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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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.
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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.
