Elizabeth’s Midkey Loan Helped Her Daughter Buy a Family Home in Brisbane

Why did Elizabeth need a Midkey?

For decades, Elizabeth and her husband, living on Russell Island off Brisbane, wished they could contribute to their eldest daughter’s savings and help her buy a good home with an easy commute to work.

“Our daughter hasn’t been out of university long. She’s working full-time in mental healthcare but had only saved enough for a deposit on a one-bedroom apartment. We wanted to somehow help her buy a better investment — a three-bedroom home with a guest bedroom for us,” said Elizabeth with a laugh.

That’s when Elizabeth began exploring options like home equity loans and bridging finance, hoping to unlock the value in her property without putting her lifestyle at risk.

What were Elizabeth’s other options?

Elizabeth, aged 60, works 20 hours a week in elderly care. Her 67-year-old husband recently retired as a military defence systems expert. They own their family home and another small investment house, with no mortgage.

They shopped around with the big banks, and one lender offered Elizabeth a personal loan.

“We own our home and another small investment property, and luckily, we don’t have any debt. However, to pay off the personal loan, I would have had to increase my working hours, and we might have had to sell one of our properties further down the track. It felt wrong. We felt insecure despite being debt-free,” said Elizabeth.

Then she saw a Midkey advertisement on Facebook and spoke to a loan specialist the next day. After some quick eligibility checks and submitting documents, her Midkey loan was approved.

“It was a feeling of unimaginable joy. Our dream of giving our daughters lump sum gifts for their future was coming true. We took the girls out to dinner to break the news to them. There were many hugs and tears,” she said.

Why did Elizabeth choose Midkey?

The bank’s personal loan had an interest rate of 10%, meaning Elizabeth faced working additional hours with fewer holidays to keep up with monthly repayments. Midkey’s no monthly payments home equity loan offered an interest rate 3% lower, with repayment due only when Elizabeth chose to settle.

“Honestly, the personal loan would have changed how we lived. With the cost of living rising and me getting older in the workplace, we knew we might have to sell our other investment property further down the track. Midkey appeared like a gift from the Gods, transforming the future of the whole family. By helping our daughter buy a better home, we are adding value to the family’s property portfolio.”

Elizabeth praised the Midkey team for their empathy and support:

“The entire process was simple and seamless. I made multiple loan applications before finding Midkey. I cannot speak more highly of their service.”

The benefits for Elizabeth and her family

Elizabeth’s two daughters have been renting together until now. Without Midkey, her eldest could only afford a one-bedroom apartment, which would have forced the sisters to split up. Thanks to Midkey’s equity release loan, they will soon buy a three-bedroom property where they can continue living together. The younger daughter will contribute rent to help cover the mortgage.

Elizabeth and her husband will also use part of the Midkey loan to add new decking to their Russell Island home. Having lived much of their married life as expats in the Middle East, they now plan to travel more to reconnect with old friends.

“We’re eternally grateful to Midkey. It has allowed us to continue to live comfortably. I work my 20-hour week without any financial burdens, and we have given our daughter this wonderful gift — a step up in life. It’s fantastic,” said Elizabeth.

Have they made plans to repay their Midkey?

Elizabeth and her husband will reassess their situation in four to five years. It will depend on their health, mobility and whether grandchildren arrive. By then, they may decide to sell their Russell Island home and move to the mainland, closer to facilities and family.

“If we sell our home, that will be the obvious time to repay our Midkey,” Elizabeth explained.

Key takeaway

Elizabeth’s story shows how a Midkey home equity loan provider in Australia can offer a flexible alternative to personal loans, reverse mortgages or traditional second mortgages. By unlocking equity without monthly repayments, Midkey gave Elizabeth freedom, security and the ability to help her daughter onto the property ladder — all on her own terms.