Are you retirement ready? Planning for the next chapter

Retirement often conjures up images of afternoons on a golf course or adventures in a motorhome, of growing your own vegetables or spending quality time with the grandkids.

In order to have the retirement you’ve always dreamed of, it’s important to plan ahead. Here are some key considerations.

When do you plan to retire?

Deciding when to retire depends on several factors, including:

  • How much money you will need for retirement
  • Government support options available to you
  • Whether you want to be debt-free
  • Your health
  • Your relationship status.


Your financial situation

How much money you will need for retirement depends on your lifestyle. Setting a retirement budget is the most practical way of figuring out the amount that’s right for you.

When coming up with your budget, include things like holidays, social events, and gifts. Add your figures to your living necessities and use this as your financial-needs guide.


Superannuation

In Australia, super can be accessed from the age of 55. Using the budget you mapped out, ask yourself how you will use your super to supplement your savings and investments.

If you’re concerned that your projected super balance may not be enough to enjoy the retirement lifestyle you would like, consider ways to increase your contributions while still working.


Salary sacrifice – Are you able to put extra money into your super from your pre-tax salary? Salary sacrifice contributions are taxed at 15 percent, which is generally less than your marginal tax rate.


Personal contributions – Making additional contributions to your super using your after-tax income not only boosts your superannuation, you may also be able to claim deductions for personal super contributions.


Contribution caps – Understand what caps apply to various types of contributions, as extra tax may apply when exceeding them. Check the Australian Taxation Office (ATO) website to find out the current contribution caps, so you can contribute tax-effectively.


If your superannuation or other investments has been affected by Donald Trump’s tariff announcements and the associated market instability, it may be worth speaking to a financial planner about the best strategy moving forward. Australian superannuation members were recently warned they would need to put up with volatility in asset values in the months ahead.


Government support options

When you retire, you may be eligible for government benefits such as the Age Pension, concession card, government loans, healthcare benefits, tax offsets and low-cost banking.

Your age, assets and income will affect the benefits you’re entitled to. See the Moneysmart website for more information.


Current and future debts

Research has found that 28 per cent of Australians approaching retirement (aged 50 to 64) still have a mortgage, while 14 per cent of retirees still carry mortgage debt. Optimally, it’s usually a good idea to aim to retire debt-free.


If you still have a mortgage, credit card debt, car or personal loans, it’s worth paying off as much of your debt as possible while you’re still working, so that you don’t have to draw down on your retirement savings.


Mortgage repayments are by far the largest line item on many budgets. There may be steps you can take, however, to reduce the amount you owe while still living comfortably. Can you downsize, for example, or refinance to pay down your loan faster? Chat to us for clarification.


Need finance?

In some cases, people may need finance to help them achieve their retirement goals. Perhaps you need to renovate your home to make it retirement ready, for example? Or maybe you’ve recently divorced and you need to re-establish yourself?


As you approach 60, it can be increasingly difficult to obtain finance from traditional providers, but there may be options available to you. A popular option is a reverse mortgage, which allows older homeowners to borrow money against the equity in their property. There is risk involved, so it’s important to speak to a financial planner before deciding whether a reverse mortgage is right for you.


With the right planning, retirement can be a wonderful, stress-free time of life. Get in touch to review your current mortgage or refinance.

Can gambling impact your home loan application?

July 10, 2025
If you’re looking to buy a property, it’s important to remember that your gambling habits could be taken into account when you apply for a home loan. Your lender will look at any track record of gambling when assessing your financial situation and ability to repay the mortgage. Not only could gambling jeopardise your chances of being approved for a loan, but it could also impact your ability to refinance down the track. Understanding the process When you apply for a home loan, your lender will do an affordability assessment. As part of this, they’ll assess your income (from all sources) against your outgoings (your regular expenses). They’ll also likely check your credit score. If a lender sees evidence of regular gambling transactions as part of your expenses, it may be a red flag. They’ll look at how much money you’re gambling, how frequently you’re betting and what type of gambling you’re participating in. If it’s a small amount you’re gambling relatively infrequently for leisure, it probably won’t raise any alarm bells with the lender. The occasional Powerball ticket, for example, will be considered harmless. However, if it’s an ongoing habit that’s getting out of control, it could limit your ability to secure finance. How to turn things around There are steps you can take to try to maximise your chances of getting approved for a home loan if you do have a history of gambling. Domino your debts: Paying off your debts – whether it be credit card debt, car loan or personal loans – is a good place to start, as it shows you are able to manage your finances effectively. Budget and save: A strong track record of saving will go down well with lenders. Keep putting money aside regularly and grow your savings nest egg. Boost your credit score: You can access your credit score and credit report for free every few months. If you notice any errors in the report, contact the credit provider. The government’s moneysmart website offers tips on how to improve your credit score, such as lowering your credit card limit, paying your utility bills on time and keeping on top of credit card repayments. Stop gambling: If you think your gambling may jeopardise your home loan application, try to reduce or quit gambling. Seeking help There are many resources available to help you tackle a gambling addiction. GambleAware offers tools and support for those who are looking to stop gambling. The site includes a gambling assessment to see how the habit may be impacting your life, as well as research and links to gambling support groups. You can also get immediate support from Gambling Help Online on 1800 858 858. It’s free and confidential. Other options can be found on the Health Direct website . Like to talk through your finance options? If you’d like to know more about how your gambling habit may affect your home loan application, we’re here to answer your questions. Talk to us confidentially about your financial situation and we’ll help you work towards getting the finance you need.

What Labor’s win means for aspiring home owners

By Darcey Rizzuto • May 29, 2025
The Labor party pulled off a landslide victory in the recent federal election. So, what does this mean from a housing perspective?