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From Job Loss To Financial Reset: Restructuring Your Home Loan · That Home Loan Hub

• 0:10
  SPEAKER_02: If you're thinking about restructure because of circumstances have changed in your life, listen up.
• 0:16
  SPEAKER_02: This is the episode for you.
• 0:17
  SPEAKER_02: I've got James in the house.
• 0:18
  SPEAKER_02: Hello, James.
• 0:20
  SPEAKER_02: Bonjour.
• 0:21
  SPEAKER_01: Hello how you always try to come up with a different language.
• 0:25
  SPEAKER_01: James, you've come up with this topic.
• 0:26
  SPEAKER_01: What are we talking about?
• 0:27
  SPEAKER_00: It's just a really interesting topic because this is we see a lot of this.
• 0:31
  SPEAKER_00: We everybody's always talking about first home buyers.
• 0:34
  SPEAKER_00: But a lot of our clients are coming to us because their their circumstances have changed.
• 0:39
  SPEAKER_00: So, you know, we're talking about separations, with maybe more extra children, or getting children for the first time, or they've had an inheritance passed to them, and that sort of thing.
• 0:52
  SPEAKER_00: So there's a there's a there's a market out there where their their life circumstances are changing and therefore then property needs evolve a wee bit.
• 1:03
  SPEAKER_00: And and it's a really good time to review what they're doing.
• 1:06
  SPEAKER_02: That's a good one.
• 1:07
  SPEAKER_02: I like that because you're right, like we deal with people through life cycles.
• 1:11
  SPEAKER_02: They come to us, they might come originally as a first-home buyer, and there might be just a couple with no kids, most of the time.
• 1:18
  SPEAKER_02: But we do see a lot of families that are trying to jump on the ladder.
• 1:22
  SPEAKER_02: But I guess you're right, like a lot of times then we deal with them as they go through separations, as they have a new baby, as they want to build a house now that they've outgrown their first home, or they've suddenly got an inheritance, and what do they do with that money?
• 1:36
  SPEAKER_00: Yeah.
• 1:37
  SPEAKER_00: Awesome.
• 1:37
  SPEAKER_00: So the one ones one I I've got some really uh interesting clients right at the uh opposite end of the scale.
• 1:44
  SPEAKER_00: So I've got ones that have you know lost their jobs when it was a really tough time, going back a couple of years ago.
• 1:51
  SPEAKER_00: And, you know, they've got a lot of equity in their home, but they got behind on everything.
• 1:56
  SPEAKER_00: They weren't able to pay their bills and all that sort of thing.
• 1:59
  SPEAKER_00: But because they had a lot of equity in their home, we're able to re-restructure their lending for them.
• 2:05
  SPEAKER_00: Now that they've got their inc their jobs, they've got new jobs and consistent income, we're able to restructure their uh finances so to to accommodate the things that have changed.
• 2:17
  SPEAKER_00: So they did get themselves into a lot of debt and a lot of trouble.
• 2:21
  SPEAKER_00: But we were able to review all their oh, what would you say?
• 2:27
  SPEAKER_00: You'd you'd r review all of their debts and that sort of thing and consolidate it.
• 2:34
  SPEAKER_02: Mm.
• 2:34
  SPEAKER_02: To make it easier to repay.
• 2:36
  SPEAKER_00: It makes it so much more manageable, but it's not something they could have done on their own.
• 2:41
  SPEAKER_00: So that's a really interesting situation.
• 2:43
  SPEAKER_00: So you've not just the divorce and stuff like that and the deaf and all that kind of stuff, but people just go through tough times where they lose their jobs, and what the hell do we do?
• 2:52
  SPEAKER_00: How do we pay the rates?
• 2:54
  SPEAKER_00: How do we pay the mortgage and all that sort of stuff?
• 2:56
  SPEAKER_00: Because that keeps coming in.
• 2:58
  SPEAKER_00: And so able to help those kind of people.
• 3:01
  SPEAKER_02: Yeah.
• 3:02
  SPEAKER_00: And that's quite straightforward to do and it's quite in interesting.
• 3:06
  SPEAKER_02: And again, right, people don't think about it because obviously they're not the professionals we are.
• 3:11
  SPEAKER_02: They don't think outside the box like we do.
• 3:14
  SPEAKER_02: And I think it's a timely reminder because often you would sit there, you know, getting deeper and deeper in a financial pit.
• 3:24
  SPEAKER_02: And you just need someone to come and say, actually, no, if you've done this and that, that would make your situation much better and much lighter.
• 3:32
  SPEAKER_02: And this is how we solve this problem.
• 3:34
  SPEAKER_02: And I think a lot of people don't realize that.
• 3:36
  SPEAKER_02: They just think, oh my god, there's no other way, I can't get out of this.
• 3:40
  SPEAKER_02: What else am I gonna do now?
• 3:41
  SPEAKER_00: I think then they this take too long.
• 3:43
  SPEAKER_00: I think they take too long to get in contact.
• 3:46
  SPEAKER_00: But I guess because not everybody is out there to help you.
• 3:52
  SPEAKER_00: So I think these ones were just lucky that they got in touch with you, I think.
• 3:56
  SPEAKER_00: Because they had a a connection there, and we actually took the time to look into their situation and go, do you know what I mean?
• 4:04
  SPEAKER_00: And and actually made a bit of an effort.
• 4:06
  SPEAKER_00: It does take a bit of time, and you know, because you have to meet with these people, you have to get their trust, you have to go through every single thing that they have.
• 4:14
  SPEAKER_02: And it's an embarrassing time for them, right?
• 4:16
  SPEAKER_02: They they would carry a lot of shame in that moment because they would be embarrassed about the state of their finances, they would be embarrassed of how things got out of hand.
• 4:26
  SPEAKER_02: And it's again, it's not due to their own fault, it's because either they would have got sick or lost a job.
• 4:32
  SPEAKER_02: But I think a lot of us carry that shame of crap, my finances are so bad, and I don't want to talk to anyone about it because it's embarrassing.
• 4:42
  SPEAKER_02: Yep.
• 4:42
  SPEAKER_02: And this is where we come in and we go, hey, we're not here to judge, we're here to help you.
• 4:48
  SPEAKER_02: Here's my hand, take my hand, I'll pull you out of it.
• 4:51
  SPEAKER_00: Yep, exactly.
• 4:52
  SPEAKER_00: And that's exactly what we're doing.
• 4:53
  SPEAKER_00: And you know, just har hardworking kiwis, not slackers or anything like that.
• 4:58
  SPEAKER_00: It's just it's just the economy was tough a couple of years ago.
• 5:02
  SPEAKER_00: And the war has been all year, in fact.
• 5:04
  SPEAKER_00: So there's a lot of people hurting, and there's a lot of people that just need a bit of help.
• 5:08
  SPEAKER_00: So a restructure is often a a good way to help you re-prioritize so that you're you know, when you are getting to that retirement age, you're in a position to enjoy your retirement.
• 5:22
  SPEAKER_00: To do what you want to do rather than just oh, let's just keep putting the minimum aside.
• 5:27
  SPEAKER_00: Yeah.
• 5:27
  SPEAKER_00: Because it's not really gonna cut it.
• 5:29
  SPEAKER_00: No um for most people.
• 5:31
  SPEAKER_02: So okay.
• 5:32
  SPEAKER_02: I like that.
• 5:33
  SPEAKER_02: I like that.
• 5:34
  SPEAKER_02: But also I think like when people have a baby, that's also a good time to look at your loans and see what you can do there.
• 5:40
  SPEAKER_02: You know, can you just put some of it maybe on interest only for a bit?
• 5:43
  SPEAKER_02: So while one of you is working and the other one is on maternity leave, you're not suffering as much.
• 5:49
  SPEAKER_02: Because I remember like when we had a baby and we had to go down to one income, I couldn't afford that.
• 5:54
  SPEAKER_02: So I had to go back to work three months later.
• 5:57
  SPEAKER_02: And I think this is the important reminder again to make sure you plan ahead.
• 6:03
  SPEAKER_02: You've got nine months to plan.
• 6:06
  SPEAKER_02: But you know, reach out to your advisor, reach out to the bank because there are things we can do that can help you elevate that financial stress and look into the future.
• 6:16
  SPEAKER_02: And same for I guess you know, separations really important.
• 6:21
  SPEAKER_02: Yes.
• 6:21
  SPEAKER_02: To review what's going on there.
• 6:23
  SPEAKER_00: Yeah, and we've done a few of those recently as well.
• 6:26
  SPEAKER_00: They take a obviously take a lot longer to sort through, but I mean, those have been some of our most satisfied clients, I think.
• 6:35
  SPEAKER_00: Uh because it's been such a long process for them.
• 6:38
  SPEAKER_02: Because the life is already tough, right?
• 6:39
  SPEAKER_02: They're dealing with emotional stress, they're dealing with the grief of losing that relationship or losing the dream of what could have been, and they're already going through that pain.
• 6:50
  SPEAKER_02: The last thing they want to deal with is how they're gonna get through financially.
• 6:54
  SPEAKER_02: Yeah.
• 6:54
  SPEAKER_02: So coming and seeing us, hopefully, we help them to see at least the financial light at the end of the tunnel and what can be done there and what they can do on their own because they're so used to having two incomes, and now suddenly all they have is themselves.
• 7:12
  SPEAKER_00: And quite so quite often they're buying the same house, but they're doing it with one income.
• 7:17
  SPEAKER_02: Yeah, and now suddenly the debt has gone from 200k to 400k because they have to pay out the other party.
• 7:22
  SPEAKER_02: Yeah, so it's you know, understanding the numbers and understanding whether you can do this.
• 7:28
  SPEAKER_02: And this reminds me about a year ago, a year and a half ago, I had this lady come in and she just separated from her partner and she was looking to buy him out.
• 7:37
  SPEAKER_02: And I said, Yeah, that's cool.
• 7:38
  SPEAKER_02: We've looked at her numbers, and I got her an approval.
• 7:40
  SPEAKER_02: And she was so stoked.
• 7:42
  SPEAKER_02: She's like, I didn't know I could do this.
• 7:44
  SPEAKER_02: Thank you so much.
• 7:44
  SPEAKER_02: You gave me so much confidence.
• 7:46
  SPEAKER_02: Then she disappeared, and then she came back like a year later with a new partner.
• 7:51
  SPEAKER_02: Yeah.
• 7:51
  SPEAKER_02: And she goes, You know, the reason I've come back to you because even though at that time I couldn't buy out my partner, because they ended up selling the house anyway, but you gave me hope that I could.
• 8:02
  SPEAKER_02: And because you gave me that approval, that gave me the confidence that I could do this on my own.
• 8:08
  SPEAKER_02: And she goes, and that's all I needed.
• 8:10
  SPEAKER_02: I didn't even need to buy him out, but just having that confidence that I could gave me the strength to keep going.
• 8:16
  SPEAKER_00: Absolutely.
• 8:17
  SPEAKER_02: And I was like, wow, this is really cool.
• 8:19
  SPEAKER_02: But it was so good to see her happy now, and she's got a new partner and everything is going really well, and they ended up buying a house together.
• 8:25
  SPEAKER_02: So yeah.
• 8:26
  SPEAKER_00: And just because we can't help you back then, right, doesn't mean you know that's just as that's we can help you now.
• 8:32
  SPEAKER_00: Yeah you know, like so.
• 8:34
  SPEAKER_00: Yeah, exactly.
• 8:34
  SPEAKER_00: But just we're it's a it's just a pro it's a process, isn't it?
• 8:38
  SPEAKER_02: Exactly.
• 8:38
  SPEAKER_02: Exactly.
• 8:39
  SPEAKER_02: Awesome, James.
• 8:39
  SPEAKER_02: Thank you so much.
• 8:40
  SPEAKER_02: Anything else to add before we wrap up?
• 8:41
  SPEAKER_00: No, I think that's all good.
• 8:43
  SPEAKER_02: Beautiful.
• 8:43
  SPEAKER_02: Thank you so much.
• 8:44
  SPEAKER_02: See ya.