www.wilsonfinancial.com.au
  • About Us
    • Why Use Us?
    • Testimonials
    • In The Community >
      • FOWAS Dog Training
      • 2024 Southern Highlands Biggest Bake Off
      • 2023-southern-highlands-biggest-bake-off
    • Our Team
    • Enquiries
    • Privacy Statement
  • Home Loans
    • Investment Loans
    • Calculators >
      • Stamp Duty Calculator
      • Income Tax Calculator
      • Borrowing Power Calculator
      • Budget Planner
      • Extra Repayment Calculator
      • Home Loan Offset Calculator
      • Property Selling Cost Calculator
      • Property Buying Costs Calculator
      • Hardship Contact Lines - Mortgages
      • Hardship Contact Lines - Equipment
    • Aussie Expats and Foreign Investors
    • Deposit Bonds
    • Medical Professionals
  • Cars & Equipment
    • Car, Truck and Equipment Finance
    • Get A Quote
    • Car Buying Service
    • Car Loan Application Online
    • Solar Finance
    • Car Buyers Guide
  • Financial Planning
  • General Insurance
  • Blog
  • Contacts
  • Vacancies
  • More
    • MyConnect
    • Resources
    • Newsletter Sign Up
    • Topic Sheet Library
    • Privacy Policy
    • Feedback
    • Glossary of Terms
  • Contact Us

Do you know somebody being sucked into a black hole of debt?

18/3/2016

0 Comments

 
Picture

​Recently Mark contacted us for help with his own black hole of debt. As a single fifty something year old with a home, he had made a series of mistakes and fallen heavily into debt with credit cards. On top of his mortgage, Mark had over $40k in credit cards with double digit interest. This is something we do see as mortgage brokers,  and it's important to note, that we have a no judgement policy at Wilson Financial.
 
Why? Because that's not our job! Our job is to be solutions oriented, and create a new page where our client can start to move forward again.
 
​Based on Marks income and debts, his outgoings were much higher than his income. Trying to appease all of the credit providers and going onto payment plans had only gotten him so far. He dearly wanted to roll all his debts into one by using his homes equity, and never have a credit card again.
 
By obtaining all of Marks statements for each of his debts including his home loan, we were able to credit score his repayment conduct. What normally happens in these situations is that people fall so far behind in repayments that they have overdue accounts and late payment fees. Various lenders credit score you based on how many times you were late and how many payments in arrears you are. From here, we shopped around with our 'non conforming' lenders, who are there to help clients like Mark with consolidation. Of course a few missed payments may not affect your credit report, but it will prevent you from refinancing to a major bank. By using Marks information we were able to identify the cheapest loan option on our panel for his specific situation.
 
Once we found them we obtained a valuation on his property to figure out his equity position. We then helped him to complete a loan application and got him approved.
 
Mark was thrilled with the result, as the new repayments were much less than his existing outgoings. Mark was now saving over $2,500 a month in outgoing commitments which was a big weight off his chest.


0 Comments

These are my top five financial mistakes!

2/3/2016

0 Comments

 
  1. Not getting your taxes done. We just financed many clients into houses last year whose finances were not up to date. It is not a deal breaker, however, they do have to pay a little more on rate or have very good equity positions to get finance this way. If you’ve been avoiding your taxes for too long, it may be time to make a resolution to get all your finances up to date. Your accountant and/or book-keeper can also help coach you into a better position, get some feedback from them on your finances.
  2. Making too many enquiries on your credit report! If you are a phone or online shopper for loans, stop now. Online applications or call centres go trigger happy on your credit file and this is NOT good for your credit file. Stop now. Use a broker to advise you of where you will and won’t get approved but don’t apply for a loan formally unless you really need it, or have made up your mind. As the years go on your credit file and score will have more and more bearing on how banks see you.
  3. Not budgeting. Budgeting is the key to good financial health. Sit down and work out all your weekly, fortnightly, monthly and annual bills. Divide this by whatever format you get paid in. Paid fortnightly? Work out your annual bills and divide by 26. Stick this into a bills account the moment you get paid. The rest should be for day to day expenses and food. If you want to save, do the same with a savings account, the moment you get paid, quarantine the funds.
  4. Not saving enough for a house deposit. Nobody enjoys saving to begin with. However, every successful asset and liability page I look at started with a savings pattern. You can’t step into the property market and start building without your first down payment (unless of course you have a lovely guarantor to help you up!). Initially savings hurts, you miss out and you have to budget, but once you start seeing your account increase you will become addicted. Start a savings plan today.
  5. Not knowing your interest rate. Nine times out of ten our clients guess as to their home loan rate is wrong. If you don’t know your current rate, or whether it’s competitive, talk to us today to have it reviewed. There is no cost to ask and we can do all the work for you.
Picture
0 Comments

    Author

    Liz Wilson has been working in finance for twenty two years now. She regularly blogs on industry topics and here you will find over a hundred personally written blog topics and case studies...

    Picture

    Archives

    June 2023
    March 2023
    July 2022
    November 2021
    July 2021
    June 2021
    September 2020
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    June 2019
    February 2018
    July 2017
    April 2017
    December 2016
    November 2016
    October 2016
    September 2016
    August 2016
    July 2016
    June 2016
    May 2016
    April 2016
    March 2016
    February 2016
    January 2016
    December 2015
    November 2015
    October 2015
    September 2015
    August 2015
    July 2015
    June 2015
    May 2015
    April 2015
    March 2015
    February 2015
    January 2015
    August 2014
    June 2014
    May 2014
    April 2014
    February 2014
    January 2014
    December 2013
    November 2013
    October 2013
    September 2013
    August 2013
    July 2013
    June 2013
    May 2013
    April 2013
    February 2013
    January 2013
    November 2012

    Categories

    All
    Extra Wierd
    Fun
    General
    Home Loan Features
    Industry News
    Kiva
    Lending
    Mortgage Broking
    Statistics
    Useful
    Wierd

    RSS Feed

Powered by Create your own unique website with customizable templates.
  • About Us
    • Why Use Us?
    • Testimonials
    • In The Community >
      • FOWAS Dog Training
      • 2024 Southern Highlands Biggest Bake Off
      • 2023-southern-highlands-biggest-bake-off
    • Our Team
    • Enquiries
    • Privacy Statement
  • Home Loans
    • Investment Loans
    • Calculators >
      • Stamp Duty Calculator
      • Income Tax Calculator
      • Borrowing Power Calculator
      • Budget Planner
      • Extra Repayment Calculator
      • Home Loan Offset Calculator
      • Property Selling Cost Calculator
      • Property Buying Costs Calculator
      • Hardship Contact Lines - Mortgages
      • Hardship Contact Lines - Equipment
    • Aussie Expats and Foreign Investors
    • Deposit Bonds
    • Medical Professionals
  • Cars & Equipment
    • Car, Truck and Equipment Finance
    • Get A Quote
    • Car Buying Service
    • Car Loan Application Online
    • Solar Finance
    • Car Buyers Guide
  • Financial Planning
  • General Insurance
  • Blog
  • Contacts
  • Vacancies
  • More
    • MyConnect
    • Resources
    • Newsletter Sign Up
    • Topic Sheet Library
    • Privacy Policy
    • Feedback
    • Glossary of Terms
  • Contact Us