Melbourne is enduring extraordinary stressful and trying times at the moment. At the time of writing this article, Melbourne residents have endured over 250 days of lockdown. COVID-19 has caused entire industry sectors to be shut down or slowed down for over 12-months, parents having to home school, work, exercise and socialise within 4-walls, all the while the pressures of the home finances, mortgages, savings, and personal debt are never far from the thoughts of the people of Melbourne.
In Melbourne, like a lot of Australia, particularly those in lockdown, “many are seeing their incomes shrinking thanks to the loss of hours, rising unemployment and COVID-19 restrictions,”. Industry insiders state that there is alignment between high leverage, mortgage stress and high rates of COVID-19 infections.[1]
With all this in mind, spending time and money on financial planning in Melbourne may not be high on the agenda of many people, but it should be!
Why is it so important for Melbourne residents to financially plan?
We could have never anticipated the effect the pandemic would have had on our lives, let alone our personal finances.
Some people have done very well through the diversification of their earnings, housing price increases and access to purchasing shares at the bottom of the pandemic.
But there are many that have not endured the pandemic with so much positivity, with people losing work, and defaulting on their mortgage or loan payments as their livelihoods slip away due to lockdowns and pandemic flow-on effects.
Irrespective of your current position, a financial planner can help during these uncertain times.
From the reduction of personal debt, refinancing of mortgages, Self-Managed Superannuation Fund (SMSF) management, and access to investment funds and IPO’s, your financial planner has their finger on the pulse of all things financial – and they, like a personal trainer, are there to assist you in achieving your personal goals.
From your initial meeting, regardless of you own a property in Melbourne or not, they can and should show you how to manage your budget to get into the housing market, protecting your investment.
Financial planners help to keep you moving with the markets
Although no Financial Planner in Melbourne has a crystal ball, they most certainly are equipped with the skills, tools and expertise to advise and assist their clients to move with the markets – even in a pandemic.
This includes ensuring you have a diversified investment portfolio, that your insurances are all up to date, even looking into ‘income protection insurance so you can be sure your Melbourne property won’t be taken from you if you lose your job.
Moving with agility and the correct information allows you to stick to your financial plan or roadmap even if something as large as a pandemic, or as small as missed credit card payment causes you to financially deviate. Your financial planning regular reviews and ongoing updates ensure your long term financial security.
With so many unknowns in Melbourne right now, and so many people with stress from debt, mortgages and potentially lack of work and opportunities, a financial planner can ensure that you are not one of those – or if you are already there, that you have a path in front of you to effectively get back on-top once again.
Based in Melbourne and need some sound financial advice? Speak to a qualified financial planner today and get the surety you and your family need.
[1] https://www.afr.com/property/residential/half-of-mortgage-stressed-households-have-borrowed-to-the-hilt-20210929-p58vmd
