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News.com.au
44 minutes ago
- News.com.au
‘Freaking out': Perth woman risks property portfolio to launch skincare brand
A young Aussie has recently done something most homeowners would never dare to – refinancing multiple mortgages to invest everything into her skincare brand LumiLift. Tegan Brown owns two investment properties in Perth, but she's made the bold decision to pour every ounce of equity she's built up into her beauty business. 'I have two investment properties. I bought the first one about four years and the other one about two years ago,' Ms Brown told The 28-year-old bought her first property for $380,000 just before the pandemic, getting in before 'prices increased' – having likely doubled in value in the years since. She then purchased a second home for around $450,000, funding both investments entirely on her own, thanks to her work in recruitment and years of saving. 'I'm always looking at opportunities to grow wealth, and property was the first and safest option to do that at the start,' she said. Both the properties are tenanted, Ms Brown said, and were essentially paying for themselves before she made the decision to take a chance and invest in her business. Ms Brown didn't have heaps of cash sitting around, so she refinanced both mortgages – a choice she admitted was daunting when she originally made it. 'It was scary but I did have mentors that said the best thing you can do with equity is either reinvest into more property or into building your own business,' she said. 'I invested about $100,000 initially.' That $100,000 was allocated towards the brand's inventory, marketing, and content creation, and also served as a financial buffer, as she had quit her job in recruiting to make it her sole focus. Ms Brown said that when she told people she planned to pull out the equity in both her investments, the reaction wasn't positive. Some were 'freaking out', but Ms Brown didn't let the concern deter her because she believed in the skincare brand she's created – in particular, its light therapy mask. Ms Brown claimed the device helps to create clearer skin and helps women avoid having to 'spend thousands' on treatments that don't offer the same results. 'I created LumiLift because I wanted other women to experience that same transformation without spending thousands or relying on quick fixes that don't last,' she said. 'For me, skincare isn't just about appearance. It's about confidence, freedom, and ease.' Ms Brown explained that her ultimate goal is for her customers to be so happy with their skin from using her product they won't feel reliant on make-up to feel good. She's also had some moments that have made the financial risk feel worth it. For her, the most 'rewarding' thing has been seeing skincare professionals buy her products and rave about the results. Ms Brown said she is also proud she had invested in herself and backed her idea, despite the risk involved. 'The biggest challenges have been sitting in the unknown, especially because I have invested so much money,' she explained. 'Sometimes the fear of failure can get to your head. But I think through these hard periods, not giving (up) feels like a huge win.' The business owner said that given her brand is still new and growing, it isn't yet at the profitable stage, meaning she's still waiting to see if her risk will pay off. 'It is getting there. It has been a journey and it is getting closer and closer to where I want it to be,' she said. 'The main thing for me is building a community and seeing the results and I know the money will come.'
SBS Australia
3 hours ago
- SBS Australia
Grants for social enterprises look to break cycles of disadvantage
Roya Moeen never saw herself being a head chef of a popular restaurant. Fleeing the Taliban from her home in Afghanistan, she came to Australia in 2014. Her experience working was mainly as a housewife for her family. But then, three years ago, she found an opportunity to work at Kabul Social. "I can, because I'm [a] good chef at home and [then I] come here, after that, I started work. First time I'm very scared. You know, after that, slowly, slowly, I'm better." Now the head chef, she says it's been an empowering experience. She leads a kitchen which donates meals to those in need, one in Sydney and one in Afghanistan for every meal sold. "I can look after my family and I work outside and independent. You know, I feel independent. It's so good for everyone." This kind of initiative has been backed by the federal government and is now receiving a $120,000 grant. Minister for Social Services Tanya Plibersek even had her own go at Afghan cuisine. Plate it Forward, which runs Kabul Social, is just one of the organisations receiving funding aimed at helping marginalised communities. Ms Plibersek says it's hoped social enterprises like this will have a long-lasting impact. "We want to invest a small amount of money so these terrific organisations can help more people help themselves. We know the impact of intergenerational disadvantage, and we want to stop it by investing with refugee women, with First Nations communities, people with a disability. By investing early, helping them become financially self-sustaining, we know that we'll change their lives and we'll change the trajectory of their families' lives." David Hetherington is the CEO of Impact Investing Australia. He says better employment outcomes help address the disadvantages experienced by marginalised communities. "We want to see the funders and the kind of supporting ecosystem, who makes it possible, get stronger and deeper and ultimately, the goal is to address that disadvantage, that marginalisation that exists in the Australian community, and bring more and more and more people into mainstream employment and the mainstream economy." Shaun Christie-David is the CEO of Plate it Forward Hospitality. With four other restaurants as well, he says this is an opportunity for Plate it Forward to grow even further. "This represents so much to us. I think where we're seeing is the incredible strength and talent of our team, accelerating in ways that are beyond what we would have dreamt of. So this allows us to move into more venues, more impact, more employment and great opportunities and outcomes for our incredible people from the under-represented communities that we serve." For Roya, cooking is deeply meaningful to her. And it's a career she hopes to pursue further. "I feel so good and I want a big restaurant!"
News.com.au
4 hours ago
- News.com.au
Experts back Melbourne Cup day for next RBA rate cut
Mortgage holders will get further rate relief in 2025, with most experts betting on a rate cut on Melbourne Cup day following quarterly inflation data. The central bank is widely tipped to cut interest rates again this year after the cash rate dropped for the third time on Tuesday to 3.60 per cent. Tuesday's interest rate decision by the Reserve Bak board was unanimous and in line with previous comments where the central bank said future rate cuts were just about timing. The cut is the third in the cycle, after rate cuts in February and May, and follows the bank's shock decision to keep the cash rate on hold in July. Following the August rate cut, experts quickly forecast more interest rate relief, although the market is not banking on back-to-back rate cuts. Betashare chief economist David Bassanese said more interest rate cuts were coming on quarterly data, with inflation falling towards the midpoint of the 2 to 3 per cent target. 'That said, barring a major growth scare, the RBA does not seem in any rush to cut interest rates,' Mr Bassanese said. 'All up, my base case remains that a rate cut on Melbourne Cup day is an odds-on favourite – following release of the June quarter consumer price index report in late October. 'If the CPI report confirms annual underlying inflation has fallen to at least 2.6 per cent (the RBA's current expectation) – as I expect – then I fully anticipate the RBA will cut rates to 3.35 per cent on Melbourne Cup Day, Tuesday November 4.' AMP chief economist Shane Oliver said the RBA would continue to cut interest rates on the back of risks to higher unemployment and inflation subsiding. 'So, while low unemployment and poor productivity growth mean that the RBA will remain cautious and gradual in cutting rates, and they will assess the situation from meeting to meeting, we continue to see the RBA cutting rates again in November, February and May, taking the cash rate down to 2.85 per cent,' he said. In her press conference post announcing a rate cut in August, RBA governor Michele Bullock confirmed that further interest rate cuts were coming but said the bank would remain data dependent. 'You'll note that in the forecasts, we have inflation coming back down to target, and the unemployment rate remaining where it is with a couple more cash rate cuts in there – that's the best sort of guess,' she said. 'But things can change, and the board has to be taking things meeting by meeting and absorbing the data and thinking about what that might mean for whether or not we're on track to achieve our goals.'
