Client Video 13 - Your Advantage Statement

Every single month you're going to receive a statement from us. This statement is literally your financial scorecard for the month. It's going to tell you what income hit your home loan, what expenses went out of your home loan. And the name of the game is to have more money going in than what there is going out. Your income must be bigger than your expenses, your credits must be bigger than your debits. So when you are looking at your statement there, you are going to see all your personal details, your account name, the account type, and then a date running down the left hand column. That date is the actual date the transaction occurred. You then got a detail list of that transaction. So what it was, was it your income? Was it your insurance, direct debit premium? Was it anything that's come out of your account? Whenever you see the word drawdown, that's you calling up for a redraw for whatever it may have been, the rates, holidays, birthdays, Christmas. So every single time you see the word drawdown, that's you contacting us asking for more money. And then all the direct debits are usually coded there so you can see them. So you've got all your debits listed in one column and then the next column you've got the word credit. So this is all your income that's hitting the loan account throughout the month. So with the credits, you must ensure they are always more than debits. That means you're moving forward financially. It means you're getting out of debt. So on the right hand column you've got the balance. And as you can see, the name of the game is to have that starting balance, have that more than what the ending balance is. So your starting balance always should be higher than your ending balance. That means you're paying off your loan. On the right hand side there you can see the loan start date, the loan amount. Now that's your loan facility amount. That's not what you owe. And as you know, as you're paying the loan down, the facility reduces every single month with you. So that ceiling keeps coming down. So that loan amount is not your ceiling, it's the original loan amount where we started. But as you know, every month that keeps reducing down as your debt reduces down. And then the issue date is just the actual date that these statements were prepared there. So that's your statement. It's very easy to understand. Just please focus on two things and two things only. One is your credits. That's your income. Make sure they're always more than your debits. Which are your expenses. And as long as that's happening, your starting loan balance for the month will always be more than your ending loan balance for the month. And that means we're paying the debt down. Focus on more income, less expenses.