If you missed part 1 of this series click here, otherwise read on...
As a mortgage planner I’m now very different to the average broker or the person you’d see at the bank direct in a number of ways. See the average finance person is more like a taxi driver, picking you up, taking you to your destination where they get paid and then you never hear from them again. The whole experience isn’t that memorable. I’m moving towards having more of a limousine style service where I help my clients through a mortgage planning process and keep in touch long term to help them achieve their financial goals. The service doesn’t cost any more, it’s just a whole lot more valuable. My service is designed to educate people financially and also to put them in touch with the right people at the right time – accountants, financial planners, quantity surveyors etc. This mortgage planning approach is something new to my business and I’m spending thousands of dollars educating myself to help people in this way.
Budgeting is the start of the process because your income less your living expenses is the amount of disposable income you have available for loan repayments. A budget tells your living expenses and from that we can work out what level of borrowings to commit to – it’s what I call ‘responsible lending’.
Once you know your disposable income there is so much you can plan about your future. Mortgage planning is all about not making a rushed decision based on emotion at the time – it’s about making an educated and informed decision.
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