Most people tend to take out a Mortgage or *home loan, then forget about it. The monthly payments go out from their accounts every month, but they probably couldn't tell you what the interest rate was if you asked!
Like most of us, you probably have not only a home loan, a small personal loan and a credit card – or two. More than likely you are probably paying high interest rates.
As financial planners we can help you find and invest extra money that you never knew you had. For example, consolidating your debts and choosing a more competitive home loan may help you find thousands of extra dollars to invest per year.
Mortgage reduction strategies will not, of course, make you instantly debt free. However, it may be that such a loan will give you a chance to structure your financial plan over a 3, 5 or 7 year period. With the correct attitude and perseverance, this may be an excellent opportunity to improve your finances in the long term, resulting in being debt free by the end of the loan period.
*Caution: Using these calculators provides a useful starting point, however, calculators cannot replace expert, licensed financial advice and should not be used as the basis for any investment decision. You can build a full understanding of your position by working with a qualified financial planner to develop a plan based on your personal situation. Contact us.