Challenge:
Enjoy life and pay off the home sooner
In their mid-30’s Simon and Olivia* have
three children under 7, a home loan and
demanding jobs. “We’d just got to the stage
where we felt we needed to get serious about
our money, look at how we could pay off
our home loan as fast as possible and have
the extra money to enjoy with the kids while
they’re still young.” Olivia says.
To give themselves the best possible start
to achieving their goal they decided to seek
professional finance advice. Olivia met a few
advisers work colleagues had recommended
and when she found adviser Liam Diggin
through MLC, she felt comfortable they’d
be able to work together.
The first meeting
“When Simon and Olivia first came to see me
they were quite nervous talking about what
many see as an impossible goal. Once we’d
established what was really important to them
as a couple and where they wanted to be in
the next five-ten years it was easy to see that
their family and having the time, energy and
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money to enjoy them was their priority” said
Liam Diggin from Mentor1 Financial Planning.
Liam commented, “I set Olivia and Simon an
extra challenge, to record everything they
spent their money on over a month and really
look at where their money went before our
next meeting. They both worked hard but
didn’t feel they were seeing much left over
each month and while they’d done a basic
budget making a written record really helps
to focus you.”
“We’d just got to the
stage where we felt we
needed to get serious
about our money…”
*Names of clients changed for privacy reasons.
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Challenge: Enjoy life and pay off the home sooner
Simon and Olivia’s
Financial Plan
After sending Liam the financial details he
needed Olivia and Simon met with him a few
weeks later to discuss the recommendations
for achieving their goals. Liam created a
10 point financial plan for them, three of the
strategies were:
1.consolidate super accounts and switch
to a different fund structured for improved
long term growth
2.use equity in their home to borrow
money and invest in a managed fund.
Deposit earnings from the investment back
in the home loan account to help pay off the
home sooner
3.increase personal insurance and see a
solicitor for wills and estate planning
The results
“We ended up following almost all of Liam’s
recommendations and it was a real weight
off our minds. He arranged for us to see
a solicitor and get our wills sorted out,
something we’d been meaning to do since
Milly, our first child, arrived.” said Simon.
“I was quite sceptical about seeing a financial
adviser and wasn’t sure if we could afford it
or if the results would be worth it but now I
can’t recommend it enough! In all we paid
$2,500 for the plan and we agreed on a yearly
fee so that Liam continues to look after our
plan and make any adjustments. Not a lot
when you think of the thousands we would
have paid just in extra interest on our loan
had we continued to drift along like we had
been doing.
“I think it’s really important to find the right
adviser for you” said Olivia. “We really clicked
with Liam and he understood what we were
looking for and why. His advice means that we
know that our family will always be taken care
of should anything happen. There’s enough
money there to pay off any debts, make sure
the kids are looked after and cover schooling
costs until they’re all 18.”
We’ll go back to Liam for a catch up each year
and we’ll also let him know if and when we
make any big changes. We’re well on the way
to paying off the home sooner!”
Find out how advice
can help you reach your
goals sooner
• See how Simon and Olivia
reduced their spending by
$8,000 a year at: mlc.com.au/
mlc/im_considering_mlc/
personal/advice/get_serious_
about_your_finances
• Call MLC on 136 652 for up to
30 minutes free financial advice
with our phone advice team.
Call centre operates 8.30 am to
6.00 pm Monday to Friday AEST.
“We can see each month that the working
hours we put in today are having a real
effect on bringing our goals closer each day.
This case study is intended to provide general information only and has been prepared by MLC Limited ABN 90 000 000 402 (AFSL number 230694) without taking into account any other person’s objectives, financial situation or needs.
You should, before acting on this information, consider the appropriateness of this information having regard to your personal objectives, financial situation or needs. We recommend obtaining financial advice specific to your situation before
making any financial investment or insurance decision. MLC’s phone-based advisers are Authorised Representatives of GWM Adviser Services Limited ABN 96 002 071 749, an Australian Financial Services Licensee, Registered office at
105-153 Miller St North Sydney NSW 2060 and a member of the National Australia group of companies. MLC Limited, MLC Building, 105-153 Miller Street, North Sydney NSW 2060 Australia, is a member of the National Group of companies.
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