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What a fun quote to get us thinking but when it comes to paying off your loans, the early bird is definitely the winner and others maybe the worms!

A great idea for paying your mortgage off sooner is to round up your repayment. For example, if your lender has told you that your principal and interest monthly repayment will be $2361, why not round up your regular repayment so you end up paying a little more each month by paying $2400 instead? This way you will barely notice the cash gone and in 5 years you will have made a huge impact without too much trouble at all.
Interesting to see what affect your secret shopper score has on the service you receive. Also known as the CLV or “Customer Lifetime Value”, it is a secret rating that companies like telcos, airlines, credit card companies and clothing stores use to measure your financial value to that store. A lot of major organisations now rate their customers in terms of how much they contribute to the bottom line of the business – so the more money you spend, the less time you will wait on the end of the phone for service. However, this might explain why you receive really poor service from some places and others treat you like royalty.

Click here for this fun tool to test how the rules around this work.

“Nothing will ever be attempted if all possible objections must be first overcome.

Dr Samuel Johnson



One interesting thing to come out of the Royal Banking Commission is the practice by lenders to charge higher interest when customers default. Commissioner Hayne asked “What commercial purpose does the practice serve, noting that all it seemed to do was amplify a borrower’s difficulties, leading to a second question of how it was compatible with the desire to rehabilitate the loan? NAB have stopped charging customers in drought affected areas default interest*”
It will be interesting to see what affect his thoughts have on the final outcome.
* Australian Financial Review, James Frost, Oct 1, 2018
As always, if I can be of any assistance to you, please call me on 0412 709 200.
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