• August

    27

    2019
  • 260
  • 0
Do you want a 30 year term on your home loan?

Do you want a 30 year term on your home loan?

Usually when people apply for a home loan, they are seeking a 30 year loan term. However, lenders don’t tend to advertise their requirements for home loans for people over 45. Many lenders are now seeking an exit strategy to demonstrate how your loan will be paid upon retirement. This can leave people in a situation where they apply for a home loan, and are declined, because their exit strategy doesn’t meet the criteria.

What Is An Exit Strategy?

Lenders will look at the age they expect you to retire, and seek to understand how you will pay your home loan at this point. Funnily enough, the age they think you will retire actually varies from lender to lender. Some banks will request an exit strategy from as young as 36! Whilst others will not require this information until much later in your life cycle.

Some things to look at include the amount of superannuation you hold, or whether you have other investments. There are also other factors that can be utilised as your exit strategy, but again some banks will accept these whilst others will not.

Matching You With A Lender That Suits Your Needs

At Bee Finance Savvy, we understand the various rules and policies for our 30+ lenders. Including retirement rules and exit strategy requirements.

We will match you with a lender that is best suited for your goals as a property owner.

This is important not only if you are purchasing a new property, but also if you are looking to refinance. Whether you are hoping to get a better rate, or you need to take cash out of your property, these rules all still apply, depending on your current age, and the banks criteria.

Bee Finance Savvy – getting your application right before you apply

Failing to meet just one of a lenders’ rules about retirement can see your home loan application declined, or the term drastically reduced. Imagine if you are applying for a 30 year home loan, and the lender will only grant you a 15 year term!

Whilst many customers do choose all or some of their loan to be variable, in order to allow extra repayments, they usually prefer the flexibility to make those extra payments via choice.

For an obligation free consult, get in touch with our savvy broker Desiree!

That’s where Bee Finance Savvy comes in. Even though these rules are changing all the time, we stay up to date with them.

This lets us work out which lender best suits each one of our clients, including whether their exit strategy meets that lender’s criteria.

Our upfront assessments are 100% obligation free, so why not get in touch today. Our friendly broker Desiree is here to answer all your questions, and help you on the way to reaching your goals.

To find out more, call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at enquiries@beefinancesavvy.com.au .  You can also fill out the contact us form on this site.

If you’d like to hear from just some of our satisfied customers, take a look at our reviews on WOMO https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda

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