Frequently Asked Questions
Table
of Contents
Do I need Go2Finance Membership...
What are the benefits of Go2Finance membership...?
What if Interest Rates go up…?
What happens if Go2Finance
ceases to operate…?
Can I increase the Loan
Amount…?
How much does Go2Finance charge…?
Do I need Go2Finance membership…
If you are reading this page, you have already taken the
first step in securing financial freedom and success for you and your family,
all that is left to do is request a visit from a Go2Finance Consultant
either by completing the Request Form or emailing your details direct.
Hopefully this brief introduction will convince you of the
benefits to be gained from engaging financial experts to assist you.
In an article written by Paul Clithero from the Channel 9
“Money” program, he states that getting control of your finances is a critical
part of getting control of your life.
Reproduced below are ten steps Paul lists as the key to
financial security.
1.
Have a plan
2.
Prepare a budget
3.
Save regularly
4.
Avoid punting and taking silly risks
5.
Don’t plan to save cash
6.
Plan to own your home debt free
7.
Invest in Superannuation
8.
Minimise your tax
9.
Protect assets through insurance
10.
Seek professional financial advice.
Accordingly, when you become a Go2Finance member, you
are immediately fulfilling 6 out of 10 from the above rules.
Whilst all are considered essential for success, the most
important of these is number 10.
What are the
benefits of Go2Finance membership…?
“Your Guide To Financial Freedom”
This comprehensive document, prepared from the details
provided to your Consultant and analysis by sophisticated computer software, is
the heart of the Go2Finance membership package.
The report includes:
·
A summary of your existing financial commitments and the
savings you can achieve through using the plan.
·
Projections based on conservative parameters showing your
ability to create wealth.
·
A monthly Cash Flow Budget using your income
and expenditure input data, enabling you to monitor and control your financial
progress on a day to day basis.
Budgeting Assistance
Pre-printed monthly budget sheets are provided to record
your actual everyday expenditure items on a weekly basis.
Whilst completion of these sheets may take around 5 minutes
a day to record your actual spending, they are an essential tool by which you
can monitor your progress against your Cash Flow Budget.
Budget Software Package
Go2Finance has available a software package
at $94.95 incl GST which uses the Microsoft Excel program and is very user
friendly. It enables members who have a
Computer, to prepare a fully personalised budget and monitor their progress by
recording their actual income and expenditure.
What if Interest
Rates go up…?
Should interest rates go up
there are three main considerations to take into account.
The first is that all
interest rates on all loans will rise.
This means that if you stayed on your normal Principal & Interest
bank loan, you would have no other option but to increase your payments or
extend the term of the loan. With the
flexible Mortgage Facility this may not be necessary, although it is still an
option.
Secondly, in our experience even
if the rate rises by 2 – 3%, it only makes around 3 months or less difference
to the financial plan that is prepared for you.
The third consideration is
that there is a distinct benefit of having a greater net tax advantage with
higher interest rates by paying the money into your mortgage rather than saving
it in a bank account. This is due to
the fact that if you were saving the extra loan reductions in a bank account
and earning interest, that interest earning is taxable.
What
if I lose my job…?
Because of the way in which the flexible account operates, you are more likely to be well ahead in your loan. Should you lose your job, as long as you can cover the interest payments from the available surplus in your flexible mortgage, you will have more breathing space than if you were on a normal Principal & Interest loan.
On a P & I loan, the Bank will normally give you three months to get yourself sorted out before they move in and insist you sell your house.
Could I lose my
Home…?
You are less likely to lose your home on our program than you are in the mortgage you have right now. The way the flexible mortgage operates, you are more likely to be in front with you loan reductions.
In a worst case scenario, you
could revert to paying the minimal ‘interest only’ payments on your loan.
This would keep the bank happy
for some time.
What happens if Go2Finance
ceases to operate…?
Your business is with the
Bank. All you stand to lose should Go2Finance
cease to operate is the annual review of your finances.
Can I increase my
Loan amount…?
This isn’t a problem. As long as there is a margin between the value of your home and the current loan facility, you can increase your limit of borrowing at any time.
This would however incur a
variation fee, a fresh valuation fee and extra stamp duty, but all of your
account details would remain the same.
I don’t like
Credit Cards…?
If you are against the use of
Credit Cards, then don’t use them. The
Report that is prepared does not take into account the use of Credit
Cards.
However, using the banks funds
for nearly two months without cost, has a great impact on your budget and as
long as you keep within your limit, with the support of Go2Finance you
should not have a problem using the card.
How
much does Go2Finance charge…?
For Go2Finance to show
you what their plan can achieve will cost you nothing.
If they can’t prove to you
that their plan will save you thousands of dollars and years off your mortgage,
then their report is free.
Last revised: Date 6th April 2001