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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 24 January 2020

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Aussies wasting $4bn per year on bad mortgages

By Grace Ormsby · July 24 2019

Reading:

Borrow

Aussies wasting $4bn per year on bad mortgages

By Grace Ormsby
July 24 2019

Reading:

Aussies wasting $4bn per year on bad mortgages

By Grace Ormsby · July 24 2019

Reading:

Australian home owners are wasting more than $4 billion every year on inefficient or unhelpful mortgage repayments, according to a report.

According to research by uno, a home loan broker and management service, home loans are one of the key drivers of financial waste for Australians, with an estimated $4.2 billion lost annually to unnecessary mortgage interest costs.

The uno household financial waste report dug deeper into a 2018 ACCC finding that “existing borrowers who do not actively shop around for a better deal on a regular basis are the main losers from opaque discretionary pricing”.

According to the report, unnecessary mortgage interest costs are “possibly the most insidious” driver of Australian financial waste as mortgage expenses are usually thought of as “seeming unavoidable expenses”.

Uno CEO Anthony Justice said there are a number of factors that explain why consumers aren’t taking action on sub-par home loans, since “most home owners purchase or refinance their home feeling confident they’re on a good rate – and they usually are”.

He said cracks only begin to show a few years down the track, “by which time consumers no longer think about their home loan as something they should be fighting to get a good deal on”.

According to uno, external factors like interest rates, the changing value of property, shifting personal financial situations and new lending products entering the market can all impact how well a loan is performing.

So, after a couple of years, a “good deal” may become a source of significant household financial waste, it was explained.

Of concern to the report writers was uno’s finding and flagging of the fact that more than half (53 per cent) of home owners don’t even know what their current interest rate is, while 59 per cent of people have never asked their bank or broker for a better rate on their home loan.

An even higher proportion of mortgagees (78 per cent) have also never had a conversation about strategies for paying off a home loan faster, the report also said.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.