A Financial Adviser does not just assist you to get the finance – we also work with you on refixing and refinancing when the time comes. We are there on the journey with you, from getting the finance to getting the debt repaid.
While having what you want is your primary focus, paying off that debt is your next goal. To get your debt paid off, it is not all about getting the lowest interest rate. The way your loan is structured has a bigger impact than the interest rate that you are paying. We have said it many times, and we’ll keep saying it!
To keep yourself safe you need to continue to engage your financial adviser when there are changes to your financial situation so we can talk through how to manage the effect of those changes in your circumstances, whether that be a change of job, a pay rise, loss of income, or additional debt, or a Lotto win.
Banks provide the financial facilities such as loans, credit cards, overdrafts and bank accounts. The way the loans and mortgages are set up and used is of no consequence to the bank, it’s not their job to get you into the best financial position for your circumstances. It is the bank’s responsibility to afford whatever debt they permit you to have.
The risk with going directly to the bank when you want to refix or restructure a loan is that if the facilities and tools are not used correctly you can cause significant financial loss or hardship to yourself. You may well find that funding is revoked because of the way you have presented the information to the banks. Financial Advisers know how to best present the information to the banks, and we work with you and your other advisers (such as lawyers and accountants) to structure the debt to provide you the best financial outcome.
The bank is limited to offering the products and services they have, and sometimes the solution that is right for you exists with a different lender. Financial Advisers know the products and services available across multiple lenders, and we look at all of these and come up with the best combination of facilities for your personal situation.
So be smart and use the expertise that is available to you! We want to help you, that is what we are here for. Please contact us before you go to the bank – yes, we can help you with a fix up if necessary, but it’ll be much easier, less stressful and potentially cheaper if you come to us for a chat before you approach the bank.