Over 50's and Home Loan Finance

Over 50's and Home Loan Finance

Applying for a loan as you are approaching 50 can be a concern for some people.

Have I left it too late? I shouldn’t have broken up with my ex. Will I rent for the rest of my life? What will happen when I retire? These are questions which might run through your mind.

We apply a common sense approach to loans if you are close to this age. We have some lenders who will give you a shorter term to the loan, but we also have lenders who will consider up to 30 years if you have a decent superannuation balance.

After we have addressed the term of the loan, and the loan repayments, we will also look at whether it is better to have a fixed or variable loan.

Some applicants need a variable loan – to pay off the home as soon as possible. They may be in the process of receiving extra funds from inheritance, the sale of items, insurance payouts and would like to make the most of paying off their home early.

Other times, fixed loans may be considered especially if the interest rates are low. A type of steady as she goes type of situation until you increase your working hours, or get your life in order financially. These are all factors to consider.

If you would like to explore your options please call us on 0403 211 361