Client Success #6: A 13-Year Mortgage Plan
Planned mortgage paydown: 13 years
We met a man with a new home loan who wanted a clear plan for the mortgage and his income protected. We took the time to understand where he was heading, then lowered his super fees, put cover in place and mapped out the loan. He now has a plan to pay down the mortgage over 13 years.
Client Snapshot
- Single
- A new home loan
Their Goals
- Have his super reviewed
- Protect his income
- A clear plan for the mortgage
The Challenges
- His super didn’t seem to be growing
- His income needed protecting now he had a new mortgage
Our Strategy
- Moved his super to a lower-cost fund with a stronger investment structure
- Cut his super fees by 35%
- Put an insurance strategy in place, with premiums structured to be tax deductible
- Built a plan to pay down the mortgage over the next 13 years
The Outcome
He has a plan to pay down the mortgage over 13 years, $721 a year back now, and a projected $56k more in super at retirement. As with any policy, the insurer assesses the claim.
- Immediate value
- $721 a year
- Super fees reduced (35%)
- $347 a year
- Estimated tax saving on premiums
- $374 a year
- Planned mortgage paydown
- 13 years
- Projected retirement uplift
- $56k
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