Finances for the time poor
I speak to a lot of my friends who have home loans with various organisations. They know what I do for a living and are always asking about our home loans and rates. When I ask them about their loans, they usually answer that they are still with the same bank who gave them their first loan, and they know they should look at refinancing as the rates aren’t that sharp. When I quiz them why they haven’t yet, the answer is usually the same. I know I’m paying too much but I haven’t had the time to get around to it.
But it doesn’t surprise me that people will pay hundreds of dollar more per month more rather than do something about it. We are busy people.
In the last year I had a baby boy and I learnt about being time poor to a whole new level. I’d always been busy with my career and social life, but nothing could prepare me for just how much time a little person takes up. I also learnt how to become very effective at getting stuff done during nap time. To begin with, my little boy would never sleep for more than one sleep cycle. I didn’t even know we had sleep cycles until I had a baby. For your information a sleep cycle is usually 30-40 minutes, we all have them where we stir every sleep cycle and put ourselves back to sleep without even knowing. As babies get bigger they learn to get from one sleep cycle to the next and the naps become longer, but in the beginning I had a daytime catnapper.
Very frustrating, but it’s amazing what you can get done in 40 minutes. I could cook a whole dinner, clean the whole house, get in a pre-recorded TV show if I fast forwarded all the commercial breaks, I could order my groceries online, I could sort through and pay all the outstanding bills. I became the ‘At Home CEO’ that would organise the house around my son’s sleep cycles. It’s a full time job, but without having the typical 9-5 time to do it in!
Anyway, I digress. The point is, because I’ve learnt more about time management after having a baby, it has made me think of my company’s online process for applying for a home loan. Why should it be so hard to save a couple of hundred dollars per month? I could put those savings away to pay off my loan sooner, or put it towards the growing expenses I have now with an extra little person in the house.
The answer for me is simple – make it quicker for people to apply. It’s a simple idea, but one not a lot of companies do. At loans.com.au have a fast application process online and we even offer live chat so you can ask questions directly and quickly in your own time. In the last year since my baby was born, we’ve introduced loan tracker. This means that I can login in my own time and check up on what stage my loan is at and if anything is outstanding on my side that I need send through to keep it going.
Somebody asked me the other day if this online business was sustainable. My answer – most definitely yes! We are never going to gain more time. Everybody knows that scientific laws prevent time gain – but it’s all about getting things done in the shortest time possible and making that easy.
If you are time poor and want to see if you can save money on your home loan, stop putting it off. Jump online to loans.com.au and check out our application, or have a chat. It’s super easy!
Image courtesy of amenic181 at FreeDigitalPhotos.net