Which mortgage IS RIGHT FOR YOU?

THERE’S MORE THAN ONE HOME LOAN TO CONSIDER FOR YOUR NEEDS

Securing a loan for your dream home or long-awaited renovation can be a huge undertaking. Getting your finances in order and exploring the many loans available to find the right match can seem rather daunting. And as we get older, it may seem like there are less options out there. According to Jacqui Schofield, co-founder of Boomer Home Loans, the best place to start is to consider what it is you are trying to achieve.

“For instance, you may be in your 60s, finally looking to do your dream kitchen renovation,” Jacqui explains. “Or sometimes life doesn’t go according to plan – a medical emergency or divorce can knock the best laid financial plans on the floor. Perhaps there isn’t enough super or savings to fund your lifestyle.”

Here’s Jacqui’s advice on finding the best home loan for you...

HOW MANY YEARS SHOULD YOUR TERM BE?

All borrowers need to weigh up their priorities when they look at the quality of life they want, and their views on their loan term will vary.

Some may be perfectly happy to pay off their house as aggressively as they can, with the shortest possible term. They may enjoy living frugally knowing that the money will be nice for the kids to have one day when they sell the house.

But other 55-year-old plus borrowers are after an improved quality of life, and indeed can still have substantial mortgages left to pay off when they retire. So, a longer-term loan may work better for them.