Electric vehicle demand trending upwards

Posted on 16 April 2024 | by Allan Hall

Shift in Australian vehicle preferences

New Roy Morgan research findings highlight the evolving preferences of Australian consumers’ vehicle purchases.

This trend signals a changing landscape in the automotive industry:

Over the next four years, more than 4.3 million Australians plan to buy a new vehicle
A significant shift has emerged in the intention to purchase hybrid or fully electric vehicles, surpassing petrol cars
Interest in petrol vehicles, although still the leading choice for new car purchases at 39%, has decreased by 81,000 compared to the previous year.

In 2023, the automotive industry saw record-breaking sales, with Australians considering the purchase of a new vehicle in the coming years. The most notable increase in interest lies in hybrid vehicles, with 1,273,000 Australians (30% of new car intenders) planning to purchase one, marking a rise of 154,000 from the previous year.

Fully electric cars also gained traction, with 607,000 Australians intending to purchase an electric vehicle, up by 37,000 from the previous year.

Conversely, diesel cars are experiencing a decline in popularity, with only 498,000 Australians intending to purchase one in the next four years, down by 130,000 from the previous year, representing 12% of new car intenders.

The shifting trends towards hybrid and electric vehicles suggest that it’s essential for consumers to stay informed about the evolving automotive market.

As part of your due diligence when exploring the benefits of vehicle models and how they align with your needs and preferences, talk with the team at Allan Hall for financing advice and about the tax and FBT implications of owning electric or hybrid models.

CONTACT ALLAN HALL BUSINESS ADVISORS

electric vehicle EV, finance, Financial Services, fringe benefits tax FBT, tax, vehicle

Allan Hall Secures Top 50 Position in Prestigious Accountants Survey

Posted on 22 November 2023 | by Allan Hall

Allan Hall Business Advisors has retained their Top 50 position in the Australian Financial Review’s Top 100 Accountants Survey for 2023.

In a testament to unwavering commitment to excellence, Allan Hall Business Advisors has proudly held its position as one of Australia’s leading accounting firms in the Australian Financial Review’s Top 100 Accountants survey.

Securing an impressive #45 ranking, Allan Hall continues to stand tall among the accounting sector, reaffirming its status as a trusted and reliable partner for businesses and individuals alike.

Having a Top 50 ranking is more than just a number; it represents over 60 years of dedicated service and expertise. Since inception, Allan Hall has been resolute in providing high-quality accounting and business advisory services, consistently adapting to the evolving financial landscape and delivering value to clients.

What sets Allan Hall apart is not just longevity, but also the breadth of services available and the calibre of staff. The firm’s range of services goes beyond traditional accounting, encompassing financial planning, business advisory, self-managed super funds, home loans and more. This holistic approach to client service reflects Allan Hall’s understanding that modern businesses require comprehensive solutions to thrive.

The strength of Allan Hall lies not only in its services but also in its people. The team comprises seasoned professionals who bring a wealth of knowledge and experience to the table. Their dedication to being across industry trends ensures that clients receive advice that is not only reliable but also forward-thinking.

Beyond the professional achievements, Allan Hall’s #45 ranking also reflects an extensive involvement in the Northern Beaches community, with commitment to giving back and actively participating in local initiatives that align with Allan Hall’s values.

Read the full AFR announcement here »

Allan Hall was named Business Advisory Firm of the Year at the 2023 Australian Accounting Awards and also Best Business Advisory Firm by the 2023 Beaton Client Choice Awards. These accolades reflect Allan Hall’s consistent dedication to innovation, client service and community involvement.

CONTACT ALLAN HALL BUSINESS ADVISORS

Unlocking the Potential of Mortgage Refinancing

Posted on 19 October 2023 | by Allan Hall

Are you considering refinancing your mortgage but unsure whether it’s the right move for you?

When it comes to refinancing, it’s not just about securing a better interest rate; it’s a strategic financial decision that can have a significant impact on your financial well-being.

At Allan Hall Finance, we understand the intricacies of the mortgage market and are here to guide you through this journey. Here’s why you should consider reaching out to us when contemplating a mortgage refinance.

1. Interest Rate Matters

One of the most common reasons people explore mortgage refinancing is to secure a better interest rate. If you haven’t reviewed your current rate in the last 6-12 months, there’s a good chance you’re paying more than you should be. A lower interest rate can lead to substantial savings over the life of your loan.

2. Consolidating Debt

High-interest debts, such as credit cards, personal loans, or car loans, can take a toll on your finances. Refinancing your mortgage offers an opportunity to consolidate these high-interest facilities into a single, lower-interest loan. This not only simplifies your financial management but also reduces your overall interest expenses.

3. Adapting to Change

Your financial situation and goals are dynamic. If you’ve had your mortgage for a while, the equity in your property may have increased. Lenders often offer better terms to borrowers with higher equity. It might be the perfect time to tap into that equity for future investments or other financial needs.

4. Consider the Costs

While refinancing can be a great way to save money, it’s important to consider the costs involved. These typically include new lender application fees, valuation fees, discharge fees, break fees (if you’re on a fixed rate), and legal/settlement fees. Our experienced mortgage brokers at Allan Hall Finance can help you assess whether the potential savings outweigh these costs.

At Allan Hall Finance, we’re dedicated to helping you make informed decisions about your finances. We understand that each situation is unique, and the right refinancing strategy should align with your specific needs and goals.

Don’t let the complexities of refinancing hold you back from potentially improving your financial situation. Please reach out to Allan Hall Finance on 02 9981 2300 or [email protected] and let’s explore how refinancing can be a strategic move toward financial freedom.

Paying a ‘loyalty tax’ with your current lender?

Posted on 10 February 2023 | by Allan Hall

On the back of the 9^th consecutive rate rise by the RBA this month, it’s more important than ever to pay attention to the interest rate you currently have, to ensure you are not paying a ‘loyalty tax’ with your current lender.

Each time the RBA has increased the cash rate in the past 9 months, every lender has passed on the full amount within a couple of weeks to existing customers. What this means is that whilst your current lender passes on the full increase, they are offering new customers a reduced rate to win more business.

To make sure you’re not paying the ‘loyalty tax’, please reach out to Allan Hall Finance so we can work with you to get you the best deal possible.

Also, there is $359 billion worth of fixed rate loans which are due to expire this year. If you have one of these loans where your current fixed rate is around the 2% mark, you will be looking at a rate of 5%+ once it expires.

It’s important to start planning months ahead for this and Allan Hall Finance can help you through this transition by letting you know what your increased repayments will look like. For example, if you have a $700,000 loan, your repayments could increase by $1,170 per month post the fixed rate.

Allan Hall Finance will also explore the market to make sure you are getting the best deal possible post the fixed rate expiring.

By exploring the market for you, below is an example of what you could potentially save by simply engaging Allan Hall Finance to work for you to find a better deal.

Loan Amount	Current Monthly Repayments	0.50% Discount = Yearly Savings	1% Discount = Yearly Savings
$500,000	$2,918	$1,872	$3,708
$1,000,000	$5,836	$3,756	$7,428
$1,500,000	$8,754	$5,640	$11,148
$2,000,000	$11,672	$7,524	$14,868
$2,500,000	$14,590	$9,408	$18,576
$3,000,000	$17,508	$11,292	$22,296
$4,000,000	$23,343	$15,058	$29,724

Lenders are also offering cashbacks between $2,000 – $5,000 to refinance

* Current monthly repayment amount is based on an Owner Occupied variable rate of 5.75% and savings are based on a 30-year loan term. T&Cs and lender approval apply

There are also some attractive cashback offers which some lenders are offering to get new business.

To speak with a member of the team from Allan Hall Finance, please get in contact.

CONTACT ALLAN HALL FINANCE

Home loan interest rates merit closer inspection

Posted on 9 December 2020 | by Allan Hall

RBA cuts cash rate again in November

All lenders have been busy trying to find the best way to ‘pass on’ the rate cut to their customers.

Whilst most lenders did not pass on the rate cut to their existing customers via their variable interest rate, they did so by lowering the majority of their fixed rates.

With owner-occupied loans with principal and interest repayments being in the low 2% to high 1% range, people are looking to this option more and more.

Now is a great time to check any loans to ensure that you are getting the best rate possible to help save money and build up a buffer. However, please note that there are pros and cons to fixing all of your loan. We often find that a mix of variable and locked-in rates can be a good option to access low rates and build in flexibility.

Please contact our Finance team to discuss your options.

Allan Hall Finance Awarded Brokerage of the Year 2020

Allan Hall Finance was awarded Brokerage of the Year again for 2020. With this year’s awards being the most competitive in Custom Equity’s history, this is testament to the value Mitchell, Stephen and David provide to our clients and our greater firm at Allan Hall Business Advisors.

Read full announcement »

Have you got a question about your mortgage or are you looking to refinance? Get in touch with our Finance Team today who will be able to assist you.