Nearing retirement, Robyn bought an investment property

Robyn Cott had a retirement plan – she would rent out her investment property and pay off her refinanced mortgages quickly while earning two income streams.

Robyn Cott had long-held plans to retire to the country. The 54-year-old accountant from Richmond, in Sydney’s northwest, craved a quieter life on the other side of the Blue Mountains. She has a close friend with similar ideas. “I’ve always wanted to retire to the bush somewhere,” Cott says. “[My friend and I] have been looking at places to live over the years, and she eventually settled in Portland. I intend to settle there myself one day.” Portland is a lovely little village near Lithgow. Once known as the home of Australia’s first cement works, it’s now famous for its old-world charm and Australiana period signage. “It’s the sort of place we wanted,” she says. “It took us a while to come to that conclusion but we found it eventually.” Cott’s heart was set. So within sight of retirement, the accountant did something for the first time in her life – she bought an investment property. “I had a significant amount of equity in my principal residence [at Richmond] and I’d been reading a lot about using equity to buy an investment property,” she says. “As part of the process, I went through UNO to refinance my home loan and use some money to purchase an investment property.” How much can I borrow?Use UNO's calculator to estimate your borrowing capacity. Calculate Now

Retirement focus

Her plan was simple. She would live in Richmond and continue working full time while renting out her Portland investment property, which she bought for $215,000. She would pay off her refinanced mortgages as quickly as possible while earning two income streams. Cott admits it wasn’t easy to find a lender prepared to enter into a 30-year mortgage with someone close to retirement age. She says UNO adviser Carlo Monzo helped find the right lenders for her situation. “My principal place of residence is with AMP and the investment loan is with Pepper,” she says. “Carlo suggested Pepper – it was our second choice – the first one made life difficult. Pepper had no problems lending me the money, and that was a deciding factor. But we didn’t just go with them because they would approve me. Even though I may have ticked their boxes, they ticked my boxes as well.” She considered going for an interest-only loan, but quickly concluded it would be a bad idea (and the UNO team has created a calculator* *that proves this). “I had my mind set on the loans being principal and interest,” she says. “My plan when I retire is to sell my home and be mortgage-free in my retirement … I want the balance of both loans to be as low as possible.” Need a home loan?UNO. The new way to get a better deal. Get Started

UNO’s role

Cott says Monzo and the whole UNO team made it so much easier for her to make the right decisions. “There are so many factors in this whole process … outside factors that are out of your control,” she says. “No one seems to have urgency about them any more. Even though we kept hitting barriers along the way and spent a lot of time waiting, UNO always kept up the communication. “If someone wasn’t there, there was always someone else who could help you, so you didn’t have to explain the whole story again. I loved that if Carlo wasn’t there, then Annette was there. And if Annette wasn’t there, Geeta would be there. You never felt like you were just another number. “I couldn’t fault them. I’d recommend them to anybody. It just felt personal.” Cott admits she’s not your typical property investor, and that it wasn’t an easy decision to enter into an investment loan so close to retirement. She says that she just wants to make the most of her situation. “I haven’t bought [this Portland property] to get a high rental return. I’ve chosen it for personal reasons. I’m not doing it to make money just yet – maybe one day I will – but that wasn’t the purpose of it. “[If didn’t buy it as an investment] it would’ve been the same outcome. I would’ve sold my home, paid off my mortgage and used the balance to buy a house in Portland. It would’ve been the same. I’ve just done it five or six years earlier.”

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A M
June 21, 2024
I only have praise from my Uno experience! I was a broker sceptic, having done all of the hard work myself for my first two property purchases and sale. I'm now a proud broker advocate having used UNO (Karis Churchill) for two refinances and purchase. The value add Karis brought cannot be underrated! Not only has Karis got me the best rate, with a bonus cash back (nearly unheard of in this climate), she has done it with the least back-a-forth and with the least administrative burden on me (the thing that can deters people from refinancing to begin with). Karis is always on top of everything. Karis knows her stuff. She is the most responsive of any professional service provider I've ever used (my banker never text with an update at 7pm on a Sunday) without being overbearing. You know she's got your back and in my experience the value speaks for itself. Thank you to the whole UNO team, thank you especially to Karis.
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Leanda Cawdry
June 8, 2024
Very pleased with the outcome of this process, Michael Parsons and his team at UNO were helpful, communicative, and took all the stress out of the process of finding me a refinance deal that met my needs. Would definitely recommend Michael and UNO, and I already have!
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Glen Matthews
May 29, 2024
Regarding UNO Home Loan services. I had great experience with uno home loans, Michael parsons was my broker for UNO Home Loans we had excellent communication throughout the whole home loan application. If I had any questions on home loan application which were many were answered in great detail. He had the time to assist me in filling out endless application forms at anytime through the day or night which made the application process stress free. So I would strongly recommend Michael parsons from UNO Home Loans to try his services you will not be disappointed. Thanks to Michael parsons I have the lowest home loan interest rate I could ever hope for which I particularly ask for. It’s was a pleasure working with him. And will be using his services in the near future.
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Gillian Anderson
May 28, 2024
Thank you to Michael and UNO for their help in securing our home loan. I like the way they break everything down in simple terms to ensure that you can make the right decision. Michael was polite and very patient to help us get things across the line. We are now sitting in our first home away from rental circus. Can't recommend them enough. Thanks Michael and thanks UNO
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Andy Song
May 17, 2024
Amy has been absolutely wonderful as a broker. I would not hesitate one bit in recommending her services.
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Troy H
May 13, 2024
Scott Wilkinson did a great job as my broker. He was very patient and always happy to answer my numerous questions throughout the considerable period of time that it took to secure a suitable property. Would certainly recommend Scott and the team at UNO for anyone seeking a broker.
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Elvin Singh
May 10, 2024
First time I have used a Broker and I must say Andrew Wyers and his team were amazing to work with and handled my refinance from a Big4 bank. He was able to understand my needs and find a lender that will be able to help me grow my investment portfolio. Andrew and his team kept me updated as part of my refinance journey and made the process super easy and I was able to refi to new lender in under 2 weeks. Would highly recommend Andrew.
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Nadine Steffens
April 19, 2024
Scott and the team at Uno are absolutely 💯 amazing. I don't think I could have done my loan on my own. They are highly motivated and I do recommend them.
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Andrew
April 16, 2024
Dealing with Scott Wilkinson was an absolute delight. Scott is tenacious, hard working and readily available. He made a very stressful process for me and my partner smooth sailing. Would highly recommend.
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Liam Sugiono
April 15, 2024
Amy and her team were efficient and knowledgeable as our broker. They were easily contactable and ensured all our needs were met.
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Mike Vincent
April 10, 2024
Andrew is the best broker I have worked with and one of the few people who understands the investment journey from both a personal and professional standpoint. Andrew is an asset to anyone from a first home buyer to a seasoned investor.
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Yu Su
April 9, 2024
Amy was very help and quick respond when I have questions. Really recommended.
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