Home Mortgage at 50

Discussion in 'Loans & Mortgage Brokers' started by tom mw, 28th Jun, 2020.

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  1. tom mw

    tom mw New Member

    Joined:
    28th Jun, 2020
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    2
    Location:
    Darwin
    Hi
    I am almost 50 and contemplating taking a large mortgage , 3 kids and wife
    Is this absolutely crazy to take a 30 year loan at my age,
    Any advice welcome
     
    tom mw, 28th Jun, 2020
    #1
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

    Joined:
    18th Jun, 2015
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    Location:
    03 9877 3000
    I once helped a 76 year old get an owner occupied loan.

    The key to this is the exit strategy. You've got 15-20 years of your working life left, how do you intend to pay off the loan before you retire?

    I can think of plenty of ways this could happen, but you're the one who's going to have to live with it.
     
    Peter_Tersteeg, 28th Jun, 2020
    #2
  3. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    14th Jun, 2015
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    10,649
    Location:
    Gold Coast (Australia Wide)
    How much are you saving a month , and how much rent are you paying, amd what does your super look like

    Plenty of 55 yr olds that can get 30 year loan terms, just had one settle last week with a 25 yr term

    Obviously youd want to accelarate the payments a bit or look at an active debt recycle strategy to clean it out in under 15 years

    ta
    rolf
     
    Rolf Latham, 28th Jun, 2020
    #3
  4. Jess Peletier

    Jess Peletier Mortgage Broker & Finance Strategy, Aus Wide! Business Member

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    18th Jun, 2015
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    Location:
    Perth WA + Buderim Qld
    It’s only crazy if you’re only going to pay minimum payments and then still have a huge debt when you’re not working anymore.

    Plan your exit - if you’ve got a plan to get rid of the debt, the banks are happy to lend.
     
    Jess Peletier, 28th Jun, 2020
    #4
  5. Tony Xia

    Tony Xia Structured Loan Advisor Business Member

    Joined:
    23rd Aug, 2015
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    1,574
    Location:
    Bella Vista
    Never too old , the oldest client we've settled a loan for was 54 and 45, 4 kids. Purchasing their first home, It was a joy.
     
    Tony Xia, 30th Jun, 2020
    #5