Mortgage stress

Today’s blog is a little more somber than most simply because it is getting tough out there.

With the inflation rate sitting at 7.3% and variable mortgages almost tipping 5%, everyone is starting to really feel the pain.

Although I don’t really want to rub salt into the wounds, it does bring up some concerns about Australia’s massive issue with underinsurance.

The immediate issue for everyone is to ensure they can afford to keep the roof over their heads and food on the table. I completely understand, but I also implore people to think about what would happen if you were unable to work due to sickness or injury.

Once your leave runs out and you have to rely on the disability support pension, if available to you, things will get much worse before they get better.
One of the worst parts of my job is sitting across from people and watching them struggle because they didn’t have the appropriate insurance before something terrible happened and now trying my best to help them make it through a horrible situation. And this is the main reason I am now probably overinsured!

Don’t forget you can fund your Life, Total and Permanent Disability, and Income Protection insurance from superannuation. This allows you to utilize your superannuation to cover the premiums whilst not putting more stress on your finances.

We are more than happy to chat about options and costs, so please do not hesitate to reach out to one of our financial planners.

For any Financial Services assistance, please speak to a Financial Planner now at BW Private Wealth Financial Planning | Ballarat | Ararat | Surrounds

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