I recently received a letter of thanks from a mother-of-three living in Esperance who was trying to remain in her house after a divorce. She’d bought the house with her former husband but wanted a mortgage on her own, so she could remain living in the house with her young children.
This woman in her mid-thirties came to me for advice and was so happy with the service I offered her, she wanted to tell others her story. Because of the circumstances of this client, I’ve preserved her anonymity. Here’s her story:
Starting out again
My husband and I were separated and getting a divorce. I wanted to move on with my life and buy the marital home that I’d lived in since my early twenties. My former husband was no longer contributing to the mortgage, but was still on the mortgage deeds. I was keen to put the paperwork in order so that the house was for myself and the children. To avoid any future complications, I wanted the paperwork in my name only.
Getting my finances in order
Last year I arranged an appointment with Tam and at the time still had a few debts, an outstanding loan on my car and an income that wasn’t consistent. Factor in the divorce and you could say my savings were minimal.
Tam advised me to wait and apply for a home loan when I was in a better financial position. By mid 2018, the car loan was paid off and full time employment meant I was bringing in a regular income. I went back to see Tam again.
Choosing a mortgage
Tam suggested the Commonwealth Bank as my lender – they are one of the few banks that classify child support payments as income. As part of the application process, I needed to provide bank statements, my employment contract and declare outgoing and incoming funds. A valuation was done on my house and I was offered a $170k mortgage. It was a straightforward process but the amount of paperwork meant the application took several months.
Having my first home in my own name
I cannot thank Tam and her dedicated team enough. Tam was always available to answer my queries and we struck up a great rapport. Having a house that is mine makes me feel like a true grown up. I feel both empowered and reassured about the future, knowing I have done all of this on my own.
My boys are very settled here, but my house is relatively old, so further down the track I’ll speak to Tam about securing extra funds to do some renovations. I had a life when I was married, I got divorced and now this is my new life… and it’s a great one, I love the new-found independence.