Facing Retirement with Debt? You’re Not Alone – And Mates Rates Mortgage Brokers Can Help

By Trent Lee, CEO & Managing Director, Mates Rates Mortgage Brokers
Original article source: MPA Magazine

At Mates Rates Mortgage Brokers, we work with Australians at every stage of life—and recently, one trend we’re seeing more often is clients heading into retirement still carrying mortgage debt. And it’s not just something we’re noticing anecdotally—the numbers back it up.

A recent MPA Magazine article revealed that mortgage debt for Australians aged 55–64 has surged by 89% over the past 15 years, with average loan balances nearing $200,000 for that age bracket. For those 65 and over, the situation is just as concerning, with many still holding an average debt of around $158,000.

Why is this happening?

There are several factors driving this trend: rising house prices, people entering the property market later in life, helping their children financially, and even refinancing for renovations or investments. It’s a tough cycle—retirement income is often fixed or reduced, and carrying a home loan into those years can strain your financial wellbeing.

What’s the Good News?

Mates Rates’ brokers can help, as brokers our role has never been more critical. At Mates Rates, we work closely with clients to:

• Review their current mortgage structure and assess whether a more suitable product exists
• Help reduce repayment pressure by exploring options like refinancing to lower rates or longer loan terms
• Work with financial advisers and planners to ensure any mortgage decisions are aligned with long-term retirement plans
• Educate and guide clients early—the earlier you address a growing loan, the more options you’ll have.

We believe financial freedom should be part of retirement—not something you’re still working toward. If you’re in your 50s or 60s and still have mortgage debt, you’re not alone—but you don’t have to navigate it alone either. In the spirit of Mates helping Mates supporting our Grey Nomads and Grey Army, we also offer a 0.10%pa discount as a Mates Rates cash-back for loan amounts >$350,000 for this unique product too.

Let’s talk.

If you’ve hit 60 the new 50 😉 own a home and /or investment property and this sounds like your situation, get in touch with our team, TODAY!

At Mates Rates Mortgage Brokers, we’re all about finding the right solution for your unique journey—whether that’s building wealth in your 30s or planning for a debt-free retirement.

Trent Lee

CEO & Managing Director, Mates Rates Mortgage Brokers