Going through a divorce is incredibly difficult and one of the most stressful things to navigate as a newly single mum is how you’ll manage to keep a roof over your head. Local mortgage broking firm Francis Rose Finance outlines the stories of three mums and what options are available when you find yourself in this situation.
You have the first date. The date that changes things for you. The date that will be the end of first dates. The date that turns into setting the big date. The dates that turn into your property settlement date. The date that turns into your due date.
Things change. Things happen, or don’t happen. Minds change. Feelings change. The date turns into your court date. And just like that, you’re divorced.
We all know someone who has gone through a divorce…our parents, our relatives, our friends, but how does it feel when it is you?
“Divorce feels like living a nightmare,” Karla, mum of two reflects on ending her marriage.
Eva, mum of two reinforces “Leaving my marriage was the hardest thing I have ever done.” Eva explains that for the safety of her children and herself, it was no longer an option to stay in her marriage. “I wasn’t financially secure and there was a mortgage on the house that I was struggling to pay,” Eva continues.
This is a story we know all too well. The women leave work or reduce their work responsibilities to raise the children and keep the home in order. The home that these mums have prioritised to become the epicentre of celebrations, memories and comfort for our beautiful children.
Natalie, also mum of two, shares “Having my husband walk out, leaving the full responsibility of our children, bills and mortgage on me, was difficult.”
Karla, Natalie and Eva were unsure about their options, with their main priority being to keep their children in their family home.
Where do you even start?
Raising children, let alone raising children in an unhappy marriage is enough to distract us from the workings of the law, lender policies and financial obligations.
“I started to build my support network which included legal teams, family, social workers, strata managers, bank managers, government services” says Eva. Eva also got in touch with a Mortgage Broker to better understand her financial ability to pay out her ex-husband and take on the mortgage herself.
Like Eva, Karla started to assemble her team. Karla drew on advice and emotional support from her dear friend, leveraged a strong relationship with her boss and engaged a Mortgage Broker through her lawyer. “I needed to increase my days working to service any type of loan,” Karla explains. Once Karla was able to increase her days and in turn, her income, she was able to secure a home loan.
Understanding you can do this on your own is the first step in doing it on your own. Whether you pay out your ex-husband, sell the property and repurchase or have your ex-husband pay out you to move on, you can do this.
After Natalie’s first conversation with her Mortgage Broker, Natalie expressed “I felt confident going into the financial separation process through the court, empowered with the understanding that I could do this on my own as a single mum.” Natalie is 18 months post-divorce in her family home with her two beautiful children and paying her own mortgage down.
Eva was determined to keep her home. And 3.5 years later, she owns her own home, her children are safe, and they are rebuilding a life filled with love.
Karla, like Natalie and Eva was triumphant in owning her own home. Once her settlement and divorce were finalised, Karla felt a mix of emotions. She felt free, proud, and relieved. “I felt like a warrior, that I survived that process and did it all on my own. It was a time for a second chance of happiness” Karla says, joyfully.
“With the divorce rate being so high, unfortunately, our Plan B is something we now must rely on, often. I have helped countless women navigate this incredibly emotional journey. With two young children of my own, the empathy I have for these strong women doing what needs to be done for their children, is high” explains Matthew Oughtred, Director and Finance Broker at Francis Rose Finance.
The Government has now recognised the difficulty in purchasing a home as a single with dependents. As of 1 July 2022, 5,000 spots will become available for eligible single parents needing assistant purchasing a home for their family. You will only need a 2% deposit, will not need to pay Lender’s Mortgage Insurance (LMI) and may be exempt from paying stamp duty. This Scheme is called the First Home Guarantee.
If you or a friend are considering separating or have begun the process of divorcing, Francis Rose Finance is here to support you. The service is and always will be, cost and obligation free. Contact Matthew Oughtred on 0407 961 713 or email him at matt@francisrose.com.au to book a confidential consultation.
