Sun, sand, surf, superannuation.

We are living longer, government and living costs are increasing, and if the past is any gauge, there’ll be unknown changes to aged pensions. Will your money last retirement? One of our qualified wealth investment officers may be able to provide some ‘general’ support, or feel free to research here.

Read about the ASFA Retirement Standard.

Estimate your retirement outcome with the Money Smart retirement planner calculator.

Make extra contributions to your super.

Your super fund is one of the best options for financial security later in life, and more contributions you make earlier, the better. By making voluntary contributions over time, you can ensure you retire with enough to live comfortably, plus reduce the amount of tax you pay along the way.

This can be done in a few ways. First, you can make a personal contribution from the income you’ve already paid tax on. But another way to go about it is salary sacrificing. That will involve talking with your employer and arranging for some of your pre-tax income to be deposited straight into your super fund.

If you do make a contribution into super out of your own pocket, talk to your accountant or tax agent to see if you can claim a tax deduction.

Defence Bank has a range of superannuation options.

Create a budget.

Budgeting is just as important. That’s because tracking your expenses can help open your eyes to all the unnecessary purchases you might be making day to day. Putting something aside, or just paying yourself is often forgetten.

You can do this through the spend tracker in our banking app or with our handy budgeting calculator.

Visit moneysmart.gov.au

 

Automate your savings.

If you are really struggling trying to put together a budget, there is one way to get around the problem: automate your savings plan. That involves setting up an auto-transfer of funds, timed to take place each time you get paid, acting as a forced savings plan.

If you’re the type of person who can’t help but dip into your savings, it might help to have a buffer in place. Try setting up a term deposit or savings account with us, and have the portion of your pay you intend to save deposited there. That way it’s not as readily accessible whenever you’re tempted. We can help you stagger the deposit dates to ensure funds will always be available to add to your savings.

Buy a home or investments.

Building your asset base can come in many forms, one being an investment property. 

From a unit to a house or even a holiday rental, you can take your deposit or equity in your own home and increase your asset base by purchasing an investment property with one of our investment loans.

Find out more about our investment loans. 

Frequently asked questions.

We have qualified Wealth Investment Officers who are able to provide factual information and general advice. They will not be able to provide you with personalised advice.

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