Well the Banking Royal Commission (aka Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry) closed in early 2019 and 76 recommendations were made spanning the Banking, Superannuation and Insurance industry and the government’s regulators a plenty.
We’ve tried to distill the main themes down to 4 simple points below.
All the depressing and reprehensible details you can read yourself, here .
So here are six keys to start your thinking.
A personal note from Drew Browne, Founder of Sapience Financial and Investment Services.
Frankly, I'm embarrassed by much of the reported behaviours of big financial services.
After all putting extra money into your mortgage means you can pay off your debt quicker and save interest, but putting extra money into super builds your retirement nest egg.
Sounds like an impossible choice?
You might think when you take out a joint mortgage with someone else you’re only responsible for your ‘half’ or share of the loan.
Think again because this is not the case.
Using lenders mortgage insurance (LMI) is one way to buy a property without having the 20% deposit which is typically required by most lenders.
Whether you're looking for your first home loan or an investment property loan, the preparation is really the same.