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Life Stage Solutions

Education
Renting
Vacation
Vehicle
Home
Marriage
Parenthood
Finances
Retirement

As we go through life we always need a helping hand, whether we are having a baby or dreaming of buying a home, life’s events can sometimes seem overwhelming. We are here to offer you the guidance and support that you need to make all your dreams come through. We will be at your side from beginning to end ensuring that you are ready for any planned or unexpected event that may come your way.

So whether you are now starting a family or planning your retirement, as you embark upon your big adventures, we want you to live life to the fullest.

Come into any one of our branches today and our experts will offer you the guidance you need to achieve all your life goals.

Education

Investing in Education

Furthering your education increases your chances of earning a higher income

Your salary is a major contributor to your standard of living. You want your salary to be enough to:

  • Help you meet your basic and future needs
  • Improve your standard of living (buy a home, new car etc.)
  • Live your dreams
  • Take that dream vacation
  • Contribute to charity
  • Ensure your parents receive the best care available as they grow older
  • Furthering your education (degrees, certification courses etc.) makes you more attractive to the job market or to your current employer and increases your chances of earning a higher income.

Are you going to further your studies locally or abroad? Things to consider are:

  • Do you know how you're going to fund your education or your child's education?
  • Are you going to pursue studies locally or abroad?
  • Do you have a savings plan for semester expenses?
  • How much of the costs will you fund from savings and how much do you need to borrow?
  • How do you plan to pay rent and other bills? Cash, Cheques, Standing Order?
  • Do you need a computer? If you have one, is it ‘protected’?
  • Do you have to save for your child’s education? Have you started?
  • Option 1 – Existing Savings: If you have enough cash set aside, you can use your savings. However, for most of us, that may mean using all your savings to use for only one life goal.
  • Option 2 – Set up a Savings Plan: If you have the time, you can set up a savings plan specifically for this goal.
  • Option 3 – Loan: Most of us would need a loan when we’re ready to further our studies. There are loan options for all your education expenses. Just ask one of our representatives today.
  • Option 4 – Part Loan/Part Savings: Many people choose to use some of their savings to reduce their borrowings

Before considering these options, you should explore:

  • The government and many private companies have excellent education programs through which you could apply for scholarships and save on expenses (only applicable by country).
  • Seek expert guidance; we have experts who will be pleased to walk you through both your government options as well as the part we can play in helping you to further your education (only applicable by country).

The best way to save towards a specific goal is through Automatic Savings. Follow these simple steps:

  • Work out how much you need to save for your studies
  • Divide this figure by the number of months you have before the education spending begins
  • Set up a monthly recurring transfer via Digital Banking to automatically
  • Debit your salary account for the figure calculated in Step 2, and
  • Credit a separate savings account to be used specifically for education expenses

Saving for your child's education:

You should set up a saving plan for this as early as possible to avoid having to go into heavy debt between 40 to 50 years of age, as happens to many parents. By the time your child reaches 18 – 20 years old, he/she can have significant cash holdings which can be used for education. Even if he/she does not choose to pursue further education, the funds could be used to buy land or anything else you and your child decide at the time. However, to make this a reality, you have to start immediately. Ask for automatic savings plan to high-interest yielding account and other investment options.

You can borrow for all your education needs including: Tuition fees; Books; Boarding; Computer purchase. Account for everyday transactions; set up a basic chequing account as your main transaction account get an ATM debit card to easily access your funds; and more…

If you are studying abroad or renting close to your school of choice you should consider methods to simplify the rent paying process and track your other school expenses such as loans or fee payments. You should:

Set up a recurring transfer via Digital Banking to automatically debit your transaction account and credit your landlord’s account on the day that rent is due.

Also, you can utilize Internet, ATM and Telephone banking services to: Easily pay utility bills; Monitor your accounts and keep track of expenses; Ensure that you have enough funds to cover rent; Confirm loans and standing orders are being paid on time. Ask one of our friendly representatives which one of these services is available to you.

Computer Investment:

A computer is a must-have resource for completing assignments, doing online research and taking notes…for those who can type fast enough. If you choose to invest in a computer for studies, you should know that it costs very little to insure it for its replacement value. That way, if your computer is lost, stolen or damaged, you can quickly buy a new one. Ask about our computer insurance coverage and computer loans.

Financing studies abroad:

A three-year degree could cost over USD$100,000 depending on the duration of the course, the University and even the level of comfort away from home. Government assistance and private scholarships are sometimes available but, financing may have to be sought privately from; parents, guardians or other sponsor. Distance learning programs are becoming increasingly popular. This is a cost effective alternative to studying abroad.

If you take this route, you may wish to consider getting a credit card so you can pay your tuition and other expenses online. There are several options available for sending funds abroad ranging from bank drafts, bank to bank wire transfers and remittance money transfers. Discuss your options with us so we can work out the best plan for you to send money safely, quickly and conveniently.

Checklist:
  • Call us to discuss and explore Government education programs, scholarships and incentives (only applicable by country)
  • Come to us for financing your education expenses (tuition, room and board, computers, books etc.)
  • Ask for one of our Credit Cards to pay tuition online for distance learning programs
  • Start a savings plan for your education expenses (tuition, room and board, computers, books etc.)
  • Open an account for everyday transactions (groceries, rent etc.)
  • Use recurring transfers via Digital Banking, ATM Cards, Internet and Telephone Banking (where available) to easily pay rent, bills, track expenses and monitor accounts
  • Protect your computer investment with computer insurance
  • Start saving for your child's tertiary education plan as early as possible (the day your child is conceived would be a good time!)
  • Ask for loans with longer terms - special payment options during the study period for study abroad
  • Explore wire transfers, remittance transfers and joint credit cards
Renting

Moving out to Rent

Leaving home is a big decision but an important step for young adults to learn responsibility and self management

Leaving home is a big decision but an important step for young adults to learn responsibility and self-management. The process could be either very exciting or very frustrating depending on your level of preparation. If you are ready to leave home and claim your independence here are a few crucial questions to consider:

  • Do you have the funds to cover all related expenses?
  • Do you have to buy furniture and appliances?
  • What happens if you lose your job?
  • Do you have savings for minor repairs if necessary?
  • How do you plan to pay your landlord/lady? Cash, Cheques, Standing Order?

Most landlords require at least one month’s rent in advance as a security deposit and, if you are using a rental agency, you may have to pay them the equivalent of one month’s rent as well. If you are moving into an unfurnished apartment/home, you may need to buy furniture and appliances to live comfortably.

If you do not have funds to cover these expenses, you should let us set up an automatic or forced savings plan for you as soon as possible so you can reach your goal. However, if you are ready to move immediately but don’t have the funds required, we can give you a consumer loan to cover all your settling-in expenses and make this a stress-free transition. Expenses to consider:

  • 1st month’s deposit for landlord
  • Fee/commission payable to rental agency
  • Purchase of furniture and appliances
  • Cost of transportation/moving
  • Cost of temporary storage
Savings for 3-month salary cushion:

We highly recommend that you try to have 3 month’s salary set aside to cover rent, bills and other living expenses in the event of job loss or any other unexpected situation. Be realistic and include groceries, transportation and even food for your pet dog if required. This is best done through either forced or automatic savings.

Save for expenses related to maintenance and minor repairs:

Pipes spring leaks, door locks get jammed and appliances malfunction. In some rental agreements, the tenant is expected to cover expenses for minor repairs up to a certain value. So, you should have savings set aside for this purpose, plus some extra for maintenance of your personal appliances or furniture. You should try to save for this, but, you can also use a credit card for emergencies of this nature.

Payment solutions:

To simplify the rent paying process and avoid your landlord having to knock on your door to remind you that rent is due, we recommend that you:

Set up a standing order to automatically - debit your transaction account and credit your landlord’s account on the day that rent is due.
Also, you can utilize Internet, ATM and Telephone banking services to easily pay utility bills; monitor your accounts and keep track of expenses; ensure that you have enough funds to cover rent and confirm loans and standing orders are being paid on time. Ask one of our friendly representatives which of these services are available to you.
When shopping at furniture and appliance stores etc., the credit card is the most convenient tool. If you already have a credit card, you may need to request a limit increase to pay for costly items that exceed your credit limit. Also, extra cash is always required when setting up to rent. A chequing account with an overdraft facility will come in very handy when you have to pay servicemen who repair your furniture or appliances. After deciding how much of your savings you will use, work out the total financing required for other related expenses. You can borrow for all your setting-up needs including:

  • Purchase of furniture and appliances
  • First month’s deposit
  • Rental agency fee
  • Temporary storage fee
  • Transport costs
Protect your investment:

While your landlord has to pay property insurance, you should certainly consider protecting your personal assets – furniture, appliances, computer etc. You should know that it costs very little to insure these items for their replacement value. That way, if they are stolen or damaged, you can quickly replace them and get yourself back on your feet. Ask about our Contents Insurance today.

You may be planning to eventually buy a home of your own. If you want to make this a reality, remember:

  • You would usually need a down payment, plus closing costs (legal fees, stamp duty, etc.) to qualify for a mortgage. The best way to acquire this is through Forced or Automatic Savings.
  • Don’t rent an apartment that is so costly that you cannot afford to save.
  • Consider having a roommate if the rental agreement allows so you can split the rent.
  • It is not recommended that you rent a property for more than 25 to 30% of your monthly income.
  • You should have an automatic savings plan to a high interest yielding account or a loan to save your down payment and closing cost.
7 steps from home:

Go through the following steps to make sure that, when you’re mentally ready to buy your home, you will also be financially ready:

  • Give yourself a deadline for buying your home (1, 2, 3, 4, 5 years etc.) I want my home in x years.
  • Make a list of your ‘must have’ features e.g. master bedroom with private bathroom or a room that could be converted to a music or art studio, study, workshop etc.
  • Find out the going prices for houses with these features (check classified ads, do site visits etc.)
  • Work out your estimated down payment plus closing costs.
  • Work out how much you have to save yearly to have the down payment and legal fees (that would be the total of step 4 above divided by the number of years you decided in step 1)
  • Work out how much you need to be saving monthly starting this month (step 5 divided by 12)
  • Visit your branch and set up an Automatic Savings plan for your home purchase...today.

Things to have on your list:

  • Set up a savings plan or arrange a loan for settling-in costs (first month's down payment, rental agency fee etc.).
  • Set up a 3 Month Salary Cushion to insulate yourself against job loss or even job dependency.
  • Set up a savings plan to cover maintenance and minor repairs.
  • Open Credit Card and Chequing accounts to purchase furniture and appliances and pay service providers.
  • Protect your investment in furniture and appliances with Contents Insurance.
  • Use Standing Orders, ATM Cards, Internet and Telephone Banking (where available) to easily pay rent, bills, track expenses and monitor accounts.
  • Save for down payment and closing costs if you plan to buy a home in the future.
Vacation

Vacation

Whether flying or cruising with your family, friends, colleagues or by yourself, there are a few things to consider

Can’t wait? Want to go now? You can apply for a travel loan to finance your trip. Actual payments for your ticket and other expenses can be safely made with your credit card. The loan can be used to liquidate the credit card balance in full. Ask for:

  • Travel Loan and Credit Cards

Payment solutions when shopping abroad:

Credit cards

The world has gone ‘plastic’, a credit card is almost a must-have travel item. It can be used for booking accommodation, flights, vehicle rental, shopping abroad and providing insurance coverage (see the travel insurance section). If you are taking a family vacation, additional cards can also be extended on your credit card account for other family members.

If you already have a credit card, you may wish to apply for a temporary limit increase to cover intended purchases abroad. Ask for International Credit Cards

Cash

At the end of the day, ‘Cash is still King’. One should always travel with a minimum supply of cash in a currency that is widely accepted in the destination country. Contact us today so we can supply all your foreign exchange needs.

While you are abroad, a situation may arise where you need someone back home to send funds for you that you can access immediately. In such a case, you can direct the person to come into any of our branches and send the money for you via our Remittance Services. It is safe, fast and convenient.

Funds for departure tax and overweight luggage:
You should always have cash in a currency that is accepted in the destination country to pay departure tax and other departure counter expenses. Credit and debit cards are not accepted at the departure counter of all airports so it is safest to assume that only cash will be accepted and stock up accordingly.

Whether flying or cruising, with family, friends, colleagues or by yourself, for business or pleasure, there are a few things to consider before heading off on your adventure.

Considerations:

  • How do you plan to finance the trip? Savings? Loans?
  • How do you plan to pay for goods and services abroad? Cash? Credit cards?
  • Does the country you’re visiting require you to have specific insurance coverage?
  • Do you have proof of savings to satisfy embassy requirements?

Don’t just ‘wish’ you could go to the Olympics, World Cup or some other amazing event or destination. You can start a savings plan today that will ensure that, when the time comes, you can go. The first thing you need to do is estimate how much your trip will cost and decide when you want to travel. Then you set up an Automatic Savings Plan.

Here’s how to set up an Automatic Savings Plan:

  • Open a high-interest yielding savings account with no ATM card or chequing facilities.
  • Divide the total amount required to fund the trip by the number of months before you intend to travel.
  • Set up a recurring transfer via Digital Banking to automatically transfer that amount from your salary account to this savings account every month until the date of your trip.

Another approach is to force yourself to save.

Here’s how to set up a Forced Savings Plan:

  • Estimate the total cost of the dream trip you plan to take.
  • Ask us for a loan to save that amount and set the term of the loan to be paid off one month before you intend to travel.
  • We will place the proceeds of the loan in a savings or investment account in your name. You will have access to the funds after the loan is paid off. This way, by the time you are ready to travel, you will have the funds needed and you will be loan-free.

  • Attaining a Visa
  • Proof of savings/bank
  • In order to visit a number of countries, including the United States, individuals applying for visas must demonstrate that they have 'ties' to their home country which they do not intend to abandon, and that they wish to enter the country for a specific, limited period. Evidence that you do not intend to abandon your home country may include proof of property, family ties, employment and a balance confirmation letter from the bank showing your account balance over a period of 6 to 12 months.

Required travel insurance:

To meet certain embassies’ visa application requirements (e.g. Schengen states), you must have travel medical emergency coverage.

Airlines lose bags, car accidents can happen while driving a rental vehicle or you may need medical attention abroad. When you use your Visa and Master Card you are entitled to:

  • Travel accident insurance which covers accidental death, dismemberment and paralysis
  • Auto rental insurance which covers physical damages to the rented vehicle due to collision, theft, vandalism, accidental fire up to the actual cash value of the vehicle, subject to the maximum benefit provided.
  • Coverage for loss, theft or damage to personal possessions and money (including travel documents) Specialized insurance needs
  • Coverage for pre-existing medical conditions (e.g. asthma, diabetes)
  • Coverage for sports with an element of risk (e.g. skiing, scuba-diving)

Typically, travel insurance for the duration of a journey costs approximately 5-7% of the cost of the trip. However, many of these needs are covered for free if you pay with your credit card. The coverage varies depending on which card you have.

Here's your checklist for travelling:

  • Set up an Automatic Savings Plan for your dream trip.
  • Call us if you need financing for your ticket, accommodation, shopping, etc.
  • Decide how much and what type of insurance coverage you want or is required by the country you are visiting.
  • Ask us for a Balance Confirmation Letter as proof of savings history if required by the embassy when applying for your visa.
  • Purchase currency of destination or other currency generally accepted in the country/state that you are visiting. Don’t forget to keep some funds for departure tax and other expenses.
  • Give yourself back-up payment options for shopping and paying for services abroad.
  • Get a Credit Card or top up your existing one.
  • Consider holding some of your funds as Travellers Cheques (where available) for additional security.
Vehicle

Buying a Vehicle

Let's talk about the financial side of owning a vehicle

Buying a vehicle is always a big decision and, for many of us, it is one of the most expensive events in our lives. It’s easy to get carried away and buy the most expensive, luxurious car you can afford but remember, after you buy it, you have to maintain it and you may have other life goals to achieve. So, there are a few things you should consider:

Getting Prepared

  • Is buying a car a priority in light of your other life and financial goals such as buying a home or investing in education?
  • What price car can you afford without sacrificing other life or financial goals?
  • How much of the purchase will you fund from your savings and how much do you need to borrow?
  • Have you realistically considered and planned how you will cover all the costs involved in buying your vehicle? E.g. insurance, cost of parts, annual tune-ups
  • Other than price, do you know what to look for when buying vehicle insurance?

Consider all Costs

Don’t just look at the price tag on the vehicle. There are several other costs to consider… Examples are:

  • Cost price of vehicle (showroom/2nd hand vehicle)
  • Accessories/ add-ons if desired - security systems, car alarms, tracking devices, new tires or rims, sound systems etc.
  • Transfer fee (may apply for used vehicles)
  • Legal Fees - Attorney fees and stamp duty to register the Mortgage Bill of sale (applicable as per country)
  • Vehicle Insurance - Coverage required to meet legal and bank requirements
  • Debt insurance/estate protection (optional) - will repay the outstanding loan balance in the case of death.
  • Search fees - A search to verify any outstanding debts on vehicle (applicable as per country)
  • Valuation Report - A report to determine the current value of a used vehicle

Funding the purchase of your vehicle:

  • Option 1 – Use existing savings. If you have funds set aside, you can use your savings. However, for most of us, that may mean using all your savings to use for only one life goal.
  • Option 2 – Set up a Savings Plan. If you’re not in a hurry, you can set up a savings plan specifically for this purpose. Bear in mind that it may take you a while to save the total amount required to purchase a vehicle.
  • Option 3 – Taking a Loan. Most of us would need a loan when we’re ready to purchase or accessorize a car. There are loan options for: Buying a new, local or foreign used car or fixing up one to look or run better accessorizing a new or used vehicle and paying car insurance (premium financing).
  • Option 4 – Part Loan/Part Savings. Many people choose to use some of their savings to reduce their borrowings.

Since most of us will borrow to pay at least part of the total cost, we have complied answers to the most frequently asked questions about vehicle loans, plus some additional guidance on life after the big purchase.

Anyone who meets the following criteria can be considered for a vehicle loan:

  • 18 years and over
  • Earning an income that can be substantiated and is sufficient to cover the monthly installments
  • Employed by a reputable company

If it is estimated that a client will reach retirement age during the tenure of the loan, the repayment capacity calculation is made based on the current income and the pension income. The client must be able to carry the loan in both scenarios.

This depends on:
Whether the vehicle is new or used. Your income and existing debt when combined with other fixed monthly obligations, your combined monthly commitments (inclusive of your vehicle installment) should not exceed 40% of your gross monthly salary.

Do you need any funds to start the process?
The answer is yes.
Costs directly associated with the loan:

  • A down payment is usually required when buying a vehicle.
  • Service Charge on the loan - Costs to obtain reports and certificates required to get the loan; Cost of Valuation Report for used vehicles (this is paid to the valuator)
  • Funds to pay for Vehicle Insurance (this is paid to the Insurance Company and may be financed by the Bank)
  • Legal fees and search fees (applicable as per country)

Saving the down payment and closing cost
If you intend to buy a used vehicle you should save for your down payment and closing cost by setting up an automatic or forced savings plan. This way, by the time you are ready to buy your vehicle, you will have the down payment required. Ask anyone of our friendly sales staff how you can get these savings started.

Is any security required?
The answer is yes.
The vehicle is usually held as security. The vehicle must be insured with the necessary coverage that meets the Bank's requirements for the duration of the loan, however savings could be used once it compares with the value of the loan being requested. It is preferred that your salary should be assigned to the Bank.

What kind of documentation must I provide when applying for a loan?
You will need to provide identification, a job letter, pay slips and proof of address to name a few. Our sales staff will be happy to discuss with you the specific details of the documents needed as it relates to loans being granted for new or used vehicles.

Include your partner’s income.
Any other individual’s income can be considered when qualifying for the loan. In such cases, this individual will be used as a co-borrower or guarantor to the loan.

Use a guarantor - A guarantor is a person who agrees to pay someone else’s debt should he or she default on a loan. The guarantor is considered part of the loan application and his/her credit will be evaluated with the other applicant/s. If the lending institution feels that the guarantor will be able to pay back the debt, the loan will likely be approved.

Show evidence of:

  • A good employment record (stability).
  • Good savings habits
  • A good credit rating/history
  • What will be the term of the loan?

Generally, these loans are 1 - 5 years, depending on the type of vehicle, longer terms maybe possible. Some Caribbean countries the term of the loan may vary as: 3 years (used cars); 5 years (new cars).

Interest and Installments
The interest rate determined by market conditions at the beginning of the loan.

Generally speaking, your monthly installments will be lower if you:

  • Borrow for a longer term. Longer terms are possible for high cost vehicles after consultation with us. However, the longer the term, the more you will pay in interest. So you have to weigh affordability now versus total cost.
  • Borrow at a lower interest rate - if you provide more equity, you may be charged a lower interest rate.
  • Look out for our vehicle promotions which occasionally feature preferential rates.

Remember:
Longer Term = lower monthly installment but higher interest cost.
Shorter Term = higher monthly installments but lower interest cost.

We highly recommend that you take fully comprehensive insurance which covers:

  • Legal liability for bodily injuries to third parties and damage to their property
  • Loss of, or damage to your vehicle by accident, fire or theft
  • Hospital expenses for the insured arising out of injury or sickness up to a pre-determined amount.

While Full Comprehensive Insurance is more expensive, there are options such as premium financing which make it more affordable by allowing you to make small monthly installments instead of one large annual payment.

If Full Comprehensive is still too burdensome for you, then you may explore options such as Third Party Insurance. This may be an immediate but costly alternative solution because if you do get into an accident, you will have to pay full damages for your own vehicle repair plus hospital expenses arising out of injury.

Things to consider:
Saving for annual expenses such as insurance payments. You should realistically estimate the annual cost of car maintenance and save for it monthly.

Easy methods to track your car loan and other related expenditure:

  • Always monitor your accounts to ensure that your loans are being paid;
  • Know the balance in your car expense savings account in the event of an emergency;
  • Utilize Internet, ATM and Telephone banking services to monitor your accounts and keep track of car expenses;
  • Ensure that you have enough funds to cover your loan installment;
  • Confirm loans and standing orders are being paid on time.

Convenient tools to pay mechanics and other suppliers such as Credit Cards. When shopping for car parts or paying mechanics and car dealerships for maintenance work etc. a Credit Card is a very convenient tool. If you already have a Credit Card, you may need to request a Card Limit increase depending on the cost of the service or items being purchased. Chequing accounts with an overdraft facility extra funds are always required when fixing up or buying a vehicle, so, these facilities will come in very handy as payment tools during this period.

  • Ensure that you have easy access to your savings through the ATM as you may need to access these funds for emergencies.
  • Review
  • Set up an Automatic Savings Plan to for the costs associated with buying the vehicle and annual car maintenance expenses such as minor repairs, car insurance, changing tyres etc.
  • Call us to find out about our financing options to purchase new/used vehicles or fix up an existing one.
  • Open Credit Card and Chequing Accounts to purchase parts and pay suppliers.
  • Ask us for Premium Financing if you prefer to pay your car insurance with small monthly installments instead of one major payment for the year.
  • Use Internet and Telephone Banking (where available) to easily track expenses and ensure loan payments are being made on time.
  • Call us to find out how much you can qualify for before you go shopping around. This gives you an advantage over the other buyers by showing the seller that you have your finances in place and you are serious.
Home

Buying a Home

Few life events are more exciting than buying a home, especially if it's your first home. For some people, it is their life's ambition

We understand that this is a serious commitment and want to ensure that you are making the right financial arrangements when buying a home and that you are ready for life after the purchase. As such, before deciding on home ownership you may want to ask yourself the following questions:

  • Is buying a home a priority in light of your other life and financial goals such as investing in education or saving for your child’s education?
  • How can you balance buying a home with your other life or financial goals?
  • What are some of the options for funding your mortgage?
  • Have you realistically considered and planned how you will cover all the costs involved in buying and maintaining your home? E.g. insurance, repairs, yard-maintenance?
  • If something happens to you, who will pay the mortgage balance, and what happens to your home and loved ones?

You will be guided through all the questions that you have about funding and covering costs of acquiring and maintaining your property and most importantly, protecting your investment going forward.

Together we can discuss
  • Reducing other debt commitments to prepare for your monthly payments
  • Saving for your down payment
  • Saving for other annual expenses such as home insurance
  • Building your 3-month salary cushion to cover at least 3 months’ mortgage payments and other living expenses in the event of job loss or any other unexpected situation
  • Budgeting for your other monthly expenses

Who can qualify for a Mortgage?
You must be 18 years old and over, earning income that can be substantiated, is sufficient to cover the monthly installments and have sufficient funds to cover the initial costs.

Pre-Qualification

To get you started you first have to decide what type of home you want. Once you have decided, you can come to us and we will help you determine what you can afford based on your savings and income and offer guidance as to what is required to start the application process.

What documents must I have to apply for a Mortgage?

Identification:
Two forms of photo identification such as a valid national identification card, passport or driver’s permit

Evidence of Income:
Current job letter (not older than six months)
Pay slips for the last two months
If self-employed, financial and bank statements for the last three years

Other required documents:
Recent utility bill (no more than 1 month old)
Letter of offer/Agreement for sale (no more than 3 months old)
Copy of Title deed
Valuation Report

How can I make it easier to qualify for the loan?
  • Include your partner’s income
  • Have a good employment record (stability)
  • Demonstrate good savings habits
  • Maintain a good credit rating/history

First, you should consider:

  • Your income: your mortgage payment should be manageable with all your other fixed monthly debt obligations.
  • Your down payment: when applying for a mortgage, investing more than the minimum down payment enables you to reduce the amount that you need to borrow.
Do I need any funds to start the process?

Yes, start-up funds are required for the down payment which is usually required when buying a home, bank service charges, cost of a valuation report, legal fees etc.

Is any Security required?

Yes, the property will be held as security and must be insured to cover its replacement cost. Life insurance must be taken out for the mortgagors to cover the value of the mortgage. It is also preferred that your salary is assigned to the bank.

What are your funding options?
  • Option 1 – Existing Savings: however, it may mean using all your savings to use for only one life goal.
  • Option 2 – Set up a Savings Plan: start saving specifically for this purpose. Bear in mind that it may take you 20 to 30 years to save the required amount.
  • Option 3 – Loan: most of us would need a mortgage when we’re ready to build or buy a home. There are various loan options for buying, building, renovating and furnishing your home.
  • Option 4 – Part Loan/Part Savings can be used. In addition to the down payment, many people choose to use some of their savings to reduce their borrowings.
What will be the repayment period of the loan?

Generally, mortgages can be repaid over a maximum of 30 years but this depends on:

  • The age of the client (the loan has to be repaid by retirement age)
  • Client’s preference and ability to repay
  • Longer repayment period = lower monthly installment but higher interest cost.
  • Shorter repayment period = higher monthly installments but lower interest cost
How much is the interest and how is it calculated?

This rate is determined by market conditions at the time the mortgage is granted but may change over the amortization period. The amortization period refers to the duration of the loan. Interest is calculated on the daily balance and your account is debited on a monthly basis to cover both the principal and interest.

Saving for Annual Expenses

As a home owner you will quickly learn that pipes spring leaks, door locks get jammed and home insurance has to be paid every year. You should realistically estimate the annual cost of house maintenance and save for it monthly. Ensure that you have easy access to these savings through the ATM as you may need to access these funds for emergencies

Building your 3-Month Salary Cushion

We highly recommend that you try to have savings set aside to cover at least 3 months’ mortgage payments, bills and other living expenses in the event of job loss or any other unexpected developments. Set up an automatic savings plan to build your 3-Month Cushion. These funds should be kept separate from your savings for annual/maintenance expenses.

Easy methods to track mortgage payments

Once you have acquired your mortgage you need to ensure that you have convenient and reliable ways to track and make your payments. You should utilize Internet banking, ATM and Digital (Online & Mobile) Banking to ensure that you have enough funds to cover your monthly installments and that your mortgage and other commitments are being paid on time.

Convenient methods to pay suppliers and workmen

Tiles, cement, furniture, plumbing, landscaping … you’re going to need them all and you will need to have easily accessible funds to pay suppliers and workmen. You may want to consider having a credit card for shopping at hardware and furniture stores. A chequing account with an overdraft facility will come in handy to pay for transportation and workmen.

Protecting your home, estate and loved ones

We can offer the protection that will give you peace of mind. You should consider insurance solutions in the event of:

  • Fire and other risks: you would want to know that you can replace your property and your furniture, appliances and other keepsakes
  • Death: the proceeds of a life insurance policy can help pay off your debt ensuring that your family does not have to worry about this expense
  • Falling behind on your mortgage payments due to any unforeseen circumstances
  • Becoming temporarily disabled due to an accident or sickness, which results in a loss of income
  • Becoming unemployed due to redundancy or retrenchment, your installments and mortgage related expenses are paid
  • Come into us today and get pre-qualified
  • Set up an automatic savings plan to save for the costs associated with buying your home
  • Set up an automatic savings plan for annual and maintenance expenses such as insurance, plumbing and electrical work, etc.
  • Call us to find out about our financing options. This will vary depending on whether you’re buying a home or land, renovating or building.
  • Open credit card and chequing accounts to shop at hardware and furniture stores, pay workmen, etc.
  • Use Internet and Telephone Banking (where available) to easily track mortgage installments, other related expenses and standing orders, etc.
  • Use the value of your home to finance other major expenses.
Marriage

Getting Married

The key to having the wedding of your dreams is proper planning

The key to having the wedding of your dreams is proper planning and financing. You should get your finances in order very early in the process. Things to consider are:

  • Do you want a grand, elaborate event or a small, simple wedding?
  • What price wedding can you afford without sacrificing other life or financial goals?
  • How much of the purchase will you fund from your savings and how much do you need to borrow?
  • Have you started a savings plan for your wedding?
  • Would you need a loan to pay for the ceremony, the honeymoon or rings?
  • How do you plan to transact with wedding suppliers? Cash? Cheques? Credit Cards?

If you are financing your own wedding or you are a parent financing your child's wedding you need to know where the funds will be coming from. Your financial plan should consider all expenses, starting with the engagement ring and going right up to the honeymoon and everything in between. If financing is going to be a joint effort, then you need to decide who will be responsible for what payments very early in the process. If you do not intend to take a loan for the full amount, you need to have savings set aside.

Things to consider: Saving for wedding expenses:

The best way to save towards specific goals is through automatic savings where you set up a recurring transfer via Digital Banking to automatically debit your salary account and credit a savings account that is specifically earmarked for a particular goal...in this case...your wedding.

  • Work out how much you need to save
  • Divide this figure by the number of months you have before the wedding spending begins
  • Set up a monthly recurring transfer via Digital Banking for the figure calculated in Step 2
  • Financing for wedding expenses, honeymoon, engagement ring etc.

We recommend that you give some serious thought to the financing required for the wedding and to help you settle after the actual ceremony. Decide how much will come from savings, well wishers, family, friends, etc. and how much you would need to borrow

You can borrow for all your wedding needs including:

  • Wedding ceremony expenses
  • The perfect ring set
  • The cost of your dream honeymoon
  • Purchase of your new home
  • Furniture for your new home

Ask about our consumer loans to cover all your expenses and mortgage for the purchase of your new home.

Registry Account

There are some advantages of choosing to receive cash instead of, or in addition to, traditional gifts. The funds could be used: To offset the cost of the wedding; Pay for honeymoon expenses; As collateral security for a loan you may need at some future point As a down payment on the purchase of a home or a new car.

This is also ideal for couples who intend to migrate after the wedding, already have a furnished home, or simply prefer the flexibility of receiving cash which they can use to select their own household items from a variety of retailers. Also if you’re going abroad, you may need foreign currency and other secure payment solutions to book tickets and hotels online, shop etc.

There is a financial side to making your dreams a reality.

For example, if you’re planning to buy a car or a home, you need to have a down payment or if you want to take a dream vacation without taking a loan for the full amount, you need to have cash set aside. Understanding and supporting each other's goals and dreams are crucial to a successful relationship. Openly discuss and agree on your goals and finances and set up an Automatic Savings Plan to start saving for them immediately.

In addition to your dreams and ambitions, you have important decisions to make. Should you:

  • Join your accounts?
  • Consolidate your debt?
  • Choose one institution as your primary bank?

Sit with each other and talk through your plans as well as your dreams, and come to an agreement. Call us to set up an appointment for you and your spouse with our financial experts. We will speak with you to understand your specific needs and preferences and recommend a customized solution for you.

Finally create your checklist:

  • Set up Automatic Saving Plan for wedding expenses
  • Set up Bridal Registry to receive cash as gifts from well-wishers
  • Seek financing for wedding expenses, honeymoon, rings etc.
  • Open Credit Card and Chequing Accounts with Overdraft Facilities to pay wedding suppliers
  • Obtain Credit Cards, Currency of destination and Travelers’ Cheques (where available) for honeymoon expenses
  • Use Chequing Accounts with Overdraft facilities for everyday household expenses
  • Open Automatic Saving Plans for goals e.g. home down payment and closing costs
  • Contact us for Financial Planning for couples on day to day expense management, advice on assets and debts acquired before marriage etc.
Parenthood

Becoming a Parent

Becoming a parent and raising children… a very exciting time

This is a very exciting but uncertain time. There are several financial considerations that few people are aware of until the 8th month. You need to consider a number of financial issues very early in the process to be prepared for this momentous event:

  • Have you planned how you will finance delivery expenses such as the hospital stay or emergency operations?
  • Will you have to buy a second car, extend your home or even move to a bigger home soon?
  • Are you set up to do your banking from home if you can’t find a baby sitter?
  • Are you prepared to sacrifice to give your child a clear advantage in the future?
  • If something were to happen to you, would your family have the finances to pay hospital bills or maintain their standard of living?
Plan for delivery expenses:

We know that there are many issues surrounding childbirth for which you and your loved ones will need to prepare. We certainly cannot say that having the baby is the easy part, especially for the mother, but there are other issues worth considering such as emergency operations which can be very costly.

You should:

  • Save for this event - this is best done through either forced or automatic savings. Ensure that your funds are easily accessible through debit or credit cards in the event of an emergency.
  • Pre-qualify yourself for credit – depending on the situation, you may need to take a loan for some of these expenses. Meet with us to determine how much you can borrow and the procedure to get the funds as quickly as possible. This way, if you find yourself in an emergency situation, you will know exactly how to proceed.

Ask for:

  • Automatic Savings Plan to a high interest yielding savings account
  • Debit and Credit Cards;
  • Chequing Account with overdraft facilities

Financing options
Operations, pediatrician visits and private medical institutions can be very costly. You will have almost no time to consider the financial side of childbirth once the little one decides to push his/her way into the world. So, as soon as you find out that you’re expecting, you need to develop a financial plan which considers all the expenses that would or could arise.

We all know that as kids get older, they start to argue over territory, space and privacy; a 7 pound baby might require an entirely new home, a whole extra room, or a bigger/safer car.

Plan for new expenses:
As your family grows you may have to consider new expenses such as a new home and/or a bigger car by exploring your financing options such as loans and mortgages. Contact us today to discuss the financial side of these decisions so we can help make the transition easier.

Create more time for yourself: Sign up for convenient alternative banking channels such as Debit Cards, Telephone and Internet Banking (where available).

Save for child related expenses:
Open an automatic savings plan for annual expenses and emergency funds (doctor's and dentist's visit, school fees etc.) and ensure that you have easy access to these funds through ATM or cheques in the event of emergencies. You should estimate the cost of these recurring expenses and save for them monthly.

Protect your family
If anything happens to you, your family should know where to turn to finance expenses and maintain their standard of living. You should:

  • Set up an Automatic Savings Plan to build your 3-month salary cushion
  • Set up insurance policies to protect valuable assets such your home, car, furniture, appliances, jewelry, estate etc.
  • Take out a Life Insurance Policy with Critical illness Insurance to ensure continued well being of family
  • Start a Funeral Protection Plan to cover final expenses and ease the burden on your family in the event of death
  • Set up a Term Life Insurance Policy to automatically liquidate debt in the event of death
  • Protect your estate with Will Preparation and Trust Agreements

As a parent, you have to teach your children proper financial habits, reward positive behaviours and finance their education, all with the goal of preparing them to confidently face the situations you now face as an adult.

  • Are you encouraging your child to adopt proper financial habits from young?
  • Do you know what your child spends his/her money on?
  • Do you reward your child when he/she demonstrates positive behaviours?
  • Are you leading by example, demonstrating to your child proper money management techniques?
  • Are your kids equipped with the right educational tools so they are on a level playing field with other kids?

By the time your child reaches 20 years old, he/she can have significant cash holdings which can be used for education, to buy land or anything else you and your child decide at that time. However, to make this a reality, you should start saving immediately. Encourage proper savings habits. The earlier a child learns basic money management techniques, the better prepared he/she would be to successfully handle their own affairs when the time comes. Start by simply opening an account and encouraging proper savings and spending habits. Make paying allowance and monitoring your child’s financial behaviour easy.

You can:

  • Set up a recurring transfer via Digital Banking to automatically debit your salary account and credit your child’s account with their weekly/ monthly allowance and monitor his/her spending patterns through bank statements.
  • Reward your child for all accomplishments to reinforce positive behaviours such as commendable performances in exams, sports, community activities etc. or even reaching certain savings goals or volunteering to do household chores. Many people use monetary rewards for this, however, instead of giving them cash which they may spend immediately, you can credit an account and build their savings instead.
  • When your kids receive monetary awards/gifts, encourage them to save a portion of it instead of spending it all.
  • Equip them with the right tools. A computer is almost a necessity in today’s fast pace learning environment. In addition to back to school expenses, lessons and other fees (extra-curricular) you can apply for a loan to purchase computers, printers, learning software etc. for your kids.
  • Set up a Savings Plan and get pre-qualified for financing of delivery expenses - emergency operations, pediatrician visits, private institutions, hospital stays etc.
  • Plan for new expenses such as new and/ or bigger car or home etc. by exploring your financing options (mortgages, loans etc).
  • Create more time for yourself by signing up for Tellerphone Banking (where available), Online Banking (where available), Debit Cards.
  • Open an Automatic Savings Plan for annual expenses and emergency funds (doctor’s and dentist’s visit, school fees etc.) and ensure you have easy access to these funds.
  • Start saving for child’s future immediately (tertiary education etc.).
  • Set up an Automatic Savings Plan to build your 3-month salary cushion.
  • Take out a Life Insurance Policy with Critical Illness Insurance to ensure continued well being of family.
  • Start a funeral protection plan to cover final expenses and ease the burden on your family in the event of death.
  • Set up a Term Life Insurance Policy to automatically liquidate your debts in the event of death
  • Set up insurance policies to protect valuable assets such as your home, care, furniture, appliances, jewelery, estate, etc.
  • Protect your estate with Will Preparation and Trust agreements.
  • Open a youth savings account to encourage proper savings habits.
  • Pay allowance with monthly recurring transfers via Digital Banking and monitor child's financial behaviour through monthly statements.
  • Set up a savings plan or consider financing to equip them with the right tools.
Finances

Regaining Financial Control

Regaining financial control of your finances

  • Do you spend more than you earn?
  • Are outstanding payments piling up or becoming increasingly hard to pay off?
  • Do you find yourself paying bills late or barely making deadlines?
  • Is your credit card limit fully utilized?
  • Do you feel like you’re struggling to keep your head above the water?

Here are a few tips to avoid getting into that situation and to get you out if you’re already there.

How to regain control of your finances:
Consolidate your debt

Your financial situation could get very confusing when several different loan or credit card payments are coming out of your account at different times of the month. It becomes difficult to keep track of: which payments were actually made; which payments are outstanding and if you have sufficient funds to cover them; how much you can afford to spend on entertainment and other everyday needs such as groceries, travel, lunch etc.

You can solve this problem through debt consolidation. This simply entails taking out one loan to pay off many others including hire purchase debt and loans and credit cards from other banks and retailers. This way, you only have to service one loan, track one payment and deal with one bank.

Ask for a Debt Consolidation Loan.

There are times when mortgage or loan installments and high credit card balances can become burdensome. As soon as you start to feel overwhelmed, you should set up an aggressive plan to automatically reduce your debt. Commit to paying off one loan or your credit card entirely. By commit, we mean that you:

  • Sacrifice and pay extra to that loan monthly so you pay it off faster. You should choose either the debt with the highest interest rate as this is the most expensive debt you have, or, the one you can pay off fastest.
  • Set up a monthly recurring transfer via Digital Banking to pay off your credit card.
  • When that loan is paid off, you would no longer have to make that installment and would therefore have ‘freed up’ funds.

Do not go on a spending spree with those funds. Instead:

  • Decide on the next debt you want to pay off
  • In addition to your normal installment on this debt, also apply the ‘freed up’ funds from the last loan you paid off.
  • You will therefore pay off this next debt well before its maturity date. Continue using the funds that become available after paying off each debt in this way and you’re on the road to being debt free.

Don’t save in your salary account.

You need a basic savings or chequing account so your employer can deposit your salary through the bank. This is your main transaction account to buy lunch, pay bills, buy groceries and party so, ensure you get an ATM debit card and cheque book to easily access your funds. It is highly unlikely that you will meet your savings goals if you try to save in this account. You will probably spend money that you will need some time in the future and then, when that time comes and you don’t have the money set aside, you will find yourself frustrated and financially stressed. So, keep your spending account separate from savings.

Ask for:

  • Chequing Accounts for salary processing;
  • ATM Cards;
  • Automatic Savings Plan to debit your Salary Account and save in a high interest yielding savings/investment account.

Monitor your accounts consistently:

  • Review your bank statements monthly so you keep tabs on how you are spending your money.
  • Look for areas where you can cut-back, reduce debt and increase savings.
  • Also make sure you have telephone banking and internet banking (where available) so you can check the balance in your accounts between pay days and adjust your level of spending to suit your financial situation.
  • Ask for: telephone banking (where available); internet banking (where available); The highest statement frequency on your Salary Account (Eg. Monthly Statements)
  • Don’t let your credit card debt spiral out of control

Credit cards are wonderful financial tools but they have to be managed. Get into the habit of using your credit card only if you can pay the balance in full each month. If your balance is increasing and you are only making minimum monthly interest payments, you may be losing control. As soon as you reach that point, you should set up an aggressive plan to automatically pay off this debt.

Six steps to automatically paying off your credit card balance:

  • Decide on the amount you want to pay off on your card. Aim for the full balance.
  • Stop spending with your card! Refrain from using your card until the amount owing has been reduced by your target amount.
  • Decide on a date by which you want to pay off your outstanding balance.
  • Calculate number of months to target date.
  • Divide the total outstanding balance by the number of months.
  • Set up a recurring transfer via Digital Banking to pay that amount monthly to your credit card account.

Ask for: recurring transfer via Digital Banking to your credit card account. Remember it’s not how much you earn…it’s how much you spend.

Set up to avoid financial stress.

Financial stress enters our lives when:

  • We are struggling to find funds for essential major payments that arise every year.
  • We don’t have the funds we need to accomplish cherished goals.
  • We lose our jobs or would like to change jobs but are tied because of financial obligations.
Save for annual expenses

Year after year, many of us find ourselves with the same financial problems. We know we have to pay house or car insurances and other annual expenses, yet we pretend otherwise until the due date arrives. We then use our credit cards or even seek financing to pay for these unavoidable expenses. You should list and calculate the total of these expenses, divide the total by 12 and save for them monthly so you will have the cash available when the time comes.

Save at least 3 month’s salary

In the event of loss of employment, a decision to change jobs, an international financial crisis or any emergency, you still need to pay bills, buy groceries and cover other unavoidable monthly expenses to keep your home running, provide for your children and simply live. Everyone (especially parents, homeowners and renters) should have an account with at least three to six months salary set aside. If you find it difficult to save three month’s salary, you should aim to cover at least three months of expected expenses (loans, rent, bills, etc.)

Ask For:
Automatic Savings Plan from your Salary; Account to high interest yielding savings account or a Loan for an amount equal to three month’s salary

Save for your major goals

People become very frustrated when they make a decision to achieve a major milestone but find that they are unable to do so because of lack of funding. If, for example, you’re planning to buy a car or a home, you probably need to have a down payment to qualify for the loan or mortgage. Decide on your next major life event, call us to find out the financial implications, and set up either an Automatic or Forced Savings Plan immediately so you’ll be prepared.

Look to the future and increase your earning potential

Your current salary may be sufficient to meet your needs now but will it be enough in the future?

For instance:

  • Will you have enough money to maintain your standard of living if you buy a home, have kids or buy a new car?
  • Will it be enough to allow you to take that dream vacation or ensure that your mother receives the best care available as she grows older?

If you think you need a salary increase then you have to make yourself more professionally attractive to the job market and even to your current employer. This may require taking a short course or pursuing a degree. If so, there is a financial side to this and we encourage you to call us to discuss your options.

My cash control checklist

  • Consolidate your debt for one easy monthly payment.
  • Reduce debt one at a time by setting up a recurring transfer via Digital Banking to pay a little extra to that selected debt every month.
  • Do not save in your Salary Account; use it for everyday transactions.
  • Check your monthly statements and use internet and telephone banking (where available) to monitor your spending every month.
  • Set up a fund for annual expenses such as Car and House Insurances etc...
  • Set up a 3 month salary cushion to insulate yourself against job loss or job dependency.
  • Plan your goals and set up a fund to save for them e.g. home down payment or wedding expenses.
  • Set up a recurring transfer via Digital Banking to pay a comfortable amount to your Credit Card every month to keep it under control.
  • Seek out degrees, certificates and courses to increase your chances for a promotion and a higher salary.
Retirement

Retiring successfully

Planning for retirement is of utmost importance

Planning for retirement is of utmost importance. Why? Well, let’s consider the following seven questions and the discussions that follow:

  • Are you actively saving towards and planning for retirement?
  • If you are depending only on your organization’s or a government’s pension plan, what happens to your retirement savings plan if in your mid 40s or 50s you want to change jobs?
  • If you live for 30 years after you retire, will your retirement plan last as long as you?
  • Will you be able to deal with medical expenses that may come later on in life?
  • Have you put things in place to ensure that your estate is protected? Do you keep your deed, wills and other important documents in a secure place?
  • Will you be ready when your income turns from salary to pension?
  • Will you have to depend on your children or siblings to take care of your financial needs as you get older?

Organization and government pension plans need to be supplemented if you wish to maintain your standard of living after retirement. The best time to start saving for retirement is in your early 20s or 30s. With the right plan, you will be entitled to significant tax savings and can retire with hundreds of thousands of dollars and even pass the million dollar mark. Even if you’re past that age, it’s still better to start now rather than burying your head in the sand and pretending it’s not going to happen.

If you haven’t as yet done so, you should set up an Individual Retirement Plan as soon as possible.

Example - Setting up for successful retirement:
Let’s say You’re 30 years old;
You put aside $300/month
Your plan is projected to earn 4% per annum
You want to retire at age 60

With such a plan, you would have contributed $108,000 by age 60 but accumulated $208,214.82. That’s the magic of compound interest! Of that amount, you will receive $52,053.71 in hand and $156,161.12 will be left to help supplement your pension over the rest of your life. The sooner you start the more you retire with so call us right now. No excuses.

Facing reality and planning the hard stuff

If you have dependents, close family or loved ones, you may want to ensure that in the event of illness, they know where to turn for coverage to take care of you and, in the event of death, they will be able to maintain their standard of living.

You should have:

  • Life Insurance with Critical illness so they can take care of you during illness or maintain their standard of living in the event of death.
  • Funeral protection plan to cover final expenses and ease the burden on your family during an already traumatic time
  • Credit Risk Insurance to automatically liquidate debt in the event of death if you have or are taking a loan. This is to ensure your estate will not be negatively affected.
  • Wills and Trusts so your estate will be divided in the way you would wish (no fights over property and assets!)

Ensuring that major expenses are dealt with while still receiving a salary

Before you retire and while you are still receiving your full salary, you may want to consider buying a new car or fixing up your existing one so you go into retirement with a dependable vehicle. You may also wish to complete much needed home renovations or make over your home into a peaceful, relaxing space in preparation for retirement.

You should consider financing these expenses five to ten years before your planned retirement so you don’t have too many loan obligations when your monthly salary is replaced by a pension. Also, if you are a homeowner, you can use the equity in your home to secure financing for this purpose through Home Equity Loans (read on for an explanation of homeowner’s equity).

Ask for:

  • Home Renovation Loans
  • Car Loans
  • Consumer Loans for other expenses
Paying off debt before retirement

While some people may take on additional debt before going into retirement to buy cars or renovate homes, others prefer to ensure that all debts, mortgages, loans, credit cards, etc. are paid off well before retirement. Here is a technique to reduce your debt and free up your cash before retirement.

Reduce your debt:

Commit to paying off one loan or your credit card entirely. By this, we mean that you:

  • Sacrifice and pay extra to that loan monthly so you pay it off faster. You should choose either the debt with the highest interest rate as this is the most expensive debt you have, or, the one you can pay interest off
  • Set up a monthly recurring transfer via Digital Banking to pay off your credit card.

When that loan is paid off, you would no longer have to make that installment and would therefore have ‘freed up’ funds. Do not go on a spending spree with those funds. Instead:

  • Decide on the next debt you want to pay off
  • In addition to your normal installment on this debt, also apply the ‘freed up’ funds from the last loan you paid off.
  • You will therefore pay off this next debt well before its maturity date. Continue using the funds that become available after paying off each debt in this way and you’re on the road to being debt free.

Set up: recurring transfer via Digital Banking from your Salary Account to your Credit Card Account or Loan

Safer investments for lump sums and cash influxes

When retired or approaching retirement, you may receive multiple large inflows of cash from pension plans, matured insurance policies or even the sale of a large home as you scale down and move into a smaller, less expensive home or apartment. Look for safer investments as you won’t want to risk losing your nest egg at this stage. Lump sums should be invested in such a way as to benefit you for the rest of your life.

Consider lower risk investments with options such as monthly interest payments to supplement your income/pension.

Ask for: Term Deposits and high interest yielding savings accounts

Safekeeping for important documents and cherished possessions

In addition to keeping your wealth safe, you may also want to safeguard important items and documents such as wills, the deed for your home or expensive jewelry so you can have peace of mind knowing that these items don’t get into the wrong hands. For a nominal fee, you can store these items in a bank safe deposit locker and limit access to only those you feel 100% comfortable with.

Medical

Insurance becomes increasingly expensive as you get older and, after a certain age, you may not be able to buy insurance at all. If you cannot buy into an insurance plan and you don't already have one in place, you need to start saving immediately for the possibility of illness and hospitalization.

  • Set up an Automatic Savings Plan to transfer a portion of your income/pension every month to a savings account that can only be accessed in the event of an emergency.
  • You may wish to have one trusted person as a joint signatory on the account so they can access the funds if necessary. However, we stress that you must think very carefully before selecting this person as this account is of utmost importance.
  • You should also request monthly statements and check them regularly to ensure that your balance is what it’s supposed to be.
  • If you are a homeowner, you can also use the equity in your home to secure financing for this purpose through Home Equity Loans

Ask for: Automatic Savings Plan to high interest yielding savings account and about our Home Equity Loans

Special packages with age related benefits:

Customers should be encouraged to take advantage of age related banking benefits such as free services, waivers on membership fees and preferred interest rates on select banking products. Once you retire, every penny counts so ensure that you ask your banker how you can access these options.

Make banking easy and convenient

This should be a relaxing and stress-free time. After facing the hustle and bustle for all your working years, why spend time in traffic and bank lines simply to check account balances, transfer funds, pay bills and do other basic transactions? With ATMs, telephone and internet banking (where available), banking can be quick, easy and convenient.

Once you plan your retirement goals, let us make an appointment for you with our financial experts. They will consult with you to understand your specific needs and recommend a customized solution to help you protect your estate, manage your finances and achieve your objectives.

Good to know – homeowner’s equity

If you are a homeowner, you can also use the equity in your home to secure financing for:

  • Medical expenses
  • Home renovation
  • Education expenses (for kids, etc.)
What is the equity in your home?

Your home equity is the amount left after subtracting the unpaid debt balance(s) on the property (e.g. your mortgage balance) from the property’s current market value as assessed by a valuator.

  • Current market value - $500,000
  • Mortgage balance - $200,000
  • Homeowner’s equity - $300,000

Your homeowner’s equity, therefore, increases as debts are paid off or the market value of the property appreciates.

Planning ahead for retirement years (Including the things we don’t like to think about)
  • Set up an Annuity or deferred Tax Savings Plan to save for retirement.
  • Take out a Life Insurance Policy with Critical Illness Insurance to ensure ample health coverage and continued well being of your family.
  • Start a funeral protection plan to cover final expenses and ease the burden on your family in the event of death.
  • Set up a Term Life Insurance Policy to automatically liquidate your debt in the event of death.
Just before retirement
  • Ensure that home and car expenses (repairs, purchases, etc.) are dealt with while you are still receiving a salary.
  • Use the ‘Reduce Debt’ strategy to pay off debt before retirement.
Upon Retirement
  • Find safer investments such as Term Deposits or higher yielding bank savings accounts and investments for: Lump sum and retirement income; or Excess funds from selling home to buy smaller, less costly property.
  • Secure your most important documents and cherished possessions through the use of Safety Deposit Boxes.
  • Think about how you will deal with Medical Costs (including emergencies)
    • Existing Insurance Plans with critical illness and hospitalization;
    • Automatic Savings Plan to High Interest Yielding Investment
    • Home Equity Loans
  • Create more time for yourself by signing up for telephone banking, internet banking, and debit cards
  • Protect your estate and prepare your will
  • Set up an appointment with our experts for help with financial planning

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