Your Goals & Dreams
Buy property and repay loans
Whether you’re looking to buy a home, holiday house or investment property, there are a number of financial considerations to take into account.
A Gold Leaf Financial Planner can help you with financial advice regarding:
planning for your deposit and purchasing costs such as stamp duty and legal fees;
property ownership considerations including taking into account asset protection, estate planning and tax minimisation;
debt management including structuring your loans and repayments so they are more tax effective, saving on interest and repaying your debt faster;
using the income and savings to fund your goals and grow your wealth; and
income protection, life and disability insurance cover so if something happens, you can retain your property and lifestyle.
Ben and Zoe buy their first home
Ben and Zoe have been talking lately about buying their first home together. Ben is an engineer at a global firm and Zoe is a marketing manager at a large corporation. They are planning on starting a family in a few years. Recently, Ben’s mate was in a car accident and, as a result of his injuries, he was off work for 10 months. This lead Ben and Zoe to wonder how they would pay the mortgage, pay for living expenses, and look after their future children if something were to happen to either of them.
Ben and Zoe want to make sure they can afford the repayments on a mortgage if interest rates rise and if they have gaps in employment. Their Gold Leaf Financial Adviser prepared a financial plan for saving for the house deposit and purchasing costs. This also included keeping funds aside for emergencies and gaps in employment, and how much to borrow to make sure they can repay the mortgage when interest rates rise. The planner also recommended insurance cover that would enable them to keep the house and pay for living expenses in the event either of them became ill or disabled and unable to work or, if they were to pass away.
By saving a higher deposit and structuring the loan effectively, they will save in interest and repay their home loan a lot sooner. They have the peace of mind that if something were to happen to them, they will not have to worry about money or medical expenses and instead will be able to focus on recovery and having a good quality of life.