Clients John and Joe were living in and paying all the bills, including the mortgage, for a property owned by their parents, who had returned to live in South Korea. They had also accumulated $120,000 in unsecured debts which they were struggling to repay. Help was needed, and fast, to buy their parents out, refinance the home loan, consolidate their unsecured debts and release enough equity to cover the stamp duty bill.
Our first step was to complete due diligence, including sourcing a lender willing to undertake the transaction and working with a local lawyer to help facilitate the entire transaction.
With these partners and a lot of research, John and Joe bought the property, paid out their parents, consolidated all unsecured debt and paid the stamp duty. After only six months, we refinanced the entire home loan with a top tier lender at a market leading rate, releasing enough equity for John and Joe to undertake renovations. The brothers now have a large surplus household cash flow and are getting ahead, rather than feeling overwhelmed and out of control financially.