Differing views on 50-year mortgage

Squirrel adviser Nathan Miglani says, “there is no need for it and there has never been demand for it. A 30-year mortgage is more than enough."

He says with most people working for only 40 years, they don’t want to go into retirement with a mortgage hanging over their heads.

“And while the banks have separate rules for buyers over 50, it is still easy to get a mortgage for investment property, but for owner-occupiers there has to be an exit strategy.”

As an example, Miglani points to clients 62 and 59 buying a $1.2 million property paying a $600,000 deposit. Squirrel has secured a 15-year mortgage because they are still in high-paying jobs, but they will be selling down after they are 65.