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importantly can compare different options from various providers to find
the best solution for you.
Personal insurances (Life, Income Protection, Trauma etc) need careful
consideration and discussion with a specialist risk adviser who knows
which provider is most likely to accept your specific health conditions or
provide you with the best cover. It is also incredibly important that proper
underwriting disclosures are made at the time you take out any new cover
and that you have someone that will be your advocate and guide you
through the Claims process should you require assistance – two critical
components all too often overlooked, and regular contributing factors to
insurers declination of cover.
Mortgages and debt borrowing similarly needs to be structured to your
best advantage – and sometimes this means looking outside the box
when it comes to the right solution. The same logic applies with re-fixing
mortgages –a mortgage broker not aligned to any particular bank can
make a lot of difference here by ensuring the rate and structure of your
borrowings is the best solution for you.
We had a recent case in point where we assisted a client to significantly
reduce their outgoings:
A doctor had borrowed over $1M principally to fund practice devel-
opment and after approaching his bank manager, was offered the full
loan amount at commercial terms of just over 6% p.a. When we met this
doctor some 12 months later, we were able to identify that he had consid-
erable equity in residential properties he owned. With a bit of application,
we were able to refinance this mortgage on residential terms at 4.02%, a
saving of over $20,000 p.a.
The initial option from the bank was perhaps the obvious solution, but
by looking at this situation through a wide focus lens, we were able to
provide a better outcome for this client.
Even Term Deposits can benefit from a little research and application
because if another bank is currently offering a special rate, your bank will
likely match the other rate you find – but probably won’t offer it unless
In our experience, when considering banking practices many regard
as straight forward, you can improve your result with extra specialist
guidance and intervention. For insurance and mortgages this advice is free
and can help improve your banking relationship.
A holistic approach to your financial strategy goes a long way to ensuring
the solution is the best fit for your specific personal situation.
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