It is a popular ambition to retire debt free and at Launch Finance, we work hard to make it happen. We recently helped a client of ours who was approaching retirement. She had discovered that if she didn’t start planning her finances over the next five years, she wouldn’t be able to retire by her desired age. This can be a frightening realisation however with the guidance of one of our professional and experienced finance brokers, we were able to help this client achieve her goal..
The Plan…
The first course of action was to assess the balance remaining on the client’s home loan and review the home loan product to ensure it was the most suitable loan product for the client’s circumstances. We discovered that the client was paying a high interest rate on the loan, which was not ideal as we didn’t want her spending unnecessary money on loan fees when she could be paying more towards the principal.
From there, we began crafting a budget by looking at her net income per month and agreed on a plan that could be easily maintained over the five-years. It was important to make sure the figure was realistic! Once our client was happy with her personalised budget, we were then able to figure out how much of her monthly income could be used to make additional home loan repayments and how much time would be required to pay out her loan.
Fast forward and we are proud to say that we received a call from our client after making the final payment on her home loan and she couldn’t thank us enough for helping her achieving her goal of paying out her loan in full. If any of your clients are beginning to think about what kind of shape their finances are in for retirement, advise them to give us a call today and we can discuss aligning them with a path to financial freedom.