Weekly Wrap - Fri 10th July
We have had another massive week with it being the first of the financial year, which is always exciting. There are a couple of items we would like to touch base on.
- Great news about some extensions with the government deferral of payments
- Refinancing offers still available
- Client wins
Firstly, the great news to come out this week is the government extending the repayment pause that we had in place. The repayment pause was originally agreed to last until September and we have had this extended by four months, which will take us through until January. Which is fantastic news.
We also talked about some alternative options, such as interest only or part payments for some clients. The banks are definitely in line and happy to encourage and support this. They will of course need some assurances that your position hasn't changed and there may be some proof required, which they can help you work through.
As always, we're here to help guide you through and it is very reassuring to hear the banks are supporting us in such a big way.
It is very important to have a plan before we jump in and defer again. Have a plan, have a strategy and a strong idea of what the world will look like for you at the end of the four month period. You'll need to show how you are going to get back to ‘business as usual’ and resume your regular payment schedule. As always, we are here to help guide you through those conversations.
Some exciting offers still in play:
It was also great to see that there has been an extension to one of the refinance offers. This particular offer came out a few months ago and is a very exciting one as it is supporting our frontline heroes. That includes our emergency workers, teachers, nurses and many other essential workers that have been working throughout the lockdown. It was a brilliant reward, providing them with some additional cash back when refinancing.
The standard offer is between $2,000 - $3,000, depending on how much you are refinancing. For our frontline heroes, of which there are roughly 40 different occupations, there is an additional $1,000 bonus on top. We are always looking for ways to save and put money back in your pocket, so we are delighted this offer has been extended until December.
Off the back of that, a lot of people are getting back into work and are wanting to take advantage of these low rates. The majority of banks still have refinance or cashback offers available, anywhere between $1,000 - $4,000.
So if you are thinking about refinancing, or you know someone that is, check in with us! We would love to help.
And lastly we would like to talk about client wins! Working with some clients recently, we restructured one of two loans they had. The first is still in a fixed period and we restructured the second. We managed to get them a rate at 0.8% lower than they were originally paying, which for the size of their loan equated to $5,300 in the first 12 months, nearly $11,000 in the first two years! Plus, they received $2,500 cashback. So all up we helped these clients save close to $13,500 in the first two years, about $1,100 a month. A colossal win!
For those of you interested in having these conversations, we are only a phone call away! Please do not hesitate to give us a call. We are here to help and there are some incredible offers available at the moment. The banks are lending. Many people are hesitant, believing it is a much tougher and more stringent market, but we are currently doing record volumes in helping clients through this. These sorts of wins week in, week out, make a really big difference to the household budget.
As always we are happy to talk through anything we can, we're only a phone call away and look forward to talking with you soon.