Getting Back Into The Property Market
A plan can change
Getting back into the property market!
As a single mum, raising her son in the Sydney suburbs, Kara was facing some challenges getting back into the property market following her divorce. She didn’t have a large deposit, there weren’t many affordable property options in her area and her loan term would take her into retirement. After sharing her circumstances and aspirations with us, Kara was surprised when she wasn’t immediately met with resistance but with ‘Yes! This is possible.’ That positive response not only gave her encouragement, but she felt confident and empowered that she would be able to purchase a house on her own.
We helped her put together a watertight plan with excellent supporting documentation. After crunching the numbers we were able to present the lender with a strong exit strategy, showing not only that she would be able to make greater contributions once her son has finished school, but also how she would be able to continue making her repayments after retirement, predicting her superannuation would be twice the remaining loan. We found the right loan with an offset account to allow interest savings while keeping her loan statement clean.
The final obstacle was that the property market was simply not affordable in the area she wanted to live with her son. This didn’t leave her without options, however, and we were able to suggest a solution that would benefit Kara in the long run. We presented an alternative idea of investing in a property in a more affordable location with a lower deposit and lower repayments, which would still allow her to return to the property market and also provide her with a suitable home and location for her to retire to once all was paid off. Taking this advice onboard, Kara was able to purchase a house in a regional area which she now lets out to a single mum with her son. With the help of our team, Kara has been able to not only secure her own future, but also provide economic accommodation for someone just like herself and inspiration to others in her situation who think that there are no option left for them.