Mr H's Case Study
When things went to custard, we had a coffee instead…
Helping your grown-up kids buy their own homes is something a lot of parents would love to do.
So my wife and I had an idea of how we could do just that and help our 3 children climb onto the property ladder.
Our first step was to buy a property that had enough land to sub-divide to build another two houses on.
Under advice, we ended up with multiple names on the title – our names and our three kids.
The idea was that our adult children would then take out their own loans and pay us back for the building of their new houses.
So, off I went to the bank, of which I’d been a loyal customer for over 30 years.
This is where things turned to custard.
Firstly, over a few weeks, we got passed around not two but three different bank employees – which was incredibly frustrating.
They all said yes – then they all said no – they wouldn’t lend any more money for the building of the new houses.
We approached a number of advisors – but none could provide a solution.
Then we met Alex Wang from Financial Partner.
Over a coffee and 30-minute chat, Alex quickly understood the problem and identified the solution.
Unlike our existing bank, that was centered on the development property, Alex had the simple idea to merely extend the loan on our existing home, thus avoiding the issues surrounding the development property.
He then arranged the lending – from another bank.
Now my kids are just a few weeks away from moving into their new homes, thanks to a very smart Alex Wang.
He has a unique skill set, is highly professional and always positive and helped us achieve our ambition of getting our kids into their own homes.
In fact, we’re now in the financial position where we can look at more opportunities to help us with our retirement.
Something tells me we should ask Alex out for another coffee…