Mortgage Health Check

The biggest cost you have in owning a property is the cost of servicing the mortgage. So, naturally, you should try not to pay any more in terms of interest or fees than you need to get the right loan for your own situation.

I've been involved in the finance industry for over 38 years and have seen a lot of changes in finance markets over this time - some good, and some not so good. Over the years competition between lenders has increased, which is generally a good thing for borrowers, but often the banks and other lenders offer the best deals to new customers and subsidise this cost by leaving existing clients on dearer legacy products.

Over the past few years it has become less costly to refinance between lenders, but it's something many borrowers don't often think about. People will shop around to get $100 off their annual insurance premium, but don't consider the thousands of dollars that can be saved by getting a better deal on their mortgage.

Sometimes you may think it's necessary to stay with a lender due to their policies suiting the unique nature of your property or personal circumstances, but lenders' policies and your own circumstances do change from time to time.

Depending upon market conditions, or changes in your own plans, it can also often be worth paying the penalty to break out of a fixed rate loan to refinance.

Let us help you with our complimentary Mortgage Health Check to see if we can get you a better deal on your loans. When you go through this process you will identify if you are paying too much for your current mortgage, options available to reduce costs to possibly save thousands of dollars and cut the term of your mortgage, or to unlock equity to create wealth.

We are happy to provide this complimentary service, but you must do a little bit of work up-front for us before the meeting.

Step 1 – Know Your Numbers

To help us provide this service for you, we need you to tell us a little bit about yourself. Please complete the following two questionnaires, which will be securely transferred to us electronically.

5 Minute Financial Health Check
About You Questionnaire

The first one is a short survey where you get to tell us how you feel about various aspects of your financial position. It will only take a few minutes and gives us some great insight into areas that may be troubling you and where we may be able to add value for you.

The second one will take a bit longer - maybe 20 to 25 minutes and provides more detailed information about your financial position – investments, loans, super and insurances.

Next, we need you to do a budget based on your current income and expenses. We've got a useful budget calculator that could help.

If you need help working out your net (after tax) income, use this calculator

Save a pdf file "Current Budget" to discuss during our meeting.

To book your complimentary meeting, please:

  • Complete the 5 Minute Financial Health Check and About You Questionnaires
  • Send us an email with the subject line Mortgage Health Check
  • Note in the email your preferred method of contact, and a good time to call if by phone.
  • Attach a copy of the following documents to the email:
    1. The Current Budget pdf document you prepared for us.
    2. Latest loan statements for each loan
    3. The loan contract / offer document for any current loans
    4. Council rates notice for each property you own
    5. Last 2 payslips for yourself and partner (if relevant)
    6. Your latest superannuation statements
One of our team will call you to arrange your complimentary meeting with Stuart.

By following this process, we can make sure all the information we need is gathered up front and can be reviewed before the meeting, which saves us both time and makes the meeting far more productive.

The first step is to take advantage of our complimentary initial meeting, where we review your numbers, identify your maximum borrowing capacity, and provide an overview of options available to you in respect of refinancing your current loans only.

If you're interested in considering the possibility of unlocking the equity in your property to buy an investment property, please ask us to do the Property Purchase Ready Assessment as well, as this may influence the choice of lender and loan options based on the varying lender policies.

This is a high-level overview of strategies and opportunities only and does not commit either of us to an ongoing relationship. Of course, we hope you choose to continue to work with us.

You will need to allow at least 30 minutes for the meeting, and then an extra 30 minutes each for the Property Purchase Ready Assessment and the Retirement Gap Assessment if you would like to see if you could buy an investment property or if you want to see if you're on track with your retirement plans.

We're happy to spend the extra time to help you, but please just let us know which of the health checks you want to cover at the meeting, so we can reserve enough time for you.

There is also some extra work you will need to do for us before the meeting for the Retirement Gap Assessment, so make sure you follow the instructions to enable us to provide that service for you.

You'll get to decide whether you need our help beyond this stage or not. There's no obligation on either you or us to proceed past Step 1.

Step 2 – Take action

If you decide to work with us to arrange refinance of your loans, we will agree on the scope of the engagement and a fixed fee for service before any work is commenced.

Remember - a plan is worthless unless it is implemented – otherwise it's just a lost opportunity.