By VANESSA STOYKOV FOR DAILY MAIL AUSTRALIA

Published: 22:10 BST, 14 June 2025 | Updated: 22:10 BST, 14 June 2025

Dear Vanessa, 

My husband and I are both 58. Our fixed-rate mortgage ended a few months ago, our repayments have gone up a lot and we’re now really feeling the pressure. We both work, but there’s not much left over after the bills.

We’ve talked about downsizing, but in our area, prices haven’t risen much and even with the debt we’ve paid off, we probably couldn’t afford to buy something smaller outright without taking on another mortgage.

Moving also costs a lot. Between legal fees, removalists, and everything that comes with setting up a new place, we don’t have the cashflow to cover it. That’s why we feel stuck. We can’t afford to keep going like this, but we also can’t afford the cost of change. 

We’re lying awake at night, wondering what to do.

Karen.

Hi Karen,

You’re far from alone. A lot of people in their late 50s are in a similar position – still paying off their homes, working full-time, and trying to manage increasing costs while quietly wondering how they’ll ever retire.

Leading money educator Vanessa Stoykov

Leading money educator Vanessa Stoykov

This stage of life was once imagined as the countdown to freedom. Instead, for many, it’s become a time of worry and decision paralysis. But the good news is, you do have options – and some of them can offer real relief.

Let’s start with the mortgage. When your fixed term ends, most lenders automatically roll you onto what’s called a revert rate, and it’s rarely the most competitive. Over time, that can quietly cost you thousands. Lenders often save their best deals for new customers, while long-term clients pay more simply for staying loyal. 

Even a small drop in your interest rate – half a per cent – could save hundreds each month. That breathing room can make it easier to stay where you are while you explore your next steps. You can check if you’re eligible for a more competitive rate here.

Next, take a step back and look at your bigger financial picture. What income will you need if you stop working full-time? What retirement savings do you have access to, and when? Could part-time work bridge a gap? Do you qualify for any government support? 

These are questions that an independent financial adviser can help you answer – and a good one will tailor the advice to your real life, not some idealised version of retirement.

If you’re not sure where to find someone trusted, I offer a free matching service with independent advisers who understand this stage of life.

Financial stress is one of the most debilitating pressures we can face. It doesn’t just impact your bank balance – it clouds your thinking, disrupts sleep, affects your mood, and can strain even the strongest relationships. 

That’s why taking action, even one small step at a time, is so important. Whether it’s checking your loan, getting advice, or just having the conversation with your partner – – you’re starting to take back control.

You’re not stuck. You’re just ready for a new plan.

Vanessa. 

:
FLOURISHING AFTER 50: Help! We can’t afford to leave our house… but can’t afford to stay

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