Spring is here, and it's the best time of the year to have a big clean. The days start to get a little longer, a little warmer and, if you’re a sports fan, it means the finals of the AFL and NRL competitions are right around the corner, as well as our world-class Spring Racing Carnival.
For many, it also triggers a time to spring clean your house, but why stop there? Why not take the time to spring clean your finances, and those of your clients? It might even save them money.
Spring is a great time to take stock of your finances as you are likely to have lodged, or are getting ready to lodge, your tax returns, giving you a clear picture of your current financial situation – good and bad as it may be.
The following are four tips that a specialist lender, such as La Trobe Financial, can help you spring clean your finances and enable you to take more control and expand on your product offerings:
1. Debt consolidation (de-clutter)
During the course of a normal busy life, it is easy for people to accumulate a number of different debts (mortgages, credit cards, personal loans, store cards, etc) to a variety of lenders with wide-ranging interest rates. While each had their purpose at the time, it can lead to financial stress that can get out of hand if not addressed – just like that collection of remote controls for all of your electronic devices. A great way to do this is to consolidate your debts into one simple-to- manage solution. There is no limit to the number of debts that can be consolidated at La Trobe Financial.
2. Refinance to a more suitable product (update your wardrobe)
Just like that fabulous pastel blue suit that looked great in the 80s, our tastes and requirements change over time and, as painful as it can be, sometimes we just need to accept that it is time to move on and find a replacement. This applies to mortgages as well – one size certainly doesn't fit all, and they don’t always last a lifetime. Take stock of your current loans and see if there is a more suitable option available.
3. Clean up credit issues (do some essential repairs)
Through the wear and tear of everyday life, things can, and often do, get scuffed, marked, broken and dented and require maintenance or repair to restore them to their former glory. This can often be the case when it comes to a person’s credit profile. Life events happen (illness, partnership breakdown, redundancy) that can cause someone to miss or be late in making a repayment. It doesn't mean they should be thrown on the scrap heap – there are options to repair and restore, and in the case of an individual’s credit profile, a specialist lender such as La Trobe Financial is experienced to make these essential repairs.
4. Pursue investment opportunities (make capital improvements)
It might be time to spend money to make money. In the case of the spring clean, it might be that you decide to add a room, dig a pool, build an outdoor patio – something that is going to add value to your investment. Or it might be that you are looking to access equity held in your property to invest elsewhere. These are all scenarios that a specialist lender like La Trobe Financial can assist with in a timely and friendly manner.
These are just four ways you can spring clean with a specialist lender, and just like the house cleaning version, once you start (which is the hardest part), you will find so many other things you can do that you never thought of, some of which you won’t believe you lived without and you won’t look back. Instead, you will sit back and admire your achievement of uncomplicated simplicity.
Cory Bannister is the vice-president and head of distribution at La Trobe Financial.