The federal government’s recent Budget announcement brought with it some particularly significant news for lenders and advisers. From 2035, the official retirement age will be 70 years old, meaning those born after 1965 will have to wait an extra five years to receive the aged pension.
Money-savvy young professionals who are in the wealth accumulation phase pose an interesting challenge to banks and advisers. For the typical wealth accumulation client, borrowing facilities are often more relevant than complex superannuation investment strategies. So how can we add value to a client who has long-term borrowing commitments?
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With soaring property prices, the additional cost of lenders mortgage insurance can keep first-time buyers out of the market. Gareth Bird, Head of Adviser Services, Investec Australia, looks at the alternatives.
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