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March 2017


There are some weird property spruikers out there but one I recently heard of made me really fearful for investors.  They were trying to sell ‘Micro Apartments’. Wikipedia’s definition for these is a “one room, self-contained, usually purpose built, designed to accommodate a sitting space, sleeping space, bathroom & kitchenette”.

In Victoria, there is currently no minimum apartment size but many believe this needs to be introduced to stop developers squeezing more people into ever smaller spaces!  I agree with our Melbourne Lord Mayor, Robert Doyle, as he says “they are dog boxes in the sky”.  There is a very good reason you should not be tempted to buy one of these no matter how good the story you are told.  The major issue is you will struggle to borrow against them and if you struggle to borrow against them when you are buying new, think how much harder it will be for someone to buy this apartment from you in later years.
Banks don’t like them because of the problems with selling them if you should default, as they have such a limited resell market.  While a fabulous return via AIR BNB can sound enticing, be sure to note, if everyone else in the building is doing the same thing, how sure are you of this return?  Avoid these properties at all costs.


So Frugal February is finished but not without many super saving suggestions coming our way including:

  1. Not spending any $5.00 notes you receive – (Andrea saved $560 for her Noosa holiday using this one!)
  2. Sharing a cab from the airport – Yes, be brave and ask someone who looks like their work is paying and hopefully they will pick up the tab for your lift
  3. AFDs – Yes alcohol free days can help your budget – (I know Feb Fast saved me plenty)
  4. One energy company is offering 2 Gold Class tickets every quarter you stay with them for 12 months
  5. Palace Cinema membership – which really is your money straight back in movie tickets then cheaper tickets all year
  6. Remove saved Credit Cards from any on-line shopping portals.  If you have to go and find your wallet and card, you are less likely to make that purchase (that you may not really need anyway!)

But our favourite and WINNING suggestions came from Michelle and David who win the $100 Gift voucher

After our powerful meeting with Louise taking steps outlined to get us back on track we have:

  • Reduced our credit card limit
  • Taking lunches to work, subsidised lunches still more expensive than taking our own
  • Cancelled personal training- dog loving extra walks, kept yoga and swimming
  • Trialling going to one car – keen bike rider
  • Precooked all weekly meals on weekend hence remove the temptation for take away
  • Cash out for shopping – more real if you have cash in hand

How good are these suggestions?  So let’s continue on this theme with Miserly March!

Quote of the Day:
I always wondered why somebody doesn’t do something about that.  Then I realised I was somebody.
​​​​​​​Lily Tomlin
So if it’s time for you to do something about your finances, make an appointment like Michelle & David did and I can review your interest rates while examining how your life plan is going and if your finances are supporting the way you want to live.

Better Business Award – Best Customer Service Individual 

It was a great thrill to win the Better Business Award – for Best Customer Service Individual at the Award ceremony held at the Melbourne Convention Centre last week in front of hundreds of our fellow brokers and lenders. But we are always trying to improve so if there is anything you would like to see us offer you or help you with, please do not hesitate to let us know.
We look forward to hearing from you about your best Frugal February strategy so please email it to us to to go into the draw to win a $100 gift voucher.  We will announce the winner next month!