Can I Get An Interest-Only Mortgage at 65?
Australia enforces anti-discriminatory lending practices. Therefore, older Australians can apply for a mortgage. If you would like to apply for an interest-only mortgage at 65, you can. Keep in mind that lenders consider factors that go beyond your age.
Many Australians aim to retire at age 61. Thus, their steady income drops. Most live off their retirement savings. Financial professionals estimate that Australians require $60,000 annually to live comfortably in their retirement. Another way to calculate the amount is to set aside two-thirds of your current income. In addition, Australians have a lifespan of 82 years.
Strictly based on math, this means that most Australians won’t live to pay off a new mortgage at age 65. However, the interest-only portion poses a unique situation. Homeowners can obtain two interest-only periods of five-year increments. This lowers monthly repayments by almost half. Once the interest-only period expires, the homeowner can sell the property.
It’s a lot of financial maneuvering. Those who feel up to the task can apply. Investors also benefit from interest-only mortgages. A great way to find the best financial product for a property purchase is to contact our loan specialists at Mortgage House. They have the tools to assess your financial goals and offer mortgage choice products that fit them.
Interest-Only Mortgage at 65 Conclusion
You can apply for an interest-only mortgage at 65 at Mortgage House. Our loan specialists consider your financial circumstances and goals. If that’s the best option, they will proceed with the application. Otherwise, they can suggest alternative solutions. Contact our team today.