How we helped a 72 year old client purchase a residential property

We recently assisted a client who was 72 years of age, and still working and earning an income.

Challenges Faced

Many lenders advised they would struggle to assist due to the age of our customer – primarily due to a concern that the customer would still have a debt to manage during retirement.

However, the customer had a robust plan to repay the loan.

Outcome

We discussed and agreed on a plan with the customer in terms of how she planned to clear her proposed loan upon retirement, which would include the sale of investments.

A 25 year loan term was preferred (rather than a short term loan) in order to minimise the monthly repayments.  When the customer retires, the sale of some of her investments will fully repay the loan.

We were then comfortable that the loan would be in the customer’s best interests, so we proceeded to research, negotiate, and organise approval for a 25-year loan from a competitive Lender – much to her delight.

Our Consultants think “outside the box” to find solutions for our clients when we are comfortable that the solution is in the client’s best interests.