These were self-funded retirees aged in their early 70’s. They were looking to buy their own PPR on the Sunshine Coast, after selling their previous one, relocating from Brisbane, and renting for a period of time. Approached their own bank, who could not assist, and another mortgage broker who provided the same result as their bank. They were referred to us by an existing client who they had met at a seminar for self-funded retirees. They had a great deposit, approximately 50% of the purchase price, a solid regular pension from their own SMSF, and a suitable loan was approved in approximately 2 weeks. They received a great interest rate considering the circumstances, and over a 25-year loan term, which helped reduce the repayments to a manageable level on their senior debt.
We ended up with some very happy clients with loan repayments that are less than what they had been paying in rent.