Case Study: Simon and Gayle

Age: Early to mid 40’s

Family Status: Married with 2 kids under 12

Household income: $90,000

Household Status: Home Owner

Property Value: $420, 000

Debt: $180,000 (Home Loan), $12,000 (Car Loan)

Monthly Repayments: $980

Goal: Debt Consolidation/Reduce the term of their home loan/Complete an $80,000 master bedroom renovation

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Do you need to refinance or consolidate your debts?

See how Simon and Gayle consolidate their debts while refinancing their home.

Simon and Gayle have been married for 10 years and have 2 kids under 12. They currently have a home loan with an outstanding balance of $180,000 with monthly mortgage repayments of $980. Their property is worth $420,000 and they have been putting all of their savings into mortgage payments. Simon earns about $90,000 per year and has been with his employer for 6 years. Gayle is a hard working stay at home mum who helps out at the girls school when she can. They have decided to add a main bedroom with an ensuite to the rear of their house. They have had the plans completed and a final builder’s quotation for $80,000 to complete the work. They have a $10,000 credit limit on their card and a $12,000 balance on a car loan. Gayle has become frustrated with her bank because she is aware that they can refinance and get a rate that is nearly 1% lower than their current rate of 4.9% and their current lender won’t match this rate. It is also frustrating that the loans officer she normally deals with has been transferred to another branch.

Simon and Gayle a young - middle aged couple with their kids

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TOTAL WEALTH MANAGEMENT PTY LTD | ABN 14 079 194 808 is an Authorised Credit Representative of Centrepoint Alliance Lending Pty Ltd | ABN 40 100 947 804 |  Australian Credit Licence No. 377711.