Frequently asked questions

We make money simple. Most of us were never taught about money at school, so we explain things like investment property, combining debts, tax, financial planning and super in plain English. Then, after a few quick questions and with your consent, we connect you with an expert in our network who can answer your questions and help. They contact you directly.

Our service is free. Mortgage brokers are usually paid by the lender, while financial advisers and tax agents charge for their work, so ask about their fees before you go ahead. My Money Mentors may receive a referral fee or other benefit from the businesses we pass requests to. We'll tell you which business received your details if you ask.

No. We're a referral service, and our website gives general information only. It doesn't take your circumstances into account and isn't credit, financial product or tax advice. The expert you're connected with can talk about your situation.

Before you go ahead with anyone, you can check them yourself. Mortgage brokers hold, or work under, an Australian Credit Licence (ASIC’s registers); financial advisers giving personal advice must be on ASIC's Financial Advisers Register; and tax agents must be on the Tax Practitioners Board register.

We work with a set of businesses for each kind of service and pass your request to the one that suits it. You're free to compare them with anyone else before you decide.

About 2 minutes. Answer a few quick questions and, if we can help, add your contact details.

Yes. Let the expert who contacts you know everything you'd like help with. If you need a different kind of expert as well, email us and we'll pass your request on to them too.

A few questions answered as ranges: roughly what your home is worth and what's owing on your mortgage, your combined household income and super, your age bracket and your state. If we can help, then your name, mobile (we text you a code to confirm it) and email.

No. There's nothing to upload. The expert will tell you what they need when they contact you.

A business we work with that suits your request: a licensed mortgage broker we work with (for investment property loans and debt consolidation), a financial adviser we work with (for financial planning and superannuation) and a registered tax agent we work with (for tax minimisation). They'll tell you who they are and give you their licence or registration details when they get in touch. You can ask us at any time which business received your details.

Usually within 3 business days, by phone, text message or email, using the details you give us.

No. Asking for help doesn't commit you to anything. You decide whether to go ahead with anything the expert suggests.

Often, yes. Lenders may let you borrow against the value you've built up in your home, subject to a valuation and their assessment of your income and expenses. A broker can explain the options and risks.

No. We don't sell, recommend or promote properties. A broker helps with the loan; choosing the property is up to you.

Usually not. Most brokers are paid a commission by the lender. If a broker charges you a fee, they must tell you before they help you.

It can lower your monthly repayments, but you may pay more interest overall if the debts are paid over a longer time. A broker will show you both figures.

It may be harder, because lenders look at your credit history. If you're behind, the free, independent National Debt Helpline on 1800 007 007 offers free, independent help.

Arranging your affairs within the law, such as claiming the deductions you're entitled to or choosing a suitable business structure, is legal. Schemes set up mainly to avoid tax are not, and the ATO can apply penalties. A registered tax agent can tell you the difference.

Generally, yes. The ATO lets you claim the cost of managing your tax affairs, including a tax agent's fee, in the year you pay it.

If you lodge it yourself, usually by 31 October. If you use a registered tax agent and are on their client list before 31 October, you may be able to lodge later.

It depends on the adviser and how much help you need. Advisers set out their fees in their Financial Services Guide and Statement of Advice, so ask before you go ahead.

Every financial adviser who gives personal advice to everyday clients must be on ASIC's Financial Advisers Register, which you can search on Moneysmart.

Yes. When an adviser gives you personal advice, they must act in your best interests and put your interests ahead of their own.

Many super funds offer help with your super, often at no extra cost. A financial adviser can look at your super alongside the rest of your finances.

Through myGov, linked to the ATO, you can see your super accounts, including lost or unclaimed super, and combine them.

It can save on fees, but check first whether you'd lose insurance cover or other benefits. An adviser can look at your situation.

With your consent, we pass them to the business we work with that suits your request, so they can contact you, and we keep a record of your consent. See our Privacy Policy.

Yes, at any time. Tell the business that contacted you, or email us at info@mymoneymentors.com.au and we'll pass it on.

Because it's your decision. We need your clear agreement before passing on your request, so whoever contacts you has your permission.