I am a fit, female 61yrs living alone, paying $1500 rent a month and fully employed.
Am I able to buy a place of my own?
All my money is in VicSuper

Hi Toni

The answer is yes. What lenders will look at is not just your ability to repay the loan now but also in the future and whether that will put you in financial hardship when you stop working/retire.

How much you want to borrow, what you own and how much is in your Super will be important factors for the lenders to consider.

Happy to discuss further to explore your options.

Regards
Dien

My contact number is 0400889022

Hi Toni,

As my fellow broker Dien has pointed out, the answer is certainly yes but there are a number of factors to be considered including how much you want to borrow, how much is in your Super, and your ability and desire to continue working past what is considered the current retirement age, etc.

You may also like to have a chat with a Financial Planner to determine how to make the best use of your financial resources and how purchasing a property would fit in with the overall financial situation. If you don't have one, I can certainly recommend one in your area.

If you want to have a chat about how you could own a property and pay it off before retirement, my contact details are below and I'd be happy to have a no-obligation chat at any time.

Cheers,

Michael Budge
Bayside Finance Group
M 0418 54 7337 T 1300 54 7337
E michael@baysidefinance.com.au

Agee with the other brokers, Income, deposit and exit plan are the 3 key determinants of a successful loan application.

You have not mentioned if you have a deposit or your money is all in Super. You can borrow a maximum of 95% for a place to live in and that attracts LMI or bank risk insurance - which you can generally at part of to the loan.

What that means you will need approx 10% of a deposit - a broker can provide the exact minimum amount.

Income - You will need to see a broker to confirm your personal circumstances - but as an example - an income of $85k, single borrower, will allow you to borrow approx $530k - assuming no credit card or other liabilities.

Exit Plan - this can include paying out all or enough of your loan to be sustained my regular super payments or a pension.