Client Background
Susan is a widowed retiree in her 60s, generating a significant income from her assets. She has been a long-term client with a major bank and recently received a pre-approval for a loan, with bank staff advising that her borrowing capacity couldn’t be extended further.
Goal & Objective
Susan aimed to purchase an investment property in the Sydney Metro area, intending to borrow 80% of its value. Initially planning to fund the purchase through her savings, she sought additional insights after her son recommended connecting with Strategic Brokers.
The task was to identify a bank or lender with favourable lending policies for retirees and pensioners, especially one that could recognise Susan’s various income streams.
Approach
Drawing from our experience, we identified that two major banks had policies best suited to Susan’s financial structure. Specifically:
- Identifying a combination of taxable income and tax-free income sources.
- These income streams were not considered in the calculation, as the income from her annuities alone was sufficient.
