Starting Line

Reuben, originally from Mackay, initially purchased a 1-bedroom apartment in South Townsville when he signed with the Cowboys. However, as his relationship with his partner progressed and they were expecting a baby, it became clear that the apartment was no longer suitable. Reuben spontaneously purchased a house and rented out the apartment, resulting in multiple loans and a total of seven monthly repayments. Additionally, the properties were in a market with limited capital growth, leading to erratic cashflow.

The Plan

During our comprehensive discussions, we uncovered Reuben's intention to purchase a third property in the same market to meet the couple’s lifestyle goals. After careful analysis, we advised Reuben to reconsider his options. The revised plan involved cancelling the third property purchase, relocating to a rental property in a desired area, selling the house, and using the proceeds for debt consolidation. Furthermore, the two investment loans on the apartment were to be consolidated.

The Result

By implementing the plan, Reuben, his partner, and their newborn daughter found greater contentment in their new location, where they could easily access the beach. The debt consolidation streamlined their cashflow, simplifying their financial management. With a payroll diversion savings plan in place, they gained a sense of control over their finances and were able to live the lifestyle they desired.

Bottom Line

Through our support, Reuben and his family were able to start fresh, reevaluate their financial situation and make strategic decisions that aligned with their goals. By opting for debt consolidation and realigning their living situation, they achieved improved financial stability and a more satisfying lifestyle. With a simplified cashflow system and the implementation of a payroll diversion savings plan, they have regained control over their finances and are now working towards their long-term financial goals.