The situation
A 65 year old investor wanted to refinance his investment property to a lower rate. He had no plans to retire soon and a clear plan for how the loan would be repaid.
The challenge
Many lenders are reluctant to give a 30 year loan term to a borrower his age, so the standard answer was no, or a much shorter term with higher repayments.
What we did
- Documented his work plans and his exit strategy, meaning how the loan would be paid down or cleared as he got closer to retirement
- Found a lender on our panel that assesses older borrowers on their actual situation rather than age alone
- Matched the loan term and structure to what he needed, and explained that a longer term means paying more interest over the life of the loan
The result
Approved and settled within 2 weeks of approval. His repayments dropped by $368 a month compared with his previous loan, about $4,400 a year.
“The refinancing process was seamless and fast, and we received approval quicker than expected.”
What this means for you
Age on its own shouldn’t stop you refinancing, but you will need a clear plan for how the loan gets repaid. If this sounds like your situation, book a free 15 minute call.
Names and some details have been changed to protect the client’s privacy. Every situation is different, and your result will depend on your own circumstances and the lender’s assessment. General information only, not credit, financial or legal advice. Sklupple Pty Ltd (ACN 676 755 990) trading as KK Talks Finance is a Credit Representative (CR No. 569266) of Australian Finance Group Ltd (ACL 389087).