1. A little savings can go a long way.
Paul and Jennifer are a couple in their early 40s and recently married. Paul is a Police Officer and Jennifer works part-time in her own business from home. They have one child and one car loan and a credit card with a small balance.
Both Paul and Jennifer have come out of previous marriages and the financial settlements from their respective divorces have set them back to the extent they had to start again.
They needed to build their asset base including furniture and cars and had a young child to support. They pay $1800 per month in rent and can save approximately $1,500 -$2,000 per month over and above this.
Whilst they have a combined income of $130,000, they only had savings of $5,000. They had the capacity to save but were easily distracted on the odd holiday or additional furniture etc., as they felt the idea of saving enough to use as a deposit was a long way off (if not a pipe dream) and they found it difficult to stick to a regimented savings plan.
Paul and Jennifer spoke with a Porter Davis New Home Sales Agent and were introduced to Chris from Badu who explained the concept of home ownership with a small savings balance.
2. No deposit? Options are available.
David and Carra are a newly married couple with a one-year old child. David works full-time as a carpenter and Carra is just returning to work as a nurse.
They have combined income of $135,000 and one car loan. They have spent the last six months paying down a credit card debt and one personal loan and have only just begun their savings journey with $6,000 in their savings account.
They have a good capacity to save now but want to enter the property market sooner if they could get the finance. They also have access to the first home owners grant but have been told they could not use this towards their deposit.
The clients were introduced to Chris from Badu via Porter Davis New Homes Sales Person and Chris was able to help them qualify for a $480,000 house and land package.
3. Reducing debt pays off
Sarah and John are a de facto couple with no dependents. They are in their late 20s and both working full-time. They have enjoyed themselves over the last few years going on overseas holidays and acquiring household items.
John works as a Payroll Clerk for a national sporting company and is paid $60,000 per year. Sarah is a Store Manager for a major retail chain and is also earning $60,000 per year.
They have a car loan with monthly repayments of approximately $550 per month.
In the last 12 months John and Sarah have become more and more interested in buying their first home and have paid out and cancelled one of their credit cards and a small personal loan in readiness.
In addition to this they have begun saving for their home deposit and had a savings balance of $10,000 when introduced to Chris from Badu by a Porter Davis New Home Sales Person.
Sarah and John were successfully able to purchase a $525,000 house and Land package.
4. New beginnings for recent arrivals
Pedro and Anna arrived in Australia from the Philippines four years ago and have obtained their Permanent Residency.
Pedro works in IT and has a full-time job earning $85,000 per year. Anna works in the hospitality industry and earns a full-time wage of $42,000 per year. They have a seven-year-old daughter and have saved $5,000.
They have two credit cards with combined limit of $15,000 and a balance of $1600 owing. They are going to reduce the credit card limits down to $5,000 prior to applying for a home loan.
Pedro and Anna were successfully able to purchase a house and land package for $450,000 through Porter Davis.