John & Annie 34 & 33, Manly, NSW

Category

Young couples

Financial experience

Somewhat experienced

Key goal

Purchase a place to live

Their situation
Moved to Australia from the USA
Owned a home in America
wanted to build wealth and prepare for starting a family

Key outcomes

  • purchased a home to live in in Australia and two years following utilised the equity in their home to purchase an investment property to continue to expand their portfolio
  • implemented insurances, analysed superannuation, and discussed estate planning
  • helped work out a savings strategy now that they were settling in Australia permanently

Understanding their situation

Our clients John and Annie moved to Australia from the USA in 2014. They only planned to stay for 18 months and had no financial plan in place as they wanted to enjoy their overseas adventure. Six years on, they realised how much they loved their new life in Australia and decided to stay long term. They also had a new addition to the family, an 18 month old son!

Not having engaged a financial planner before, John and Annie found themselves in two minds.

“Moving countries we found there were a lot of complex things to explain and unpack. We had a negative perception around the financial planning industry in regards to charging big fees and potentially pushing products. Those were the two things that were top of mind for us.”

“We were thinking that whatever we saved in our superannuation accounts would be our savings while we were here on this little adventure. Fast forward 6 years and we realised we needed to get on top of our finances since our long term plan had changed. That’s one of the reasons why we got involved with a financial planner.”

The Process

“From the time we set up our first meeting until now, Dave and the team have been awesome. They went in and dived deep into our goals. It was great knowing that was going to be part of the process and we could go in and talk about what we wanted. We really focused on what was important to us and how we wanted to set ourselves up. As we went through the initial discovery process, it became clear to both of us that purchasing a family home would be our clear objective if it were at all possible”.

It was important for John and Annie to be able to understand the potential impacts on their cash flow that purchasing a home at differing values would have so they could have the confidence to move forward and execute a purchase.

“We talked about starting a family and worked out what that meant for us financially whilst discussing what the options for us were. It was a great experience going through that. Since Montara Wealth are experts in their field, they validated a lot of short and long term decisions we made. They mapped out different scenarios such as purchasing a property to live in versus buying an investment property and investing in shares”.

John began a new job in sales in March, just as the coronavirus pandemic was breaking out and was unsure whether then would be the right time to go ahead with a property purchase.

“We thought about delaying our purchase, but we were just at the point where we were sick of renting and the home we owned in America was going to be able to sell for a good price so we just went ahead with it. With what we were seeing out of the property market, and prices not being impacted, we decided to continue with our plan as we knew we could afford to do this.”

Whilst this period had the potential to put financial pressure on the couple, having a financial strategy in place meant these scenarios had been modelled and they knew they could comfortably afford to purchase a property as well as have a significant cash buffer in place. Because of this, Annie and John had the clarity and confidence to stick to their plan and purchase a home during the pandemic. Whilst purchasing a family home was the number one objective, we also worked with John and Annie to implement a holistic financial strategy which included reviewing their superannuation, insurance, and estate planning options.

“The Montara team developed easy to understand modelling that allowed us to take action. It was awesome.”

Working with Montara

Having purchased a home in America back in 2010, John and Annie had the option to sell that home and invest in Australia now they had decided to settle here. After mapping and modelling different scenarios for them, and after weighing up the options, they decided on the level of home they could comfortably afford and were now ready to explore their options.

“We had the unexpected bonus of having the team look at our insurances, superannuation, and estate planning, the kinds of things that you must consider as an adult.”

“When beginning to navigate the Australian market, it was super useful to have Dave and the team and our mortgage broker from Orium Finance. For us, it was the same kind of concept as purchasing in America, but we found that the vocabulary was totally different so they were able to clarify any terms or schemes we didn’t understand.

FIND OUT HOW WE CAN HELP

It felt like all the options that were laid in front of us were vastly simplified and this offered us peace of mind.

Wanting to stay in Australia was a big part of why having a financial advisor was so important to us.

Hear from John & Annie

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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