Blocked By Income, Then By Equity. How They Got Through [Case Study]
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What is the main topic discussed in this episode?
Hello and welcome along to the Property Academy Podcast. I'm your host, Steve McKnight.
And I'm Andrew Nicholl.
And this is the show that helps Kiwis go from zero to five investment property so you can be financially free. And stick around for the next 15 minutes because you're going to learn why the bank turned this investor down and how they changed its mind, what it really takes to save your way to a deposit, and how these investors are building to 100k of passive income. And to walk us through it, we are joined by Steve and Vicky. Welcome along to the show. Morning, how are you? Oh, we're doing good, guys.
So guys, take us back to the very beginning. What made you decide to invest in property?
It was probably a bit of a long journey to decide that we wanted to invest in property. And I guess the question for us was how do we get ourselves into a good situation in retirement where we can have a reasonable income, but also how do we help our kids have a better future and whatever that looks like as well? You know, how do we support them in education, buying their first home, whatever that looks like as well. And we were saving and saving just wasn't cutting the mustard. And so, you know, started looking at a lot of different options, what we could do, what the best thing was. Listened to a lot of YouTube on podcasts, giving us a bit of, you know, background and knowledge there as well.
Why did the bank initially reject Steve and Vicky’s loan application?
So I think, you know, it was really just trying to understand what good into the future looks like for us. And
what
tools did you use to kind of figure out how much you might need? This is the hard thing because there's not a lot of tools out there. Well, maybe there are, but I don't think they're necessarily that easy to find to figure out what you need. And honestly, it was probably the first time we had a meeting with one of your consultants back in 2021 and one of the spreadsheets that you guys had talking about helping to understand actually what we wanted to live on when we retired and what we would need. And I think it was a bit of a shock actually when it came back to say, well, hey, this is probably what you need to get to. And that may or may not be investing in property, but this is what you need to have what you're asking for.
And at that point, we're like, okay, we're quite a way away from that.
Yeah, we need to do something different. And I think also, you know, for me, I don't come from New Zealand. We still want enough disposable income when we're retired to be able to travel, to see family. Yeah, and I think we have... family that are retired and not in a great position, you know, they're potentially still renting. And I think that was a bit sobering for us to see, okay, well, if we carry on the way we're carrying on, we're not going to be in a good position and we won't be able to live the lifestyle, not that it wouldn't be lavish, but a lifestyle that we think is acceptable.
And Vicky, if I think about those people, the family members who are retired and perhaps not in the best position, what are the kinds of things you're trying to avoid in retirement?
living on the bones of your, or your backside, you know, um, you know, fighting every week to pay the bills or still renting, still renting, or even, even, you know, trying to save enough money to pay for petrol to come and visit your grandkids or, you know, those that are overseas, Vicky's family overseas, just, you know, probably not in a position at all to travel to New Zealand, you know? So there's only, only travel can go one way. So it's, it's important to be able to do those, those types of things and, I think what we've both seen is a lack of planning from people that are in our family that are retired that, well, things will be okay when I retire. We've got super. We've saved in KiwiSaver for the last 15 years of our life.
This is not us. This is our retired family and we'll be fine. But actually, you won't be fine because actually you don't get looked after to the level that you think you're going to.
And the problem is at that stage, if you're discovering it, it's probably too late to do anything about it.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:08–1:26
2
Why did the bank initially reject Steve and Vicky’s loan application?
1:26–11:35
3
How did the couple increase their income to meet the bank’s requirements?
11:35–16:24
4
What strategies did they use to save the $16,000 cash shortfall for settlement?
16:24–20:38
5
How did they overcome the equity shortfall caused by the market downturn?
20:38–21:16
Speakers
2 identifiedMore from The Property Academy Podcast
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