***This is a sponsored post. However, as always, opinions are solely mine and so are all the aforementioned financial details and legal experiences. How’s that for baring my soul?***
Sitting in the tiny city office filled with piles of paperwork, contracts and thick volumes of legislation, I felt completely out of my depth.
In the process of buying our first home, we had called upon a lawyer specialising in convenyancing to review the contracts. Oh, the joy. The fun.
Mary ran her own little firm but it didn’t take much for her to give out the impression that she kicked ass. Everything about her spoke of independent, strong, self-sufficient feminist.
So, it was a surprise when she asked me how I was able to contribute almost half of our almost 50% deposit.
“Did you get all that money from your parents?”
Explaining to her I lived and worked (damn hard, mind you) in corporate Japan for almost a decade where income tax is at an easy 9%, I was financially savvy.
Not a penny came from my parents, I proudly proclaimed. So there.
Keeping her professional, ruthless lawyer composure, she then asked whether Boyfriend Surfer and I were married.
“Um, nope” was my flat reply.
I had known Mary for all of 5 minutes and I was beginning to wonder. When does a legal client get to maintain some privacy and dignity?
She continued to push.
“Sooooo, are ya gonna???
I gulped nervously as I wasn’t capable of giving her a proper answer.
Mary wasn’t the first person who’d asked what our marital plans were. But man, no one had been so um, forthcoming about the legal and financial side to it all.
“Can I give you some free legal advice?
Before I could even respond, she let rip.
“Get a pre-nup. Whether you guys get married or not. Stake claim on what’s yours. Get a pre-nup”
The other week, I was invited by Macquarie Bank to a morning tea to discuss their latest product launch, the Flyer Home Loan.
In collaboration with Qantas Frequent Flyer, home owners will be able to earn Qantas Points on both at the time of settlement and for each month for the duration of the loan.
The Macquarie Bank Flyer Home loan offers 10,000 Qantas Points for every A$100,000 drawn down at settlement.
While a mortgage holder’s outstanding loan balance remains at or above $150,000, they will be awarded with 1,000 points each month for the life of the loan and an extra 25,000 points at both the third and fifth year anniversary of the loan.
For example, a $350,000 mortgage loan will automatically earn 35,000 points by the time of settlement, which is equivalent to a Sydney – Melbourne return trip on business class.
While a family of four like ours would need to accumulate far more points to travel together, the Flyer Home Loan is still an alternative for those who don’t want to have the financial burden of a mortgage completely depriving them from travelling.
And from personal experience, I totally get this.
Our upcoming (almost) month long trip to Indonesia means we’ve barely made a dent on our mortgage payments this year.
On the flip side, we know the initial big deposit and extra payments we made when I was working have helped us get ahead.
We just want to breathe this year, you know, actually live a little. And while we’re at it, spend some quality family time while visiting my birth country.
First time house buying, seeking finance and mortgages can be a COMPLETE headache.
While the interest rates are at a record low, things will only become more competitive for mortgage loan providers. So for us, there are a plethora of options – which is good – but also potentially confusing.
Doing stacks of research, talking to people you trust who have gone through the process is all worth its weight in gold.
You might even get some free legal advise along the way. Thanks, Mary.
Joining IBOT with Essentially Jess