Coogee Banker Cheryl on why she got a Midkey

Family home in Coogee, Sydney (1st mortgage), $750,000 Midkey (2nd mortgage)

Why did she need a Midkey?

Since her divorce, Cheryl has renovated and sold several family homes. She had recently re-entered the banking workforce, after a ten-year stint raising three young children. However, despite having divorce proceeds, she couldn’t get a traditional mortgage so had to pay cash for each house. She recently hit a roadblock with her current project, a big old house in the heart of Coogee.

“I became the divorced, single-income mother who renovated and flipped houses to get ahead. I finally got a small bank mortgage, but when I asked for more money to renovate, I was knocked back. They only looked at my income, not at my assets,”

What other options did she have?

Cheryl had invested some of the profits from a previous house sale into a fast-growing beverages start-up. She could have sold the house or sold the stake in the beverages business, but she saw great potential in the business. She didn’t feel comfortable asking her family for financial support.

Cheryl knew the difference between a low-budget renovation and a bigger one that could bring in a decent profit. She could have spruced up the house and garden cosmetically, but she knew the sale price wouldn’t reap enough profit for her to buy back into the same neighbourhood with her big family.

“Then one day my ex-husband texted me a link to Midkey and said I should look at it because he knew I was struggling to get a loan,”

Why did Cheryl choose Midkey?

“I was asset-rich but stretched and, on my single income, I was unable to borrow enough money from traditional lenders to fund the extensive renovation this house needs. Midkey became the key to my future and gave me options otherwise not available to me,” she said.

“I knew I could sell and buy a bigger four-bedroom family home several suburbs out, but I wanted to keep the kids settled, rather than moving them further away from their community, from their friends, their schools, and their dad. Our kids’ lives have been disrupted enough. The divorce has put them under enough stress. With this Midkey loan, we can happily get on with the life we are living,” said Cheryl.  

The Midkey benefits?

“I have finally found a solution that works for my situation and allows me to keep working towards myfinancial goals. With the Midkey loan, I can do a quality renovation that will deliver strong capital growth and get me ahead in the long run. My monthly costs have not been impacted, I can pay back the school fees I owed to my ex-husband, and I can keep my kids in the house, suburb and community that supports them for now, without compromising,” said Cheryl.


“Dealing with Midkey was very smooth. The fee structure was explained to me clearly. I was well-informed, so I knew what I was getting into, and they were patient with me. It’s an awesome product, and now my ex-husband wants a Midkey too,” she said.


Cheryl’s renovation starts in January 2024, and she plans to refinance her Midkey when she sells the Coogee home in two or three years.

Watch the video below to learn more about Cheryl's experience with Midkey.

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