What's best?

The most important choices in your life often have to be made at times of great emotional pressure. Children starting school or the long-term stay of a parent may prompt such decisions as introducing a new family kitchen, opening up living spaces, or perhaps moving house. These decisions are best taken with a cool head after seeking advice. Talking to a professional, informed third party can ensure the best fiscal outcome for you and the very best lifestyle option for your family.

Westpac recognises high earners are some of its most important customers, so the bank provides a personal relationship manager to these clients through its Premium Financial Services. Relationship managers are available to help you with all your banking needs from protecting your assets to deciding whether to upgrade or renovate.

Here is a case in point: A couple, let's call them Pete and Margaret, have a home in Cottesloe, WA, that was bursting at the seams, with their children fast growing into teenagers. Margaret was convinced that they should move, but Pete thought they would be better off staying put and extending their kitchen and family area to provide more space.

Sarah Donkin, relationship manager with Westpac Premium Financial Services, talks about the discussion that helped make up their minds.

"When you've got any sort of urgent need in life, emotion can sometimes distort your decision making," says Donkin. "This family had a pressing need for more living and kitchen space and couldn't decide what they should do Pete wanted to extend but Margaret was concerned about potential snowballing improvement costs.

"My plan to help them with their decision involved consulting the latest Property Profile Report from Australian Property Monitors. We were able to check what buying a larger, open-plan home in their current suburb was likely to cost and then compare it with renovation costs."

Recent sales showed that, whichever option they chose, the couple would need a larger mortgage. That was totally affordable but what would be the best use of the extra borrowed funds? After some number crunching, it turned out renovating was the smarter option for them.

"Investigating homes in the area also gave Margaret and Pete an insight into the value that improving might add to their place. This demonstrated clear parameters for what they should spend in order not to over-capitalise.

"Margaret is now picking blinds for the new kitchen," says Donkin. "She's convinced they made the right decision, and Pete is happy, too."

The benefit to Pete and Margaret was timely real estate advice, but this is only one avenue where Westpac can help. Whatever financial decisions you are facing, it pays to talk with someone at Westpac first.

"If you are considering upgrading or renovating, investing in rental property, or taking any other step in the world of property, then Westpac Premium Financial Services should be your first port of call," says Donkin. "Your Premium Financial Services relationship manager can help you with everything from banking and wealth creation through to helping you protect and grow your financial position."

"Relationship managers are supported by a specialist team and together they provide advice and solutions tailored to customers' needs. In addition, regular banking reviews ensure you are always kept up to date with any emerging market conditions, products and services that could help save you time and money."

Westpac's Premium Financial Services are best suited to professionals or those with a personal income in excess of $150,000p.a. To benefit from Westpac Premium Financial Services, contact the relevant state manager for your area. Details are listed on the website.

For more information, visit your local Westpac branch, or alternatively visit the website: www.westpac.com.au

Story by: Trendsideas