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HashChing is Australia’s first online marketplace allowing consumers to access great home loan deals without having to shop around. Completely FREE to consumers, HashChing connects you directly to verified mortgage brokers who can further negotiate a better rate from the lenders and save you time, hassle and money.

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LEZLI

2 years ago

Not a problem. I have just done a $500K loan for couple in their 60's. Was the easiest loan i've done. Please feel free to contact me via my Profile page. thank you.

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Michael

2 years ago

Good Evening Colin, thank you for your enquiry and congratulations on securing your new role. On face value it certainly is achievable. The key here is do you have suitable exit strategy to repay the debt before intended retirement.? This could be in the form of Superannuation, Account based pension, non super based investments eg managed funds or a direct equity portfolio. The probation period could pose an issue with some lenders, however, we may be able to mitigate this with understanding what you did for work before you secured this new position. Eg if you were a teacher for x number years and then had a break, provided your new role is within the education system this may be acceptable. I recently had a client who was a teacher for 8 years, secured a role in administration working at a University and then literally commenced a new role as a teacher 2 weeks ago on probation. This was acceptable to the lender I had placed her loan with. With regards to the exit strategy and if using superannuation as a means of repaying the debt upon retirement, I would seek professional advice from a licensed financial planner to work out surplus cash flow after debt repayments and consider making additional contributions into superannuation. At least this way your increasing your retirement benefits potentially in a tax effective manner whilst having adequate funds to repay the debt and still have a decent nest egg available for when you decide to hang up the boots. End of the day the broker and lender need to ensure the proposed debt will not affect your life in retirement and lender policy can be quite tough for any clients over the age of 55, however, certainly doable provided the above parameters can be demonstrated. Please navigate to my profile and get in touch and we can have a in depth discussion. All the best Michael

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ROMILLA

2 years ago

Morning Colin, I am happy to invest the time to assess your situation in greater detail and provide a solution that suits your needs. Please contact me to discuss.

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LEO

2 years ago

Good Morning Colin We do have a solution to your scenario, the issues you have are 1.Finding a lender that accepts clients on probation 2. Depending on property purchase price - is $60K going to cover deposit and stamp duty 3, Will your income and current financial circumstances make you qualify for a 15 year loan term If you client on my profile I am more than happy to investigate these issues for you to save you time searching for the solution Regards LEO

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Rebecca

2 years ago

Hi, Colin congratulations on your new role. The scenario that you propose is very achievable & the fact that you want to limit the term of the loan will be extremely attractive to many lenders. Naturally, on face value, there is not a lot of advice that I can provide but more than happy to discuss further offline. Rebecca - Awesome Lending Solutions

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