Due Diligence

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GUEST OBSERVER
An overwhelming majority of Australians have made at least one financial decision that they regret, new data has revealed.
According to new research from Mortgage Choice, 68 percent of Australians have made a ‘regretful’ financial decision.
Interestingly, of those who admitted to regretting at least one of their financial decisions, almost one third said they made the decision off the back of information they gathered from friends, family members or strangers.
Meanwhile, less than 5 percent of Australians said they regretted a decision that they made in connection with advice they had received from a finance professional, such a mortgage broker or financial adviser.
In other words, those who sought professional advice were much less likely to regret a financial choice than those who didn’t. 
While the future is unpredictable, Australians who do their due diligence and speak to a professional are unlikely to go wrong financially, regardless of what asset class they are investing in.
Those who don’t do their due diligence can often be easily swayed by what they hear or even how a question is posed.
Behavioural economist Dr Lionel Page agreed and said studies show people will react to a particular choice in different ways depending on how it is presented.
We conducted a field study and asked Australians the same question in two different ways.
As anticipated, people reacted to the choice in different ways, depending on how it was presented to them.
When it comes to making good financial decisions, it is important to look at your options from all angles. That way, you can be truly content with your choice.
The field study shows why it is so important for Australians to seek out professional advice.
All financial decisions should be based on knowledge, research, and due diligence. Australians should take the time to investigate all of their options and speak to a professional before making any decisions.
If you take the time to speak to a professional who will help you research all of your options, you will be less likely to regret the financial decision down the track.
To watch the full field study video, <a href="https://www.vision6.com.au/ch/48415/5mtsn/2296824/a0aa4zkw7-1" target="_blank">click here</a>.
John Flavell is chief executive officer <a href="https://www.mortgagechoice.com.au/" target="_blank">Mortgage Choice</a>.
 
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Majority of Aussies have at least one financial regret: John Flavell

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An online tool, Landchecker, that promises to do all the due diligence for property buyers saving them precious time, was launched this month. 
Launched earlier in September by founders of Melbourne architecture agency Ewert Leaf and property developer Moda Corp, <a href="https://www.landchecker.com.au" target="_blank">Landchecker</a> collects all relevant information about a property so people can easily perform due diligence before they invest and also keep property records up-to-date. 
“People are often unaware of the planning controls that affect their home so this tool enables them to quickly check their land for any underlying constraints or opportunities,” Landchecker founder and Ewert Leaf co-director Will Leaf said. The tool took 18 months to develop.
“As architects and developers, we found we were assessing data through several different websites which became time consuming and frustrating. Landchecker aggregates this information on a single platform.” 
For a given address, Landchecker will prepare a property report and the relevant planning controls, such as zones, overlays, schools, bushfire and flood-prone areas and places of cultural sensitivity. It costs $5.99.
The founding team includes Toby Ewert, Ed Farquharson, technical partner Simon Holland, chief technical officer Tim Asquith and general manager Jim Leaf.
<img src="/images/2016/09/13/Landchecker.jpg" alt="">
“Homebuyers often don’t understand where to find this information and currently it is found through several different websites,” Leaf said. “We are helping people to access it quickly in a user-friendly, legible manner.” 
“Landchecker will ensure people are better prepared when they meet with agents or legal representatives because they will be able to ask the right questions – for example, what impact does this heritage overlay have on the value of this property or its potential for redevelopment?’” he said. 
A property professional or investor can access a real-time map and also get permit data, which will also show applications pending and approved. 
Leaf said Landchecker could change the parameters of transparency in property.
“In a society where transparency is becoming a critical part of business, we think it will become popular with financial institutions and mortgage brokers as a means of creating loyalty with customers. Would you bank with someone who didn’t tell you that your house was in a flooding overlay if they had the capacity to do so?”
 
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