I love being able to share a success story and my clients Victoria and Jared Banks are just that; in 12 months they went from having no savings to buying their first house! They’re a great example of the power of putting your mind to something and proof that you really can afford to buy in Sydney. I asked Victoria if she would mind sharing her experience – here’s what she had to say…
“When you reach a certain point in life, it seems like everyone around you is settling down and switching from renting to owning. We wanted to do the same, but Jared and I had hardly any savings and we were really short of the money needed for a deposit.
“When we started asking our friends how they managed to buy a property, almost all of them said they’d had help from their family. Some had been left money by relatives, or they had parents who were able to help them out financially.
“Unfortunately, this just wasn’t a possibility for us. I was actually quite worried about our finances. My parents migrated to Australia with nothing. They worked hard and set me up as best they could, but they didn’t have time to teach me about money. For example, I had no idea what to expect when applying for a loan. But Jared and I figured we should give it a try, so we made an appointment with our bank, one of the big four.
“We told the loan agent what we wanted and they ran a check on their systems. It turned out that in the 30 years I’d been banking with them, I’d missed only one credit card payment. But that was one too many! They turned us down and said to come back in 12 months!
“Then we tried a well-known home loan company. The first thing the agent asked us was whether we could get either of our parents to go guarantor or lend us a small amount to get started. Without that, he said there was nothing he could do for us.
“That was about the time Jared’s dad recommended we go and see Effie. I’ll be honest, we were pretty sceptical after the last two meetings we had. But what did we have to lose?
“Right from the very beginning, Effie was just like a breath of fresh air. She arranged to meet us on a Wednesday night at 7.30pm, after we’d both gotten home from work and had a chance to unwind.
“In that one initial conversation, Effie made us realise that our dream was achievable. Instead of talking about what we didn’t have, she started by asking us what our goals were. She said that provided we were willing to follow her advice, and stick at our plan for a certain amount of time, we could definitely reach our goal of owning a property. It was such a change from the previous meetings we’d had!
“After that, Effie went away and did up a financial plan for us. She set us up with a savings plan and recommended we each open a high-interest account to put aside a percentage out of every pay packet; we didn’t even know such a thing existed!
“Saving for a deposit is probably one of the hardest things to do. We really had to reign-in our spending. That’s so difficult when you’re a young couple and all your friends are going out every night. But we found different ways to spend time with them, without spending lots of money. And throughout that time, Effie stayed in regular contact. She kept us motivated and reminded us of our goal. I think that was the thing that really helped to keep us on track.
“Within 12 months, we had saved $60,000!
“Effie was so happy for us! We started the loan application process straight away. And, of course, Effie managed everything for us. She just kept us in the loop while she managed all the documentation with the loan provider. And when questions came up about my job (I’d only been in the role for a few months), Effie helped me arrange a letter from my manager to support our application. Nothing was too much trouble. She even made sure to call us after-hours because she knew how busy our schedules were.
“Once the loan was secured everything just seemed to happen so quickly. Effie referred us to a solicitor to help with the conveyancing, and we had bought a house within just a few weeks. So in just over a year, we went from feeling like we’d never own anything, to being handed the keys to our first property. All because we followed Effie’s advice.
“Since then, Effie has helped us in so many other ways. She helped consolidate my super (which was something I’d always been really stressed about) and is now helping us to buy an investment property. I can honestly put my hand on my heart and say she is focused on helping people; you never feel like just a number. I have recommended her to so many friends. I even wrote an email to Mark Bouris to let him know what a great experience we have had. Not only did he write us back, he actually knew who Effie was and how good at her job she is. You don’t get that from many company CEOs these days!”
Great outcome, right? I’m really looking forward to helping Victoria and Jared (and their gorgeous baby girl) to move on to the next phase of their financial journey. If you’ve got a goal but you’re unsure where to start, give me a call and we’ll help get you on the path to success, just like Victoria and Jared.