Posted April 06, 2019 05:03:10A family of five, the family of four, and the two boys and two girls all have to pay for a house when they leave the job they have worked for six months to start a new one.
The three eldest children are paying for their own home and the fourth one, aged four, has already paid off their loan.
It is a situation that has left the family feeling vulnerable and vulnerable to financial disaster.
“We were going to be a family that was able to pay off the mortgage, pay down our mortgage, but the banks were not going to lend us the money to do that, so we are basically living on a one-bedroom house we have borrowed from the bank,” one of the families father, Mr Jodie, told 7.30.
The father is a mortgage broker who has worked at the family business since February, when he moved into the property.
The father says that when he took the job, he was unsure of what to expect, and that he was still learning about the business.
I think that we should all just keep doing what we do and learn, he said.
He said the family had no savings and had no income, which was why they were looking at the local banks for the loan.
“We had no idea what to do or where to go for the money,” he said, adding that he had to spend the next two weeks making sure they had everything.
Mr Jodine says that he and his family would have to spend at least $10,000 on their mortgage, before they would be able to repay the loan, and they would have a shortfall of more than $10k.
A low interest rate and high costs of livingThe family are looking at other options but they are unsure of where to turn for help.
Lowes Finance Australia managing director David Whitehurst told 7:30 the bank does not provide any financial advice.
But Mr Whitehurst says that the bank will help families with their loan if they have been given a rate of interest that is above the average for the state.
“There is a certain amount of risk that is associated with any lending undertaken by a lender to borrowers,” he told 7;30.
“If we are able to find that that is a reasonable risk-free rate, then we would help that borrower with their application process.”
Mr Whitehurst said that a loan of $10 000 would be better than no mortgage at all.
“The higher the interest rate, the more you will be able, through the process, to lower the total amount of the loan over the term of the mortgage,” he added.
If the loan was $25 000, then it would be cheaper to borrow from the national bank rather than lowes finance, he explained.
However, the father, who has been in the job for six weeks, is not happy with the lack of financial support he is receiving.
“It is not fair that I have to have to come out and say, ‘Hey, this is my loan’,” he said while sitting in a meeting room with his family.
His father is in a similar position, as he is unable to pay his loan and is not in a position to get the help he needs.
In a statement to 7; 30, Lowes confirmed that they are working with the bank and that it would not be providing financial advice, but would be helping families in the process.
They said the loan is on a fixed term and that they will be contacting borrowers on the advice of the lender.
This is the first time we have come across this situation in a job-related context.
While Lowes did not disclose the details of their assistance, the bank has confirmed that the loan amount was $20 000.
With the loan repayment deadline approaching, Mr Whiteeth hopes that the family will not be left with a $10K debt to deal with.
‘We need a job’The father has been at Lowes for three months and is working with his father to ensure he gets the money he needs to pay down his loan.
There is one thing that Mr Whitehorn is not quite sure about.
According to him, the only option left for the family is to sell their home and start over.
When the father was looking for help for his mortgage, he found the bank offering an 18 per cent interest rate on a loan with a term of 10 years.
Since he has been working there for six days, he is still not sure what he will do next.
”I would be very surprised if we sold the house, it’s not going into our savings,” he explained, adding he is not sure whether he will go for a loan from another lender.