. It will also enable you to view your income differently which could see you with a surplus of funds rather than living paycheck-to-paycheck. Putting your budget together This can be done simply in an excel spreadsheet. List your income at the top, then list all of your expenses in categories where possible. Total up your expenses and minus this cost from your total income. If you have money left over, great work. If you find yourself in a minus, keep reading for tips on how to get back in the green. Anticipate Changes – before making a budget, think ahead for any large changes that you can reasonably anticipate, like taking out a new mortgage or other personal finance expenses  and incorporate it into your plans as early as possible – even if you do not know what the value will be.  Don't forget to include extra income as well – for example, any anticipated raises or money from a tax return. Make educated guesses – When you don't know the future value of something, make conservative estimates. Make expenses that bit higher, and income a bit lower. This provides a cushion in case things do not go as planned.  Review Your Spending  As previously mentioned, making a budget starts with creating a list of all your expenses and their costs. This includes loan repayments, credit card payments, money spent on groceries and bills plus any entertainment expenses. You can use our budget planner calculator to get started. Look for ways to cut back. This is the hard part! The easiest way to cut back on your expenses is to list them in priority order. Which ones are needs versus a want? If they’re all needs, consider cheaper alternatives. For example, look for a cheaper plan with another internet provider or share the cost of streaming services with a family member or friend. Be Accountable  Good financial management is all about ownership. A budget is only useful if you stick to it. Share your success and setbacks with your significant other, family member or close friend who will encourage you to stay on track with your spending. Make it easy for yourself by printing out your budget table and keeping it close by to refer back to. Sometimes a hard copy is easier than starting up your computer and loading your budget software. If you use a budget planner app even better. Our phones are always within easy reach! Have a purpose and goal in mind  This will help you determine how much you may need to save for and how quickly. Decide if you’re saving for something specific such as a holiday or a new car, or if you’re just trying to cut back on excess spending. Helpful budgeting tools  Our budget planner calculator is a free online tool that is convenient to access and easy to use. Once you’ve got your list of expenses, put them into the calculator which will tell you if you will end up with a surplus or shortfall after considering the income details you provide. This can also be accessed from your smartphone or tablet. Have a plan for any excess funds you find yourself with. It is quick and easy to open a savings account or term deposit online where you can deposit your money into straight away to avoid temptation. If you are still finding yourself in the red, make sure you have all of your expenses properly listed. Get someone to check over your budget for accuracy. If you are still experiencing issues, seek help from a financial counselor about managing debts. Are you are looking to create a budget for 2024, but are not sure how to start? Get in touch with the friendly team at Horizon Bank today and let us help you on your journey. Horizon Bank has a branch network spanning the Illawarra and South Coast with offices at: Thirroul, Wollongong, Albion Park, Berry, Nowra, Ulladulla, Moruya, Bega, Bermagui and Merimbula. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank. 

Money has a way of intertwining with our most cherished relationships, and it can be a delicate topic to broach. During the early days of a romance, the last thing you might want to discuss over a coffee date is debts, credit scores or mortgage repayments. However, as your lives become increasingly entwined, addressing your financial matters with openness and honesty is essential. Your partner's financial situation can significantly impact your own, and being proactive is key. Financial discussions can come to the forefront at various stages in a relationship – when you decide to move in together, purchase property jointly, add a pet to your family, welcome children, prepare for retirement, or even when facing the possibility of separation. Therefore, it's crucial to address and resolve financial issues effectively. To ensure your discussions are both respectful and positive, here are eight essential tips from Horizon HQ for approaching financial conversations with your partner: Open Communication: Initiate honest and open conversations about finances with your partner. Share your goals, aspirations, and concerns. Stay Calm: Keep emotions in check during financial discussions. Avoid blame and finger-pointing to foster a more constructive dialogue. Collaborate on Goals: Work together to establish both short-term and long-term financial objectives that align with your shared vision for the future. Face Challenges Head-On: Address financial challenges promptly instead of procrastinating. Openly discuss how to adjust your budget during tough times. Schedule Money Talks: Dedicate regular, uninterrupted time for discussing finances. Consistency ensures focused and productive conversations. Transparency Is Key: Be open and honest about your financial situation. Hidden spending and debts can erode trust over time. Celebrate Achievements: Acknowledge and celebrate your financial milestones and achievements together! It will keep you going and motivated to keep hitting those goals. Appreciate Uniqueness: Understand that every financial situation is unique and we all come from different directions when it comes to talking finances. Avoid unhealthy comparisons with other couples or your partner's finances. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

With a growing number of networks and sellers, finding comprehensive mobile phone deals is becoming much easier without paying a hefty monthly fee. If you’re coming to the end of a contract or want to get a better-prepaid deal, here are a few ways to reduce the price.   Think about what you need Modern mobile phones come with many bells and whistles, which come at a premium. Often the cost of the device and its internal capability is rolled into the plan, meaning you’re paying for features you don’t need or use. Before speaking to retailers, think about how you use your phone. Often, that will dictate things like the camera quality, data capacity and model of phone you need. If your usage and needs are more limited, you may save significantly by choosing an older device model. If you have a device you are happy to continue using, it may be worth considering a SIM-only plan.    Research the best price for the model you want Once you’ve identified what you need, check the price different retailers and network providers charge for that model. You may need to survey friends and call a few different stores to ask about the specifics, then keep a log of the lowest prices offered.  It could also be worth waiting a few weeks to a month to see if any specials emerge through the phone networks you’ve got an eye on.   Be prepared to haggle and use comparison websites When you’re armed with the information about how much the model you want typically retails for, speak to a few providers about what they can offer. Some networks give discounts to students, retirees and long-term customers, as well as trying to entice new customers with sign-up deals. It never hurts to ask. Comparison sites such as Canstar, can also provide insight into the different options available.   Consider a second-hand or "hand me down" device As with many things, second-hand phones tend to retail at a significant discount. Hit up your friends and family to see if anyone has upgraded recently and is looking to offload an unlocked device. Some major retailers offer second-hand phones for sale – again, at heavily reduced prices.   Weigh up the cost of long-term plans At a headline level, longer-term plans often appear cheaper. For example, if you’re offered $50 a month for two years or $35 a month for three, the latter sounds more enticing. However, it’s worth considering whether there are any hidden costs or downsides, such as the inability to get a new device if yours is lost, damaged or stolen. Be sure to ask about additional fees, such as activation fees, administrative charges, or roaming fees when you travel, before signing up for a plan. It’s important to read the fine print – including the costs to pay out the plan if necessary. If something unexpected happens – like losing your job – you don’t get a big surprise if you need to end your contract early. A pre-paid SIM can also be something to look into if you want to pay upfront.   In conclusion, getting a better phone deal involves careful consideration of your needs, thorough research, negotiation skills, exploring second-hand options, and understanding long-term plan costs. By following these tips, you can find a phone deal that offers great value and meets your requirements without putting a strain on your finances. Ready to start hunting for the best phone deals? Remember these tips as you explore your options and make an informed decision. Your perfect phone and plan await you, so get started today and enjoy the savings! Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

As the end of the financial year approaches, it's time to get your documentation in order and prepare for a fresh start. To help you navigate through this important period, we've put together an end of financial year checklist. By following these steps, you can ensure that you make the most of tax benefits, stay organised, and set yourself up for financial success in the coming year.   Review your income and expenses Take a close look at your income sources and expenses from the past year. This could include your wage, any government benefits, interest, rental income etc. Ensure that all your financial records, including payslips, invoices, and bank statements, are in order. This step will help you identify any potential discrepancies and make the necessary adjustments before tax time.   Utilise any government benefits If you are entitled to a NSW Government-issued voucher such as Active Kids, Premier’s Back to School, Creative Kids or First Lap, ensure these have been activated before the end of financial year deadline.   Maximise your deductions As an Australian taxpayer, you may be eligible for various deductions that can reduce your taxable income. Review your expenses and ensure that you have supporting documentation for each deduction you plan to claim. Some common deductions include work-related expenses, self-education costs, and charitable donations. Seek advice from a qualified tax professional to make sure you're claiming all the deductions you're entitled to.   Superannuation contributions Consider making additional contributions to your superannuation account before the end of the financial year. These contributions may be tax-deductible and can help boost your retirement savings while providing potential tax benefits.   Capital gains and losses If you've sold any assets during the financial year, review your capital gains and losses. Capital gains tax may apply, but you may also be able to offset these gains with any capital losses you've incurred. Consult with a tax professional to understand the implications and optimize your tax position.   Small business considerations If you run a small business, the end of the financial year is a critical time to assess your business's financial health. Review your cash flow, inventory, and outstanding invoices. Consider writing off any bad debts or obsolete stock to improve your financial position. Ensure that your employees' superannuation contributions are up to date and that you meet your obligations as an employer.   Lodge your tax return on time Australian taxpayers have until October 31st to lodge their tax returns for the previous financial year. Aim to lodge your return as early as possible to avoid any last-minute rush or penalties. If you're using a tax agent, they may be able to assist you with lodging your return and provide valuable advice.   Seek professional advice If you're unsure about any aspect of your financial situation, seek guidance from a qualified accountant or financial advisor. They can help you navigate complex tax laws, maximize your deductions, and provide tailored advice based on your specific circumstances.   The end of the financial year is a good time to reflect on your financial progress, make necessary adjustments, and plan for the future. By following this checklist, you can streamline your financial affairs, minimise tax liabilities, and set yourself up for a successful year ahead. Remember, seeking professional advice is always beneficial to ensure you make the most of the opportunities available to you. If our team can be of any help to you, please contact us.  Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. * Disclaimer: This blog post provides general information only and should not be considered as financial or tax advice.

This article provides you with handy tips for sending money overseas. All great information you need to be ready with before you start. Use A Reputable International Money Transfer Service There are different services and apps out there that offer money transfer services. To ensure you are using a reliable and secure service, ask your bank if they can transfer money overseas. Horizon is able to send money overseas via a Telegraphic Transfer (TT) payment through Convera. In most cases a TT is the quickest way to send funds abroad, and is a reliable way to send funds to a bank account internationally. Whilst we can typically deliver funds to beneficiary banks in 2-3 business days, beneficiary banks can sometimes take up to 5 business days to credit those funds to the applicable beneficiary account. Sending a TT in the beneficiary’s currency is usually more cost effective and helps ensure the funds are credited more quickly, as the payment can go “straight through”. Stay On Top of Exchange Rates If you have some time before needing to send a payment, check exchange rates before you proceed with the money transfer to maximise your dollars. Within Horizon’s Online Banking, you will be shown the exchange rate (provided by Convera) for the currency you are choosing to send. The exchange rate is refreshed to the current rate at the time the transfer is submitted. If sending money to a European country, you will need an International Bank Account Number (IBAN). Double-check any details you enter before confirming your transfer to avoid any mistakes. It is a requirement to obtain the recipients full name, street address, mobile number and account number as well as the recipient’s bank details. Make Sure You Have The Correct Details If sending money to a European country, you will need an International Bank Account Number (IBAN). Double-check any details you enter before confirming your transfer to avoid any mistakes. It is a requirement to obtain the recipients full name, street address, mobile number and account number as well as the recipient’s bank details. Transfer limits If you are making transfers from your bank, be sure to check your transfer limit. You may need to get in touch and request a temporary limit increase to complete your international transaction. If you’re looking for a convenient, secure way to transfer money overseas then get in touch with us about our telegraphic transfer service. We’re here to make the process easy and provide a great experience. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. *Please note that TT's are sent via a network of correspondent, intermediary and/or beneficiary banks, which sometimes levy a small handling charge on your payment. Any such fees, and payment delays, are out of our control.** Horizon Bank has appointed Western Union Business Solutions (Australia) Pty Ltd (ACN 150 129 749; AFSL 404092) trading as Convera (“Convera”) to assist it in fulfilling certain foreign exchange and payment services, including telegraphic transfers. These services are provided to you by Horizon Bank. Fees and charges may apply, please refer to the terms and conditions and Fees and Charges Schedule issued by Horizon Bank. This communication has been prepared solely for informational purposes and does not in any way create any binding obligations. No representations, warranties or conditions of any kind, express or implied, are made in this communication.

Did you know that electric and hybrid cars produce significantly fewer emissions than traditional petrol or diesel vehicles? If you're looking to reduce your carbon footprint, switching to an electric or hybrid car is a great way to do it. In this blog post, we'll take a look at the benefits of electric and hybrid cars. What is a carbon footprint and how can electric and hybrid cars help reduce it?The carbon footprint is the total amount of carbon dioxide and other greenhouse gases that are emitted by an individual, organisation, event, or product. Greenhouse gases are released when fossil fuels such as coal and oil are burned. They contribute to the Earth's greenhouse effect, trapping heat in the atmosphere and causing the Earth's temperature to rise. Electric and hybrid cars can help to reduce an individual's carbon footprint because they produce zero emissions. In addition, electric and hybrid cars are often more fuel-efficient than traditional fuel-powered cars, meaning that they require less fuel to travel the same distance. As a result, electric and hybrid cars offer a cleaner and more efficient way to travel, helping to reduce our impact on the environment. How do electric and hybrid cars work?Electric cars are powered by batteries that store electricity, which is then used to run the car's motors whereas hybrid cars have both an electric motor and a fuel engine. The electric motor is used for low-speed driving, while the fuel engine is used for higher speeds. Both hybrid and electric cars use regenerative braking to help charge the batteries. When the brakes are applied, the car's kinetic energy is converted into electrical energy, which is then stored in the batteries. What are the benefits of owning an electric or hybrid car?Hybrid cars and electric cars are becoming increasingly popular as people look for more efficient and environmentally friendly ways to travel. There are a number of benefits to owning an electric or hybrid car! They produce no emissions They’re more fuel-efficient than traditional petrol or diesel cars They’re often cheaper to maintain Electric cars also have the potential to save you money on fuel costs, as you’ll only need to charge your battery rather than buying/refilling petrol or diesel. Hybrid cars offer a compromise between electric and traditional petrol or diesel cars, as they still run on petrol or diesel but also have an electric battery that helps to power the car and reduce emissions. Ultimately, the decision of whether to buy an electric or hybrid car depends on your personal circumstances and preferences, but there’s no doubt that they offer a number of benefits over traditional petrol or diesel cars. Consider your daily driving habitsIf you have a long commute or frequently drive on the highway, a hybrid car may be a better option since it can run on petrol if needed. Electric cars are best suited for metropolitan driving, where there are plenty of charging stations available. Think about your budgetHybrid and electric cars tend to be more expensive than traditional petrol or diesel-powered vehicles, but with fuel prices fluctuating rapidly they may save you money in the long run. Do your researchTest drive a few different models before making your final decision. Reach out to experts, friends, family or peers who have experience with electric and hybrid vehicles. With so many options available, it's important to find the right car for you. Horizon Bank has a Green Car Loan that offers competitive rates and terms to help you finance the purchase of a new or used hybrid or electric vehicle. The Green Car Loan from Horizon Bank is a great option for those who are looking to finance a green car. The loan offers competitive rates and terms, making it easy to get a car loan for a new or used hybrid or electric vehicle. Get in touch with your local branch today and let us help you get behind the wheel of your new car! Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

It's important to be mindful of your banking choices and ensure that they align with your personal values. Banks can provide both great convenience and peace of mind, but it's important to do your research before signing up. Whatever route you choose, be sure to take the time to understand what makes the bank tick - so you can feel good about where your money is going. Here are a few tips on how to make sure you're banking with integrity. Figure out what's important to you When it comes to your money, it's important to align your values with your banking. Find a bank that shares your commitment to things like social responsibility, environmental sustainability and ethical business practices. There are a number of ways to figure out what's important to you. Start by thinking about the causes and issues that you care about most. Then, research banks and credit unions that have policies and programs in place that support your values. Consider the day-to-day convenience of things like online and mobile banking, ATMs, and customer service when making your decision. By taking the time to align your values with your banking, you can ensure that your money is working for you – and for the world. What to look for in a bank Personal banking is more than just a place to keep your money – it’s a personal relationship that should align with your values. The same goes for business banking. When you’re looking for a bank, here are some things to consider to make sure your values are aligned: Does the bank have a personal relationship with its customers?This is important for both personal and business banking. You want to be able to trust your bank and feel like you’re more than just a number. Does the bank support local community, businesses and causes?If you value supporting your community and local businesses, you’ll want to make sure your bank does too. What are the bank’s environmental policies?If you care about reducing your carbon footprint, you may want to choose a bank that offsets its carbon emissions or invests in renewable energy. What are the bank’s social responsibility policies?If you want to make sure your money is going towards making the world a better place, look for a bank that donates to charitable causes or has a focus on social responsibility. Find a bank that aligns with your values When it comes to banking, there is no one-size-fits-all solution. The best bank for you will depend on your unique financial needs and goals. By doing your research and taking the time to find a bank that aligns with your values, you can ensure that your money is being used in a way that supports your beliefs. Here are a few tips to help you find a banking institution that matches your world view: Do your research - Start by identifying which banking values are most important to you. Ask around - Talk to your friends, family, and colleagues to see if they have any recommendations. Read reviews - Once you've narrowed down your options, read online reviews to get a sense of what other customers think about the banks you're considering. The benefits of banking with a values-aligned institution There are many benefits to banking with a values-aligned institution. When you bank with an institution that shares your values, you can be confident that your money is being used in ways that align with your beliefs. This gives you a greater sense of control over your finances and helps you to support causes that are important to you. This can make banking feel more personal and supportive, rather than just transactional. If you are looking for a bank that shares your personal values, Horizon Bank may be the perfect fit. Check out Horizon's values and see if they resonate with you. We offer a variety of products and services to meet your needs, as well as a commitment to community involvement. Contact our local team today to learn more about how we can help you achieve your financial goals. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong.

Are you looking for a different way to save for retirement?A Self-Managed Super Fund (SMSF) may be something you should consider as a way to plan for retirement. You can choose your own investments and manage your own super fund. This gives you more control over your future and allows you to make the most of your retirement savings. What is a self-managed super fund (SMSF)?A self-managed super fund (SMSF) is a type of superannuation fund where the members are also the trustees. This means that the members have control over the investment decisions made and are responsible for complying with the relevant legislation. SMSFs can be established by up to four trustees, who can either be individuals or corporate trustees. The trustees must also be members of the fund. One of the benefits of an SMSF is that it offers flexibility in terms of investment options. Trustees can choose to invest in a wide range of assets, including shares, property, and managed funds. This can provide greater control over the retirement savings and allow the fund to be tailored to individual needs. Another advantage of an SMSF is that it may offer cost savings compared to larger superannuation funds. This is because SMSFs have lower administrative costs and can benefit from economies of scale. Ultimately, an SMSF can provide greater control and flexibility when it comes to retirement planning.   How do self-managed super funds (SMSFs) work? A self-managed super fund (SMSF) is a trust fund established for the purpose of providing retirement benefits for its members. It is managed by its members, who are also trustees of the fund. SMSFs are unique in that they allow individuals to have direct control over their retirement savings. As such, SMSFs are subject to stringent regulations designed to protect the interests of members. One of the key requirements of an SMSF is that it must have a compliant investment strategy. This means that the trustees must consider factors such as how the fund will generate income and how it will grow over time. Additionally, SMSFs must maintain detailed records and comply with reporting requirements. While this may seem like a lot of work, many people find managing their own super fund is a rewarding experience. What are the benefits of self-managed super funds (SMSFs)?Self-managed super funds have become increasingly popular in recent years and for good reason. SMSFs offer a number of benefits that traditional super funds simply can't match. SMSFs give you a high degree of control over your investments. With an SMSF, on the other hand, you have the final say over where your money is invested. This means that you can tailor your portfolio to your unique financial goals and risk tolerance. In addition, SMSFs typically charge lower fees than traditional funds. This is because you're not paying for expensive fund managers or other middlemen. As a result, more of your money stays in your pocket, where it can compound over time and grow into a sizeable nest egg. SMSFs offer greater flexibility when it comes to withdrawals and benefits. This flexibility can be especially beneficial if you need to access your funds for unexpected expenses or opportunities. All things considered, it's no wonder that self-managed super funds have become such a popular choice for savvy investors. Things to consider before setting up an SMSFThere are a few things to consider before setting up a self-managed super fund (SMSF). First, you need to be sure that you are able to meet the SMSF administration requirements. This includes: maintaining records; preparing financial statements; and lodging tax returns. You also need to have an understanding of investment strategies and SMSF fund rules. Additionally, you need to be comfortable making decisions about your own finances and investments. If you’re not confident in your ability to meet these requirements, it would be best to seek professional advice. Another thing to consider is whether you have enough money to comfortably invest in an SMSF. This type of fund typically requires a larger initial investment than other types of super funds. Finally, you need to be aware of the risks involved in investing in an SMSF. As with any investment, there is always the potential for loss. Contact us todayLook to Horizon Bank to open a Self-Managed Super Fund Saver account. Get in touch with one of our friendly local team today. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. Note: The article above is not financial advice. You should consider your own financial circumstances. Before acquiring the financial product, you should consider whether or not the product is appropriate for you. You may wish to seek financial advice from a professional financial adviser. A Product Disclosure Statement (PDS) is available from any Horizon branch. You should consider the relevant PDS in deciding whether to buy or hold the products.

The end of the current financial year is 30 June with the new year beginning on 1st July. With End of Financial Year or EOFY quickly approaching, it’s important that you get your tax return checklist together and have the correct documentation to complete your tax return. Here are 5 key things that are required when you lodge your tax return: Payment summaries or Income statements – provided by your employer Bank statements showing interest earnt - if you lodge your tax return online using myGov, the Australian Taxation Office (ATO) may prefill these fields already for you. Records and receipts of work related expenses Records and receipts of expenses and maintenance incurred on investment properties Any other documentation showing forms of income We’ll discuss some key practices to get into the habit of to keep you on top of you affairs during tax time. Record keeping Good record keeping is a must and is a continuous job that has no real end date. Having folders or an organised filing system that clearly labels the financial years containing expenses, deductions and income earnt will make it much easier to find what you need when doing your tax return. The ATO has a myDeductions tool, which is free to use and is available through the ATO app. Income tax deductions you can claim Are you aware of the deductions you can make at tax time? Visit the Australian Tax Office website to see what you can claim. Do you research so that you are not missing out on income tax deductions you could be entitled to. Keeping receipts for work and self-education expenses will ensure you don’t miss out on any deductions. EOFY deals At this time of year, there are lots of sales and specials to entice you into buying things with your tax refund. Cars, technology and whitegoods are some of the popular items going on sale. Before hitting the shops, be sure to check that these are things you need and not just want, otherwise you might be spending dollars you don’t actually have. It might be a good idea to wait until you’ve done your tax return to see if you’re entitled to a refund. Set yourself up for tax return success If you are using a tax agent ask them ahead of time what you need to bring to help them complete your tax return. Keep this in mind for the following year so you are organised and have all your paperwork ready to go. This will greatly help you with your tax return submission and can even save you time with your tax agent. The tax season runs until the 31st October each year. You have until this date to lodge your tax return. If you owe money, your notice of assessment will tell you how long you have to pay. How to best manage tax refunds It can be exciting to see a big lump sum payment hit your account. If you’re expecting a refund, have a think about what that extra money can go to. You may want to put it into a savings account, or contribute to a loan repayment. Be sure to manage your refunds wisely, and plan for the next financial year ahead. Are you planning for the EOFY and need some extra help with your banking needs? Get in touch with the friendly team at Horizon Bank today and let us assist you. Horizon Bank has a branch network spanning the NSW South Coast and Illawarra. Horizon Bank branch locations: Albion Park, Bega, Bermagui, Berry, Merimbula, Moruya, Nowra, Thirroul, Ulladulla & Wollongong. The content in this article has been prepared by Horizon Bank for general information only and it is not intended to be professional advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, accounting, financial or other professional advice where appropriate, and consider the relevant General Terms and Conditions before deciding whether to acquire any products or services offered by Horizon Bank and/or its affiliated partners. We do not recommend any third party products or services referred to in this article unless otherwise stated and we are not liable in relation to them. Any links to third party websites are for your information and we do not endorse any content on those sites. Horizon Credit Union Ltd ABN 66 087 650 173 AFSL and Australian Credit Licence Number 240573 trading as Horizon Bank.