How to use what you OWN to reduce what you OWE

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1 How to use what you OWN to reduce what you OWE

2 Maulife Oe A Overview Most Caadias maage their fiaces by doig two thigs: 1. Depositig their icome ad other short-term assets ito chequig ad savigs accouts. 2. Borrowig whe they eed to, through mortgages, lies of credit, persoal loas ad credit cards. Souds simple eough. Ufortuately, they usually receive low or o iterest o the moey they deposit, while they pay high iterest o the moey they borrow. Would t it make more sese if the deposits ad borrowigs were combied? Why ot have every dollar you ear payig dow your debts util you eed to sped that moey? Maulife Oe does just that ad more. It brigs your mortgage, savigs ad icome together ito oe multipurpose borrowig ad chequig accout. Now, your icome ca istatly reduce what you have borrowed. As you pay bills ad other expeses throughout the moth, the amout you owe will slowly go back up, but as log as your icome exceeds your expeses, you ll still be much further ahead. With Maulife Oe, every day that eve a dollar of your icome stays i your accout, you have less debt ad so you pay less iterest. With eve oe extra dollar of your icome i your Maulife Oe accout, you have less debt tha you did before ad so you pay less iterest.

3 How Maulife Oe works The idea behid Maulife Oe is simple: havig your icome ad savigs work harder to reduce your total debt faster. Cosolidate your debts Whe you ope a Maulife Oe accout, you could borrow up to 80%* of the appraised value of your home. Use this moey to pay off the balace of your existig mortgage ad ay other outstadig loas you might have ad lower your iterest costs at the same time. Put your savigs to work If you re tired of earig little or o iterest o your chequig accout, savigs balaces ad short-term ivestmets, Maulife Oe ca help put that moey to work for you. It applies those balaces agaist your borrowigs, istatly reducig your total debt... ad savig you much more i iterest costs tha you d likely ever make i iterest earigs. Ad, you ca access that moey wheever you eed it (up to your borrowig limit). Put your icome to work By addig your regular icome to your Maulife Oe accout, you further reduce your debt the istat the deposit is made. Your icome is immediately workig for you to help reduce loa iterest costs util you eed it for your mothly expeses. With eve oe extra dollar of your icome i your accout, you reduce your debt faster so you pay less iterest. *If you set up a Maulife Oe accout ad request a credit limit betwee 65% ad 80% of the value of your home, a amout equal to the portio of your credit limit above 65% of the value of your home must be put ito a term subaccout i which the credit limit of your overall accout decreases by the amout of the pricipal paymet. You ca the allocate your remaiig debt how you wish you ca leave it i the Mai Accout or set up additioal sub-accouts. Example The Corells have a home worth $350,000 with a $220,000 mortgage. They also have a car loa, a small lie of credit, a credit card ad some short-term savigs. They cosolidate their debt ad ope a Maulife Oe accout with a iitial debt balace of $245,000. Next, they add the moey from their savigs ($6,000) ad chequig ($3,000) accouts to lower their total Maulife Oe debt to $236,000. After reviewig their optios with a Bakig Cosultat, the Corells decide to request credit limit of $280,000. This gives them access to $44,000 at ay time, should they eed it. They also choose to put $52,500 i a 5-year closed term sub-accout at 3.20% for two reasos. First, they thik iterest rates will go up i the future ad they wat to lock i a portio of their debt at the curret rate. Secod, by allocatig part of their debt to a term sub-accout i which the credit limit of their overall accout decreases by the amout of the pricipal paymet they esure they will reduce their debt through the disciplied paymet schedule.

4 Example SAVINGS The old way of bakig: Savigs $6,000 Chequig $3,000 Total $9,000 DEBTS Amout Rate Mothly paymet Mortgage $220, % $1,400 Car loa $15, % $350 Credit card $2, % $100 Lie of credit $8, % $250 Total $245,000 $2,100 Bakig with Maulife Oe: Cash savigs are used to reduce debt, savig you more i iterest costs tha you d be likely to ear i a savigs accout. Amout Rate Mothly paymet Maulife Oe Mai Accout balace $183, % $535 1 Sub-accout balace $52, % $512 Total $236,000 $1,047 1 Paymet represets iterest oly. So log as you do ot exceed your borrowig limit, you ca pay as much or as little pricipal as you would like each moth. However, we recommed that you pay a amout towards your pricipal o a mothly basis. MONTHLY CASH FLOW Net icome $4,500 Less debt servicig cost ($2,100) Less o-debt expeses ($2,350) Icome less all expeses $50 Net icome $4,500 Less debt servicig cost $1,047 Less o-debt expeses $2,350 Icome less all expeses 2 $1,103 The excess icome you leave i the accout automatically reduces your debt. Ad you ca access this moey at ay time, up to your borrowig limit. 2 Assumes all excess cash remais i the accout, reducig the loa balace. Total Pricipal Total Iterest Total Time $360,000 $315,000 Old Way $245,000 3 $80, years $270,000 With Maulife Oe $237,848 3 $46, years $33,659 You would save $33,659 i iterest ad be debt-free 6 years ad 8 moths sooer with Maulife Oe. Total Debt $225,000 $180,000 $135,000 $90,000 $45,000 3 The $14 admiistratio fee is icluded. $ Time (Years) 17.9 For illustrative purposes oly. Assumes all values remai the same throughout the time illustrated. A rate of 3.50% is used i this illustratio for the Maulife Oe accout ad a rate of 3.20% for the 5-year fixed rate sub-accout. The rate applied to a Maulife Oe accout is variable ad charged mothly based o the daily closig balace. The mothly admiistratio fee is $14.00 ($7.00 for seiors). Rates ad fees are subject to chage ad are ot guarateed. The results that you may achieve with Maulife Oe will differ ad will deped o your specific situatio. For curret rates ad fees, visit maulifeoe.ca.

5 Coveiece ad flexibility I oe easy step, the key elemets of your fiacial life your mortgage, short-term savigs, chequig accout, credit cards, loas ad icome are all combied withi a sigle multi-purpose accout. Now, istead of tryig to keep track of mothly statemets from differet sources, you ll always kow exactly where you stad fiacially, thaks to the coveiece of your Maulife Oe mothly statemet. You ca access your moey ay time through: Debit card ABMs A truly efficiet lie of credit While Maulife Oe was developed first ad foremost to help Caadias become debt-free faster, eve without a mortgage you ll fid beefits i usig Maulife Oe. I fact, you ca ope a Maulife Oe accout if you do t have ay debt at all. If you expect you ll eed to borrow moey i the future ad you do t wat the hassles of egotiatig a loa each time, Maulife Oe may be the aswer. It ca simplify your fiaces. With its low iterest rate(s) ad flexible debt pay-dow capability, Maulife Oe helps you pay back those borrowigs quickly ad easily. Cheque writig Telephoe bakig Iteret bakig Iterac e-trasfer High iterest chequig accout Whe you do t have ay debt, Maulife Oe offers you oe of the highest short-term iterest rates i Caada for every dollar you have i the accout. The high iterest chequig accout is automatically activated every time you cross from a lie of credit to a positive balace.

6 Bakig, the way it should be. Bakig products are a essetial part of a successful fiacial pla. That s why we offer our bakig products oly through fiacial advisors. Sice every cliet has uique fiacial eeds, their advisor ca recommed bakig products to help them achieve their goals sooer. Maulife Bak is wholly owed by Maulife Fiacial, oe of Caada s largest ad most respected fiacial istitutios. Our iovative products ad great rates help Caadias make their moey work harder ad give them access to cash for their fiacial eeds. Make a break from traditioal bakig ad discover Bakig, the way it should be. For more iformatio, please visit maulifeoe.ca Maulife Oe is offered through Maulife Bak of Caada. Trade-mark of Iterac Ic. Used uder licese. Bakig the way it should be, Maulife, Maulife Bak, the Maulife Bak For Your Future logo, the Block Desig, Maulife Oe ad the Oe logo, the Four Cubes Desig, ad Strog Reliable Trustworthy Forward-thikig are trademarks of The Maufacturers Life Isurace Compay ad are used by it, ad by its affiliates uder licese. WM1012E 05/2013

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