The Home Loan Age Limit in Australia [Are you near the maximum age?]

Описание: What is the home loan age limit when applying for a home loan in Australia? Today we walk you through all the steps you need to know when applying for a home loan later in life.

00:00 The Home Loan Age Limit in Australia [Are you near the maximum age?]
00:50 1. How Old Is Too Old?
01:16 2. What’s Your Strategy?
02:13 3. What Do the Bank Require?
03:34 4. Is There An Age Limit?
04:41 5. Can You Get Declined?
05:47 6. If Retired Can You Qualify?

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Whilst it’s against the law to discriminate against someone on the basis of age, lenders still need to assess your capacity to repay the loan over time, which is known as loan servicing. Joanna Pretty of mortgage lender State Custodians says whilst it can sometimes be a challenge for older customers to secure finance, it’s not out of the question.

“It’s not uncommon for people wanting to seek out a new mortgage later in life due to things like divorce, downsizing, upsizing, or wanting an investment property,” she says. “Give yourself the best chance of being approved according to the lender’s criteria by speaking to them first before applying. They will be able to give you a checklist of what information you need to provide.”

Continuation of income
Firstly, the older you are, the more lenders will want to feel sure that your income and employment will continue for the duration of the loan term without you struggling. You also need to demonstrate a stable income, proof of savings, a good credit history and minimal debt. So, if you’ve partied up a storm in your younger days frittering away the cash and have a financial record that looks more dodgy than decent, it could be tough.

Other assets
Fortunately, lenders are more flexible if older borrowers have other assets of value such as other property, a business, shares or substantial super balance.

Duration of the loan term
If you want to borrow say $250,000 at the age of 60, it stands to reason that the lender may only want to offer you a loan over the period of 10 years, and not 30. Whilst many people are now living well past 80, no one has a crystal ball. Longer loan terms can still be established, however, you’ll have to demonstrate an exit strategy.

What is an exit strategy exactly?
In 2011, the National Consumer Credit Protection Act implemented a law stating borrowers over the age of 50 need to demonstrate an ‘exit strategy’ or plan for what will happen with the loan when they retire. As part of the responsible lending requirements, lenders can’t approve a loan that may be unsuitable down the track.

The exit strategy you need to provide will vary based on your income, assets and retirement plans. Strategy examples may include your potentially selling an investment property or other assets, providing income or payout from superannuation, downsizing the property, or demonstrating investment income or other income that will continue into retirement.


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