RNZ money correspondent Susan Edmunds. Photo: RNZ
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Is it realistic or just a pipe dream to consider taking out a mortgage to buy a beach house in our mid-50s? What level of debt should/could one take on, considering retirement is on the 10-year horizon?
People do take on home loans in their 50s and even beyond. The important thing to think about is what your strategy will be to deal with the repayments.
I checked in with Link Advisory head Glen Mcleod about this.
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He says banks will generally want you to think about what your exit strategy is, if your debt is likely to hang around longer than you'll be working.
Can you cope with payments once you retire? Do you plan to sell at that point?
Can you generate enough income from renting it out when you're not using it that you can cover the loan? Can you pay the loan down quickly, so that you no longer have repayments in retirement?
If you already own your own home and have built up a good amount of equity in it, you should be able to borrow against this for your purchase.
There's definitely no harm in asking a mortgage adviser or your bank what might be possible here.
I have been in Australia since 1979, I'm a New Zealand citizen, not an Australian citizen, but I'm a Australian resident.
I've just turned 65 and look like going back to New Zealand to live in 2026.
I just would like to know the ins and outs of me being able to get the pension there. I think they call it 'super' over there.
Your situation would probably be similar to that of people I responded to in November.
New Zealand and Australia have a Social Security Agreement, which means people can use time spent living in either country to meet the pension residency requirements of the other.
Just note, though, if you are relying on time in Australia to meet the requirements for the New Zealand pension - it sounds like you are, because you haven't spent five years here since you turned 50 - you can't qualify for NZ Super until you reach the Australian age of eligibility, which is 67.
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