Mr and Mrs J had no idea if they were in a position to get a loan for their renovation and they were confused about their options and how to proceed. It all seemed too hard. Luckily a friend told them about our services and they got in contact with us.
Renovation dream becomes a reality!
Mr and Mrs J, Gold Coast Home Owners, wanted some extra money to do a major renovation on their home. Their home was too small for them and their teenage daughters, and they were in desperate need to revamp it. They dreamed of turning it into a stylish and modern home.
Not only were we able to get more money than they initially requested for the renovation ($140,000 instead of $100,000), we were also able to get a much better interest rate, help them consolidate their debts, and get additional money to pay off most of their tax bill. All this and we still managed to save $850 per month from what they are currently paying!!!
I know right… unbelievable! This is what we do, and we love it. Who wouldn’t? We love helping our clients cultivate their dreams!
So what was Mr and Mrs J’s situation?
Mrs J had a part-time job, and Mr J was a self-employed tradie. They had owned their home for three years, and they knew the value of their property had increased quite a bit. They both felt like their finances were in a bit of a mess, and they were right. They each managed their financial records very differently. Mrs J was very organised and had her paperwork in good order, but Mr J’s financial records were a bit all over the place.
Along with their current mortgage they also had:
- two car loans
- two credit cards, and
- a tax debt of around $50,000!
Actually, Mr J had no idea he had a tax debt. His GST and tax were not up to date because his accountant had been out of contact at times due to poor health. To make matters worse, Mrs J didn’t have an inkling of an idea about the tax debt. So at this point, the threat of the family finances being in a pickle (or maybe just Mr J – alone in a tent somewhere) became a real possibility.
So how did we help?
Initially, we just had a meeting with Mr and Mrs J to get a broad understanding of their situation. A few things came out at this point, such as:
- They preferred to payout the two credit cards and get rid of them
- One of the cars, in particular, was a significant drain on any spare cash, month to month, and
- There may have been outstanding BAS’s and tax returns.
Having an initial look at their numbers, it looked like they could save over $1,450 per month just by consolidating their debts into their home loan. They ended up with a saving of $850 per month after paying their tax debt.
We provided them with a list of the information they would need to get together for their loan refinance. Quite a bit was needed to consolidate their debts, and verify their income and expenses. It did take some effort on their behalf – particularly for Mr J! But with our assistance, we helped them get through the most stressful part of the process.
Then we got cracking on what we do best. Rather than just submitting their information to any lender, we carry out a lot of research and checks and balances (due diligence) to ensure that we are going to get a successful outcome for them.
Mr and Mrs J were stoked
Success!! They ticked all the boxes for one of our lenders who had very competitive rates at the time. Their hard work had paid off. Mr and Mrs J were so relieved to find out that they’d been fully approved for re-financing. They were able to consolidate their debts, pay off Mr J’s tax debt and get cash out for their renovation – while saving $850 per month!!!
Also, this particular lender was flexible enough to allow them to bank their renovation money using it in their own time – Mr J wanted to drive the renovations himself and, with a bit of arm twisting, Mrs J had agreed to this with the proviso that if they weren’t completed within 6 months they would pay for a professional to step in.
Mr J was empowered to know that his tax was now in order, and his car repayments were a thing of the past. They no longer had to juggle many different payments – they just had a straight forward loan to manage. Mrs J could finally lose herself in magazines full of renovation ideas and get on with choosing the right colours and textures for her new kitchen.
Where are Mr and Mrs J at now?
Well, we hear that there hasn’t been a lot of movement on the renovation front yet, but Mrs J has the calendar marked, and it won’t belong till she makes that call to a professional builder. Mr J is on borrowed time! Every time we see them, there is a wry smile on their faces. They know they did something amazing for their lifestyle and can’t wait to get renovations completed. We can’t wait either! We look forward to checking out their dream home when they are done and dusted.
Have you got a dream?
Have you got a dream that we can help you with? Whether you want to save money on your current mortgage, consolidate debts, access extra cash or get a home loan, we can help.