duffieldtowers Posted September 26, 2015 Report Share Posted September 26, 2015 (edited) So the mid life crisis continues - 4 years on and we have finally seen some progress, someone has turned the land over on our block. Completion due 31.12.2016 ! Apparently two story houses are difficult to build. I think there may only be 2 ladders in WA. Only a few housebuilding hic ups to date. Anyone interested in our Alkimos Beach (AKA South Broome) is welcome to PM me - I spotted the builder, Plunkett, like it... Edited September 26, 2015 by verystormy Link removed as per forum rules Quote Link to comment Share on other sites More sharing options...
Devonscot Posted October 10, 2015 Report Share Posted October 10, 2015 Hello I hope you don't mind me asking on how easy was it obtain a mortgage at 50!my husband and I have PR I am 48 and he is 50 with jobs to go to. We arrive in Jan and have been concerned that at 50 we will find it hard to get a mortgage. Would be keen for any advise thanks Quote Link to comment Share on other sites More sharing options...
annjean Posted October 10, 2015 Report Share Posted October 10, 2015 Hi, you must be able to prove to the bank that you will have the mortgage paid off by time you retire or show you will have the funds to finalize, enough super etc, they do not take pensions into account or even if you say you will downsize at the end and sell the property that is not a negotiating tool. Quote Link to comment Share on other sites More sharing options...
Devonscot Posted October 10, 2015 Report Share Posted October 10, 2015 Thank you for your reply. how would it then be possible for Duffieldtowers to say he is 50with a 30 year term? my plan is to have a 20 year term and overpay hopefully they would allow this. do you have a retirement age in au ie 68 as in the UK in years to come. I am more worried that there would be a prejudice to giving a mortgage to a 50 year old as I have read that this is the case. Quote Link to comment Share on other sites More sharing options...
annjean Posted October 11, 2015 Report Share Posted October 11, 2015 (edited) Not sure about duffelfields, but he may only have a small mortgage and maybe he can prove he will have it paid at off at the time of retiring, lump sum super to cover it or other means, this is not a bank thing it is a rule the government bought in. I think retirement age at the moment is 65yrs, 67 BY 2017, 70 BY 2035, I am no expert just been reading it and asking bank etc, we have had our mortgage since before this new rule was bought in a few years ago. You can talk to a bank online ask questions, so maybe if you can prove you can pay it off earlier they may suggest a 16 year loan and you pay more per month but I doubt a 50 year old will these days get a 30 year loan. Edited October 11, 2015 by annjean Quote Link to comment Share on other sites More sharing options...
duffieldtowers Posted October 12, 2015 Author Report Share Posted October 12, 2015 Sorry about the delay, darn site would not let me log in. AGE was not an issue at all. In fact, they can not discriminate on age (IN WA and maybe the rest of Australia for all I know). We had a very low deposit having sold up in the UK in 2011 at the bottom of the market. Initially I saw a broker, he was next to useless (not around the age thing). Then I had WestPac recommended to me in Joondalup, found the manager on LinkedIn and now have a 600K mortgage at 50, and whilst I earn a good salary, its not mega bucks. Happy to connect you to the WestPac person. You can follow the house build here www.facebook.com/duffieldtowers (Please like the page, I've got the builder on the page and I need them to hurry up with the build... paying rent and a mortgage is not fun ) - Shout if I can help more. Quote Link to comment Share on other sites More sharing options...
duffieldtowers Posted October 12, 2015 Author Report Share Posted October 12, 2015 By the way I have a 30 year mortgage. At 50.... you can do the maths. Quote Link to comment Share on other sites More sharing options...
annjean Posted October 12, 2015 Report Share Posted October 12, 2015 Strange as it was Westpac that told me that information, oh well guess you can let me know how you got on getting a 30 year mortgage, not that I need one. Quote Link to comment Share on other sites More sharing options...
duffieldtowers Posted October 12, 2015 Author Report Share Posted October 12, 2015 Strange as it was Westpac that told me that information, oh well guess you can let me know how you got on getting a 30 year mortgage, not that I need one. Age or term was never questioned. I will be paying it off before I retire, the plan is to stick with interest only, pay the principle into my Super (paying less tax of course) and use that to pay earlier. I know that the bloke who does my aircon just did the same. Quote Link to comment Share on other sites More sharing options...
Devonscot Posted October 12, 2015 Report Share Posted October 12, 2015 Hi Duffieldtowers thanks for your reply and for being so honest in your reply. It has made me feel reassured. Good luck on your build I hope it goes well! Quote Link to comment Share on other sites More sharing options...
fifi69 Posted October 13, 2015 Report Share Posted October 13, 2015 We got a mortgage, mid 40s, no savings, bought established house, no probs. Quote Link to comment Share on other sites More sharing options...
fifi69 Posted October 13, 2015 Report Share Posted October 13, 2015 To Duffield. Read your blog, good onya:cool: daughter works for plunkett, and they are all enjoying your tales:jiggy:. I don't know what they are like to build with, but they are a really caring company to work for, a v long established Perth company. Paying for daughter to go thru uni, so would like to assume, they care for their clients too. Quote Link to comment Share on other sites More sharing options...
duffieldtowers Posted October 14, 2015 Author Report Share Posted October 14, 2015 BRILLIANT that they are paying for your daughter to do uni.... I wonder if she's worked on Duffieldtowers or if we've met her. I've had 700 plus people read my LinkedIn blog and loads check out the Facebook page. I live in hope they will go all out on this Great to hear from you Fifi69 (best name ever). Quote Link to comment Share on other sites More sharing options...
newjez Posted October 15, 2015 Report Share Posted October 15, 2015 Sorry about the delay, darn site would not let me log in. AGE was not an issue at all. In fact, they can not discriminate on age (IN WA and maybe the rest of Australia for all I know). We had a very low deposit having sold up in the UK in 2011 at the bottom of the market. Initially I saw a broker, he was next to useless (not around the age thing). Then I had WestPac recommended to me in Joondalup, found the manager on LinkedIn and now have a 600K mortgage at 50, and whilst I earn a good salary, its not mega bucks. Happy to connect you to the WestPac person. You can follow the house build here www.facebook.com/duffieldtowers (Please like the page, I've got the builder on the page and I need them to hurry up with the build... paying rent and a mortgage is not fun ) - Shout if I can help more. Wow, I thought they were tightening up of lending criteria. Quote Link to comment Share on other sites More sharing options...
Druid Posted October 16, 2015 Report Share Posted October 16, 2015 Hello I hope you don't mind me asking on how easy was it obtain a mortgage at 50!my husband and I have PR I am 48 and he is 50 with jobs to go to. We arrive in Jan and have been concerned that at 50 we will find it hard to get a mortgage. Would be keen for any advise thanks We got a huge mortgage at 48 with ANZ to build a house with only a 5% deposit, we had to pay the dreaded MLI which was loaded on the mortgage to make matters even worse, mortgages are calculated at 30 years regardless, if you pay off sooner, even better. Quote Link to comment Share on other sites More sharing options...
elfie Posted October 28, 2015 Report Share Posted October 28, 2015 Hi we too have a mortgage at 50. Was mortgage free in the UK with 3 houses. Not worrying sold one 2 more to go will be mortgage free in 2 years hopefully.You have to show proof of regular savings over a three month period and wages going into an account and thats about it. 30 year mortgages at 50 are the thing here lolol Quote Link to comment Share on other sites More sharing options...
Scotty Posted November 20, 2015 Report Share Posted November 20, 2015 Age or term was never questioned. I will be paying it off before I retire, the plan is to stick with interest only, pay the principle into my Super (paying less tax of course) and use that to pay earlier. I know that the bloke who does my aircon just did the same. Hi Any chance you can provide me with some more information on how this works? I nearly have my 189, medicals in 2 weeks. Scott Quote Link to comment Share on other sites More sharing options...
duffieldtowers Posted November 21, 2015 Author Report Share Posted November 21, 2015 So , Basically rather than paying the principle out of income that has been taxed at >40%, I can pay it into my super fund, taxed at 10%. Then I can draw it from there, in chunks, later on and pay back the principle. It will work for me as I'm now very old. According to my wife anyway. I have still not brought my UK pension over as I wait for the window of opportunity to do so. Hope that helps. House build is going well, http://www.facebook.com/duffieldtowers now has pictures of the full first floor, took 3 days and about 90K Quote Link to comment Share on other sites More sharing options...
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