Recently our finance team has helped a mature-aged client start his life over with his own home. But starting again at 60 and securing finance for a home can be difficult without the help of an experienced Mortgage Broker. Here’s Carl’s story.
Carl has been divorced for several years. He had owned a canal front property and three investment properties with his former partner. Once the marriage ended, the properties were sold.
Carl approached our Home Loan Specialists John and Julie Rashleigh for help.
Most lenders have strict lending policies for mature-aged borrowers. For example, if you are over the age of 40, the lender may shorten your loan term so that your home loan must be repaid before the time you retire or before statutory retirement age of 67.
As Carl was 60, we need to apply to a lender that understands and accepts mature age borrowers and provide an extensive ‘exit strategy’ for him.
There are three important steps to increase our chances of getting Carl approval for a home loan:-
- Create a defined exit strategy that makes sense
- Repay the loan prior to retirement
- Apply with lender that is willing to consider our client’s situation.
As Carl is able to work, until he turns 75 years old we were able to find a lender that accepted his exit strategy. There were a few factors that we included in Carl’s application for the lender to consider.
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