Name your Property
This upgrade is related to the mortgage editor which is part of the Money Map and the property editor found in What I'm Worth.
When you own a property, you can now name it to suit you. You may live at 111 House Ave. but you prefer to name it 'My Home'. On the Money Map's mortgage editor, it will show the address.
To change it to "My Home", head on to the What I'm Worth tool. Click on the 'edit' link of the property you'd like to change the name to. Similar to the Mortgage editor, it will default to the address. Type in the new name and save. You should see the changes on both the Property and Mortgage editors.
Loan Purpose and Security
When you have a mortgage with a bank, that mortgage is related to a property and it also has a security attached. To explain:
1. You can state the loan was for ‘Your Home’ and the security is ‘Your Home’
2. If you have 2 properties at one bank, you can also tick a second security
For Property Investors, you can state:
1. The loan at XYZ bank may have security of Rental ABC, BUT the funds were used for the purchase of rental LMN – so you can now distinguish your loan usage by property purchase and security. On both editors, it will now state the bank / lender that the property is secured with. It is now easily viewable on the summaries such as the one on the What I'm Worth tool.
Adding ALL Credit Card and Overdraft Limits
The banks are being very strict with the declaration of ALL debts, including credit card limits even if you don’t use them. The Credit Card editor in the Money Map now lets you add the Limit and the balance owing rather than just the balance. This can also be found on Overdrafts.
VerdiPlus is all about placing your financial info in a centralised hub where you can invite Advisers to interact with your information and provide Advice. You will all be aware of the Adviser Centre where you can Invite Advisers OR ask to be referred.
We are now making this a little easier, starting with the Financial Protection Tool. After you have completed the Risk Self-Assessment and, if you have identified risk shortfalls you can straight way (on the same web page). Invite your existing Adviser to review or ask to be referred.
Soon, we will have an announcement to add one more option, which will provide you with instant cover, no underwriting – but more on that another day!