Finances in order…
Well it might not be the thing you want to focus on when you are struck with something that forces a cut or reduction in income … however getting sorted with ‘how’ you tackle the situation can bring a great sense of relief to allow your focus to be on where it’s needed.
A first meeting with Martin led to a morning coffee catch up and that’s when we realised he had something really valuable to share with people going through cancer or anyone faced with an unexpected income reduction… how to keep up with paying bills and mortgages? His genuine concern and passion for the topic inspired us to find out more and share this with you.
“Martin Castilla is a happy, passionate, loving family man, a successful businessman, world traveler, robustly healthy outdoors enthusiast, a guitarist, private aircraft pilot, motorcyclist & motorsports participant, philanthropist, and an inspiring supporter of everyone he meets.”
Thanks Martin for sharing this valuable information…
|Your Name||Martin Castilla|
|City of Residence||Adelaide, South Australia|
|Occupation or Experience||Mortgage Broker 19 years, JP, Tafe’s lecturer in Investment Gearing & Finance 13 years, Infinite Possibilities certified trainer.|
|Your Passions/Interests||Family, finance, aviation (student pilot), motorcycles, travel, humor.|
|A favourite quote||‘“I choose happiness.”|
|A personal inspiration||The more people I help, the luckier I get.|
What is your recommendation to people who are facing potentially a reduction or stop to their income for a period due to something like treatment during cancer?
My advice to people with serious health issues I’ve assisted over the years is to meet with a financial adviser early on to review their short- to medium-term financial requirements and options and ensure they have that covered. Ideally, we’ll have structured some financial flexibility in advance, some ‘rainy day’ money, with the right sort of finance (i.e. loan product). I aim to reduce or eliminate financial stress so the person can focus on treatment and recovery.
House mortgages and paying bills during a time with cancer can be more challenging if income has been reduced so what alternatives could people explore?
Setting yourself up to be as flexible as possible is critical. Ensuring there’s a buffer available in redraw or undrawn funds can make the difference between having to sell the family home and getting through a stressful period without added financial pressure.
Insurance policies should be carefully reviewed to ensure any possible claims are made at this time. Clients have received payouts for benign tumors which greatly assisted with funding medical bills even though there was no significant loss or reduction in income.
You simply don’t know what you don’t know. Since each person’s situation is unique, it’s critical to meet with a trusted adviser as soon as possible to assess your options. Let them figure out what can be done financially while you focus on regaining your health and minimising the impact on your family.
What types of professionals in general would be suited to discuss these types of matters?
Consultation with a Financial Planner is essential to review options available for the patient to claim against – i.e. Superannuation and insurance policies.
A review of immediate and future financial requirements with a Mortgage Broker can identify financing options available to you. This is what we do every day, for many different purposes, because accessing equity in our home/s is an optimum way to access funding at the lowest cost. And we don’t charge clients for our service – there is no fee.
What are some key important questions to ask to keep you safe and protected financially during this time?
How will you continue servicing existing financial commitments? Do you have savings or redraw available in current home loans to ‘tap into’ so bills and household expenses can be paid? Will there be more bills – such as medical expenses as result of treatment – and how will those be paid? If you reduce one income, how will that effect the household budget? A qualified Mortgage Broker can help you review this and make a plan, then with agreement, put it into action. We remain available to you should you have questions or need further support.
What tips would you give when signing new agreements around financial areas?
Be clear on what you’re setting up: what loan product/s you have in place or are applying for, the interest rate and fees charged, that no restrictions apply (i.e. may make voluntary repayments & redraw those funds back out if required), and what property/ies are being used as security for this loan. Your Mortgage Broker will explain what you’re getting, when repayments are due and the amount, how to access those funds if required, and anything else that’s relevant to you. If you’re not clear, ask again until you are.
For someone who struggles to understand financial matters, what would you recommend to help them feel safe and confident?
Ask friends for recommendations of a Mortgage Broker – word of mouth is best! Ensure a Mortgage Broker you’re trusting with your financial wellbeing is MFAA accredited (Australia’s largest finance Association), that they have extensive experience in and knowledge of finance and structuring situations, maybe even that they (unfortunately) themselves have suffered illness or trauma so truly have empathy for and understanding of your situation. If these items can be ticked, you’re in good hands.