Cash Loan News
ASK NOEL
Saturday November 27, 2010
I'm retired and have $700,000 in super. My wife doesn't work €” we are both 61. Our house has recently been valued at $900,000 and we have a remaining mortgage of $30,000 in round figures. The interest rate on the loan is 7.4 per cent. We pay $160 a fortnight and although this is a very small sum we are wondering whether we should withdraw $30,000 from our super to pay out the loan. We are drawing an allocated pension from my super and have no other income. We don't intend to sell the house and wonder if we should leave things as they are. This would allow any remaining mortgage to be cleared if and when we sell the house or pass it on to our children as part of our estate.
