Do I Need A Mortgage Broker, Financial Planner, Accountant, Or Something Else…?
Knowing that you need help your finances can often be a daunting process, but it doesn’t need to be. In fact, the reason that you have recognised this and are considering taking action is commendable. But where do you start? A mortgage broker, a financial planner, an accountant, or something else…?
Who does what, and what is the best fit for you? See our check list below:
A mortgage brokers role is to find the best loan for you at a set point in time, and by comparing the lender on the market and their policies, determine the right lender for you based on your conduct as a consumer. For example: If today’s rate is 7% and you want a rate that is 5%, the best your broker can do is offer a 7% interest rate “at this point in time.”
Getting the “best rate” all depends on your conduct, your credit score, your savings capacity and your ability to demonstrate you can afford your loan. A mortgage broker works within established parameters and matches your situation depending to a range of conditions. Best rate is not always the best indication or the best option for a loan that suits you.
Mortgage brokers do not provide budget advice or cashflow counselling. If you don’t have your savings developed, or good account conduct there may be very little a mortgage broker can do for you.
A financial planners role is to review your superannuation, your investments, and your insurances (life insurance, income protection, TPD total and permanent disability, and trauma) to ensure you have adequate cover in the event of a life altering event happening to your life. They may also assist with setting up managed funds for you to deposit and grow additional savings and investments for long-term wealth creation.
Financial Planners can provide budget advice and cashflow counselling, but most do not and prefer to help you with your investments, insurances, and other related financial goals. We believe that your financial planner should be asking you if you have a budget when you meet with them. Has yours?
An accountant can help you with your end of financial year tax return for PAYG employees. They can also assist with how to start a business, the right structure, tax minimization, tax positioning and all other related tax matters. Understanding your business budget, your general ledger, your profit and loss, and your accounting software are key.
For business clients they can help outline a strategy for business growth, and answer any questions relating to tax law (amongst others), and some assist property investors in their tax positioning for negative gearing.
Accountants do not provide personal budget advice or personal cashflow counselling.
Your Budget Mates:
If you look at the above options you have three key areas of support structure available to you, but which one fits? Which one can help you with your overall cashflow plan? Which one can help provide you with the structure, the tools, the clarity and the mindset of improving yourself financially?
Having prior experience within mortgage broking and following a successful career as real estate investors now living a mortgage free and debt free lifestyle – we can help!
At Your Budget Mates we do more than “just a budget.” We provide holistic education around your entire cashflow position and align your cashflow with your goals. The below is a brief summary of what we teach, and what you can expect from us at a professional level when you become a client.
By working holistically with us and your mortgage broker, you will become knowledgeable of how much you can borrow whilst still maintaining your current way of life, and in the event of future rate rises.
- By working holistically with us and your financial planner you will have the capacity to contribute to your investments and savings accounts on an ongoing basis.
- As property investors you will be able to make informed choices around your current position to ascertain the timing of your next ventures.
- You will have a solid understanding of where your money goes in a broad spectrum, and a habitual, disciplined, yet simple system implemented on how to manage your money easily and effectively.
- Your bank statements will reflect your good consumer conduct, demonstrate your ability to save money easily, demonstrate that you live within your means, and demonstrate the capacity for you to be able to service your new loan to your mortgage broker or chosen lender.
- When you follow our process correctly your credit score will improve and your chances of securing your new loan will improve greatly.
- You will have the absolute clarity of your cashflow position and the ability to make informed financial choices.
Mindset & Goal Setting
- We help you to adapt an abundant way of thinking by removing self-doubt and “pause points,” by developing an attitude of gratitude and working with the law of attraction “what you think about, you bring about.”
- You will experience the changes from thoughts of “I can’t do this,” to “how can I do this.”
- Your confidence with money and with yourself on a personal level will improve greatly.
- You will rediscover your relationship with money by utilising cash as a mindset tool to curb unnecessary spending.
- You will have the mindset and determination of forward focus for your mindset success, initially financially but in time you will witness this positive mindset shift in other areas of your life.
- You will be able to set your own goals (and achieve them) with a mindset of “what actions will bring me closer to or further away from my goals…”
- You learn to trust your financial decisions by making informed financial decision and implementing positive changes to your plan.
- Being in control of your money will allow you to rise above social pressures and develop your own guilt free spending to spend within your means, living your best life – always.
- You will stop owing, and start owning, not just “things,” but integrity and confidence of your financial position within yourself.
- The pressure of buy now-pay later products, or other “convenient” ways of spending will disappear when you have your own money to spend, coupled with a mindset that brings you closer to your financial goals.
- You will learn to say NO, confidently, to things that do not bring your closer to your financial goals.
- You will start to see money as a means of barter and exchange, and in an abundant world we always have exactly what we need, when we need it.
- You will understand that “more is coming” and “all is well” when it comes to allowing (not forcing) money to flow to you easily.
- You will be able to sleep easy at night not worrying in bed and having broken sleep over money worries.
- You will realise that life is more than money and your perceived limitations around money dissipate.
- We help you to remove judgement, blame, guilt, and bring you back to a baseline where all emotions are removed, and a non-emotional plan is implemented. Arguments on who spends what stops, immediately.
- We help you to develop a supportive and loving environment that allows you to work together on your goals and support one another during the process.
- You will experience the relationship with your partner becoming closer as money stress leaves your conversations and LOVE begins to re-enter. Your focus on “survival” shifts to “creation.”
- Your children get to grow up in a household without financial stress, and can learn positive financial habits from Mum and Dad.
- When following our process correctly and working together as a couple, arguments with your partner, or your children will dissipate, and you will begin to witness the amazing opportunities that lay ahead for your financial future.
Your mortgage broker, your financial planner, and your accountant all have a place as part of your financial team leading you forwards. Always lean on them when you need to.
If you are looking for something else and want to move from where you are, to where you want to be, give us a try. A complimentary Discovery Meeting with our team costs you NOTHING, and with over 45 five star reviews on the socials we must be doing something right…
We welcome you to experience the Your Budget Mates difference today.