Worried About Nasty Surprises? Set Your Mortgage up so it Protects You!
Sudden Job loss?, Car engine blows up?, Hospital Bills? .... The list of unforeseen troubles that can financially side swipe us is endless.
One thing we know. Banks will throw money at us when we least need it.
But ...ever tried getting a loan if you lose your job and need some extra money to tide you over? It just won't happen.
That's why it’s important to prepare in the good times, so you are ready for any unexpected trouble.
Banks secretly celebrate when their customers are forced to use their expensive credit card debt. So don't be a victim.
I want to share with you a simple four step strategy that a number of my clients use to "future proof" themselves.
Step 1. Get your house valued by the bank to see how much equity you have – it costs you nothing! I can help you with this if you like.
Step 2. Do you have an existing home loan? - Make sure you switch to get the lowest interest rate possible. There are some fabulous fixed rates around at the moment. Grab them while they last!
Step 3. Set up a separate home loan – call it the emergency loan. Make it interest only so you only pay interest on the loan balance. This loan sits alongside your other home loan and costs you nothing until you use it. For example the loan may be $50000 but as you are not using it you pay $0 in interest. And when you do use it, you only pay interest on the portion you use, NOT the entire $50000.
Step 4. OK- now you can stop worrying! When the unforseen happens, you don’t have to panic and go scrambling for money or rack up your cards. You simply draw on the loan instantly and pay normal home loan rates. Pay it back to $0 as soon as you can. That way it will be there - ready for next time!!
Always available to help if you need more information - call me today on 0418 18 3400!