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March 2017's Property Gazette
Published by Scott Miller
Looking to Purchase Your First Home?
The Welcome Home Loan package is well known amongst first home buyers. But is it really that good? The problem is that it has been designed as a one-size-fits-all kind of package and as we know, that doesn’t work for everyone.
Here at Advanced Mortgage Solutions, we don’t use a cookie cutter approach with our clients. Instead we work with you to obtain the best borrowing rates and offers from multiple banks and lending institutions on your behalf. We’ve created a free guide for first home buyers and this explains how you can buy a home with just a 10% deposit. We can also help you with alternative products to the Welcome Home Loan or help you with this loan package if it proves the best deal for you.
Who owns your Insurance?
Recently, two separate events have highlighted the importance of not just having the right insurance, but making certain the money gets to the right people when the worst happens.
In the first situation, a separated policy owner was critically injured, but his policy was still owned by his ex-partner, leading to a complicated & fractious situation as it was his ex-partner who was the recipient of the Trauma policy pay out and was the only person legally able to make the claim.
In the second case a divorced woman was also critically injured, and had recently removed her ex-husband from her policy. However, she had also gone a step further and instructed her lawyer to prepare a Power of Attorney document naming a relative as being able to act for her in the event she was incapacitated.
Unfortunately, she was badly injured in a car accident. Had she not appointed a Power of Attorney, it would have been very difficult for her to make a claim and receive a payment due to her incapacitation, which her relative was able to do for her to help financially with her long recovery process.
So – with Insurance, having it is crucial, but so is getting the right advice around ownership so that the money gets to the right hands when it’s needed.
As Autumn brings with it a slight change in the weather, we continue to look forward to helping you achieve your home ownership dreams.