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Safe as houses

Writer's picture: Tim SmithTim Smith

Updated: Nov 9, 2022



Whether you are purchasing a house for the first time or if you are upsizing, the excitement is tangible!


As you and your spouse are touring the numerous options of new abodes, you may be debating the pros and cons of this property versus that property. The one has such an amazing garden and you can see yourself playing with the children there in the afternoon. Another has the most to die for kitchen where you can see yourself baking up a storm. Another still has the perfect master bedroom.


The world is alive with possibilities. Despite all this excitement about something new in the air, one could also be left feeling a bit daunted.


One could feel a bit anxious about if you can fully afford this new purchase. Then add onto this, maybe the bank is requesting that risk cover be put in place to provide for your bond to be settled in the event of death or disability, which adds another debit order to the mix. Or perhaps you are worrying what could happen to the roof over your loved one’s heads should something terrible happen.


These are all very normal and truly good thoughts to be having. These are also all issues that can be discussed, analysed and planned for with the assistance of a qualified financial planner.


Getting your affordability right upfront can result in so much less stress going forward. Your bond repayment is normally a large portion of your monthly cash outflows and may become even higher given the fact that interest rates are increasing. Don’t gamble with probably the biggest expense you may have.


Regardless of whether risk cover is mandated by the bank or not, it can be instrumental in ensuring that you and/or loved ones are not left in lurch should you pass away, become disabled, contract a critical illness, or in the event of you being retrenched. These are all gut-wrenching events and the last thing you want to have to worry about is the roof over your/your loved one’s heads.


It is important that you find a financial planner who assists you in assessing your affordability and helps you plan for possible risk events, such as you passing away - Contact me today so that you can sign that purchase offer with greater peace of mind.



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