Henley Brook Couple Escape Debt Misery

Becoming a property investor when you're up to your ears in nappies, baby food and thousands of dollars of debt may seem impossible to some, but one Henley Brook couple have made it a reality.

With a mortgage, a personal loan, credit card debt, three store cards to repay, a large sum of money owed to family members and their baby daughter to look after, Michael Barnes and his partner Heather knew they were in trouble.

"We were getting further into debt every week," says Michael. "Our debt repayments were costing $300 to $400 per week more than we were earning. It was causing us both a lot of stress and our relationship was bearing the brunt of it."

Then Michael and Heather heard about the benefits of debt consolidation through mortgage management specialists Crown Lending.

"We were skeptical at first but once we'd sat down with them and found out that we could actually reduce our monthly repayments by combining all of our loans, we decided to give it a go," says Michael.

"The difference was that, unlike the banks, we didn't feel as though we were being treated as just a number, and were given help not only with the consolidation schedule itself, but also with the way we manage our money generally."

Michael and Heather reduced their monthly repayments by $800 and managed to slash $13,000 from their home loan in just 12 months.

"The extra equity we've built up in our home has meant we've finally been able finish off some home improvement projects," adds Michael. "Last year we bought our first investment property and we're now making plans for a much brighter financial future."

"Our next goal is to purchase more properties to build up a portfolio of investments. Before becoming a mum, Heather worked as a stable-hand so we're also looking forward to buying ourselves a house with some acreage to run our horses on."