David & Michelle – 37 & 39, Sydney, NSW

Category

Young couples

Financial experience

Inexperienced

Key goal

Purchase a place to live

Their situation
Migrated from Ireland in 2012
Wanted to purchase a home but weren’t sure if they had the funds
Weren’t actively saving but knew they needed to take action

Key outcomes

  • Purchased a home, investment property, changed superannuation funds and implemented insurances
  • Modelled their current trajectory and compared it with other investment scenarios that included combinations of an owner occupier property, shares and an investment property
  • David and Michelle are confident with their investment strategy and feel comfortable knowing they have planned for their future

understanding
their situation

David and Michelle migrated from Ireland to Australia 10 years ago with a backpack and no money, keen to travel and with no intention of actually living here. They soon fell in love with Australia and David found a company that was happy enough to sponsor him with a 4 year working visa.

“Sydney was incredibly expensive, but the wages were relative, so we decided to set up here. In the first couple of years, we never really tried to save our money as we were spending quite a lot. We thought of one day saving up for a deposit for a house, but we never did anything with intent.”

David and Michelle were keen travellers, which meant a lot of their spending went towards this. Once the pandemic hit they were forced to save some money throughout the 18 months of lockdowns which opened up the opportunity to do something with their savings.

“We went to the mortgage brokers at Orium Finance after we were referred by a friend to work out our borrowing capacity. They told us that we hadn’t quite saved enough and that it would only take a couple of extra months to have the right amount of savings. That’s when we were referred to Montara to help us develop a proper strategy with the money we’d saved up so we could reach this goal.”

“We liked the idea of working with a financial planner as we were looking for direction on what the best strategy was for investing our money. One of our friends has an investment property and we couldn’t understand how he could afford it. He explained it pretty much pays for itself and had no idea how that actually worked. So, we knew it was possible to make similar moves, but needed someone experienced in the space to guide us because we had no idea where to start.”

THE PROCESS

We took the time to understand David and Michelle’s goals and current financial position and assisted them to understand how they could best leverage their cash flow to finance a home. To do this we ran them through:

  • Developing a cash flow strategy that balanced out their priorities of investment and lifestyle
  • How to leverage their superannuation with a superior investment  strategy
  • How to continue to build wealth outside of their family home and superannuation by securing an investment property.

“We are busy people so having the experts to put together a strategic financial plan was really helpful. If we didn’t engage them, we’d procrastinate and never implement anything.”

Working with Montara

“We are busy people so having the experts to put together a strategic financial plan is really helpful. If we didn’t engage them, we’d procrastinate and never implement anything.”

“Initially we were a little bit concerned about the cost of Montara, however, I work in sales so I understand return on investment. Once everything was explained to us and we were seeing the value in the service, it made complete sense, and everything was pretty much paying for itself.

FIND OUT HOW WE CAN HELP

Outcomes

We wanted to ensure the process for David and Michelle was not intimidating. We simplified the process and jargon for them so they could understand all components to their strategy.

“If I hadn’t engaged Montara none of these investments would have been made. My superfund would still have higher fees and money would be sitting in the bank not earning anything. I would be confused and probably paying too much for an investment property or trying to find one myself, spending the entire weekend researching. I would be stressed out doing these things and I honestly don’t think we would have had a wealth portfolio.”

“What gave us the confidence to go ahead with the investments was that the research was very data driven with backed up reasoning as to why we should be making decisions. So that understanding of the whole process and the state of the current market gave us that confidence to go ahead with the advice.”

“David and Ethan were really helpful in organising a valuation on our current house in order to fund the investment property we purchased. It was also incredibly useful to work with Orium Finance, Montara’s sister company, and let both services liaise with each other without us having to do anything on our end.”

By doing something about their situation now and planning for their future, it gives them both comfort and satisfaction about whether certain decisions are right for them.

Advice I’d give to people similar to us is that you just need to start the conversation with a financial planner. There are a lot of moving parts but when they are broken down into the things that are relevant to you, you’re informed and you can make whatever decision you like after that.

Hear from David and Michelle

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Financial Advisers & Planners – Hire Fee Based Best Financial Advisors – Estate Planning Firms,
Wealth Management & Advice Experts, SMSF Specialists- Financial Consultant & Strategy that
is Best for You in Bondi, Balmain & Sydney – Montara Wealth

 

Suite 1, Level 6/309-315 George St, Sydney NSW 2000 | GPO Box 4473, Sydney NSW 2001
Montara Wealth Pty Ltd, ABN 14 625 010 344 is Corporate Authorized Representative of Montara Services Pty Ltd Licence No. 526747

Privacy Policy | Licensing Disclaimer | Financial Services Guide | Advisor Profile