Seeking a home loan in your forties, fifties or beyond isn’t such an unusual occurrence. Millions of us are doing it. Life goes on and you remain the same person you always have been, regardless of your years.
The sticky and pesky thing lenders are always asking is, “what is your loan exit strategy?” For a great number of us, the exit strategy might very well be that we’ll sell our home and move into something less imposing, newer and more manageable in our retirement years. Thankfully, the strategy is an acceptable one.
From July 1, 2018, if you are 65 years of age or older and meet the eligibility requirements, you may be able to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home. The strategy fits hand-in-glove with the now detailed questions lenders are asking.
To receive proper care and advice on it, you must speak to a qualified financial adviser like Sonia Turkovic at Financial Stability http://www.financialstability.com.au. Sonia will run the necessary checks to see if you match the criteria, which includes but won’t be limited to:
- You must be 65 or older.
- You or your spouse (ex, even) must have owned the property for more than 10 years.
- You must have lived in the home for part of that 10 years.
- The property must be sold after July 1, 2018.
- The property must be in Australia.
- Maximum superannuation contribution is the lesser of $300,000 or sale proceeds.