Told they were too old – Mango Money


Their bank said we WERE TOO OLD

John and Sarah (not their real names) were living their ideal life. They were working on a farm, raising cattle. At the same time they had a rentel property that upon retirement, they would sell and buy a unit to live out their days. But things were getting tight, they were struggling to afford their rental property and so went to the bank to see if the they could extend the loan term to reduce their repayments. Unfortunately for them their bank said NO.

The bank advised them that due to their age they couldn't extend the term off the loan as they would never be able to pay it off. The banker advised them "You are better off selling your property as their is nothing they could do to reduce the mortgage repayments." John and Sarah were beside themselves. 

They had worked hard all their life, and to them it made a lot of sense. They wern't concerned with paying the mortgage off in 10 years as they knew when the time come they would sell the property, pay off the mortgage and with the proceeds buy a unit outright. But they wanted to stay in the market, they didnt want to be in a position where they sold now and miss out on the capital gains over the next 5 to 10 years. If that was the case they may never to be able to buy again.

The Solution

After getting a NO John and Sarah contacted Mango after being referred to us by a financial planner. While their situation was diffucult, especially considering the tightening of the mortgage market over the last 2 years we were confident it wasn't impossible. The current tightening by APRA has made it very difficult for the banks to lend to older borrowers.  

In the end we managed to refinance their home loan and by extending the term of the loan we reduced their repayments from $2,388 to $1,432.67 per month. That is a reduction of $955.33 per month in repayments.

John and Sarah are now able to continue working on the farm and are no longer struggling with repayments. Their rental property is in a position that it is putting money into their bank account not taking it out. 

How Mango Can Help You!

At Mango helping clients get the best solution is in our DNA. We believe common sense should be applied to every situation. So when it makes sense, we work hard to find the right lender for your situation. No is not in our vocabulary, so if you have been told no, or you just want a better deal, give us a call.  

NEED MONEY THINK MANGO!

  • We use Smart Strategies
  • To get you into the right loan
  • So you can pay your debt of faster
  • We have over 30 Lenders
  • Our Service is completely Free

What our clients say

profile-pic
Sasha Spruyt

We would not have been able to get our mortgage if it wasn’t for Alex. He is so knowledgeable and does everything possible to help. We cannot recommend him enough!

profile-pic
Joanne Sheppard

Nicol and Alex make applying for a home loan easy, they take all the worry away and do an amazing job at getting a great deal. This is our first home loan and will definitely use them in the future.

profile-pic
Keshena Riddell

I have dealt with Alex twice now and both times he has exceeded my expectations. He is down to earth, professional and always goes the extra mile to get the job done. His communication is outstanding and the process is so easy. I couldn't recommended a more trustworthy and friendly person to deal with. Thanks again Alex for getting a home loan just right for us.

profile-pic
Ashleigh McMillan

MangoMoney.com.au made refinancing simple,quick and easy. Highly recommend Alex and his team. They work with you every step of the way and get you the best possible outcome. Thank you! We will continue to use Mango Money and a recommend to our friends and family.