Darren Titmus, Author at Financial Planning QLD

Darren Titmus

Obsessed with helping people achieve their own financial freedom through practical strategies and tips that really work, Darren Titmus built Financial Planning Qld to provide strategic financial planning.

Retired Australian woman on the phone talking about age pension

How does Australia’s pension plan stack up?

One in six people will be over 65 years old by 2050. With the world’s population ageing quickly, it is natural to think about how pension systems around the world will cope, particularly in Australia. Fortunately, Australia’s three-component retirement income system means our age pension system is well-equipped to support older Australians now and well into the future. Is Australia’s age pension adequate for retirement? Comparisons of age pensions around the world are generally made based on three key factors…

The tips, traps and costs of retirement villages

With an aging population, an increasing number of Australians are opting to live in retirement villages. While pitched at the ‘over-55s’, the average age of entry is 74, and average age of residents is 81. Depending on the retirement villages, attractions include having home maintenance issues taken care of, more social contact, access to recreational facilities and on call assistance in case of medical emergency. Moving to a retirement village can also free up capital to support living costs in…

Son is talking with his father about the family home and aged care fees

How the family home can affect aged care fees

Knowing how to reduce assets for aged care is an important financial consideration today. Residential aged care is playing an increasing role in helping many older Australians enjoy comfortable and carefree lives. However, one of the tasks for anyone assisting an elderly relative with the move into aged care is to investigate the various fees and charges, some of which are subject to both assets and income means tests. As the family home is often the largest asset and can…

The Risk of Losing your Home

Many Australians have suddenly found themselves struggling to meet their mortgage repayments from a home loan that started with low interest rates. And the number of Australians in this situation is growing. Research by the University of NSW suggests the proportion of households in financial stress has surged to 42% this year, up sharply on the start of 2020, when less than a third of households were in financial stress. In addition, calculations by the fintech company, Digital Finance Analytics,…

Australian couple investing home deposit to buy a home

Should you invest your house deposit?

It’s been fairly challenging to put a deposit together. With house prices very high, it’s forcing homebuyers to come up with bigger deposit amounts. When the traditional savings vehicles of homebuyers – savings accounts and term deposits – offer only token rates of interest, aspiring homebuyers start to ask themselves what can they do to build their deposit more quickly? This is the situation that Simon and Heather find themselves in. They’ve made a solid start on saving for a…

Buying your children a home – good idea or bad?

Are you an Australian parent considering buying a home under your child’s name? This can be a smart way to plan for their future, secure financial stability, and even reduce tax burdens. In Australia, purchasing property in your child’s name is becoming more popular as parents look for ways to create generational wealth and prepare for rising property values. However, it’s essential to understand the Australian tax laws, potential capital gains implications, and legal requirements that come with this decision.…

When is a law not a law?

When governments propose changes to laws, many people mistakenly believe that law is already in place however, the path from proposal to law is not as straight-forward as you might think. When an unpopular or contentious bill is announced, perhaps because of the attention it receives from the media, everyday Australians are sometimes led to believe the declaration heralds a done deal, but this is usually far from the truth. Here’s a good example As part of the 2014 Federal…

The financial effects of divorce after 50

With Australians marrying later in life and staying married for longer, the median age of divorce has risen over the last 20 years. It now stands at 45.3 years for males and 42.7 years for females. Couples who remain together into their 50s experience a lower divorce rate than younger age groups, but even so this age group still represents around 30% of all permanent splits. While divorce carries a heavy emotional burden at any age, the financial stakes for…

Investing in property. What you need to know

It is no secret that Australians love investing in property. And while property investing can be an exciting prospect, it is essential to consider the finer details before jumping in, especially any ongoing costs and expenses you’ll have to pay. Investment property tax deductions It is vital that you’re aware of what you can and cannot claim as a tax deduction as a landlord. For starters, did you know there is a difference between repairs and maintenance completed on the…

When your home loan application is rejected

Tired of paying rent to a lazy landlord and watching your friends become homeowners, you crunch the numbers and figure out you can get a home loan at an interest rate of 3.7% per annum. After sifting through the auction results and doing your sums you calculate that you’ll need a home loan of $400,000 to buy a desirable property with an acceptable commuting distance to work. You plug the numbers into the MoneySmart mortgage calculator and it tells you…