CLIENT STORIES
The Tricky Task of Retirement Planning in Your 60s

Retirement planning in your 60s can be tough with banks less likely to approve new interest only terms because they assume people will shortly transition into retirement. 

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Just ask one of our client couples who were both working full time. They had a substantial home loan debt and an investment property loan. The investment loan had recently switched automatically from interest only to P&I. 

This resulted in a much higher repayment with an impact on their personal cashflow.

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The lender, a big 4 Bank, had declined to switch the loan to an additional interest only term. This left the couple feeling financial strain from their higher loan repayments and making the idea of retiring seem like an impossible dream.

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Strat X Advisory undertook a detailed review that demonstrated how our clients could keep working, repay their home loan, sell the investment property at the opportune time and then sell again and move to the south coast of NSW - to their dream retirement location.

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Thanks to our experience we were able to recommend the only lender who was prepared to offer a 20 year loan term with 5 years interest only on the investment loan.

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The loans were refinanced at much lower rates (3% versus 4.39%) and, after settlement, the loan repayment strategy was implemented under Strat X Advisory CEO Norman’s guidance.