The Roundup
Updated: Jun 9, 2020
Good Morning and Happy Tuesday,
It’s always a little bit harder coming back to work after a long weekend, especially one where the weather was as glorious as the one just past!
Well that was eventful week, another cash splash from the government with a $25k grant for major renovators and new home builders. Great stuff really, though it has not yet been passed, and there’s very little detail surrounding it. I have attached one of the documents I have been given from one of my amazing business partners, which will help spell it out a little. For me there are a couple of things that stand out and that I have been advising my clients. The first one is DON’T COUNT ON IT! I am not saying that from a negative space but more a realistic one. The grant being offered is not an endless bucket of money as it only runs between June 4 and Dec 31. So there is only a small window here. I guess making it a little like the FHLDS scheme where it wasn’t going to accommodate everyone.
This should all help stimulate us out of recession! Maybe not, though I had many phone calls from clients worried this week about the recession flouted in many news articles this week. In truth this is a recession on paper so far, with the shut down of a nation over the last quarter it was going to be surprising if it didn’t happen. Likewise I don’t think that we will be surprised when the June figures come out with a swing upwards as we can start to go back to the restaurants, clubs and pubs albeit in smaller numbers than we’d like.
The stand out banking news is that two lenders came out with a cracking 2 year fixed rate. Both ING and HSBC made the call to their 2 year fixed which see’s them the lowest in the market. Fixed rates in the last little while have been a hotbed of activity, I don’t think we have seen the last of this as lenders will again jostle for market share especially off the bank of the RBA’s June rate call seeing them hold at the current 0.25% with not much hope given for further rate reductions. Personally I would hope that we don’t see them fall to zero or worse. That is a frightening prospect.
Since the easing of some of our more draconian isolation, I know small business’ have been thankful, as I am sure the whole of the south coast did over this long weekend past. I am sure that small business was cheering from the Illawarra to the Vic boarder and beyond.
On a bit of a feel good note, I was nominated in the last week for the broker of the year awards. Lets be clear I asked.. we all know that 😉
However what really blew me away was the response I received from all of you. I am truly humbled by this, even if I don’t make it as a finalist. I strive every day to do better than I did the day before, to help put clients in a better position, to keep the banks honest and to pick up the bat whenever needed and strike where required. The nominations I received from you honestly mean the world to me, I hope to exceed your expectations now and in the evermore.
Have a wonderful week, I am always here to help.
JC
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