Re: Does my age matter in getting a loan?
Posted: Mon Jan 21, 2019 8:46 pm
Hi Margot,
Welcome to the forums.
Most banks usually restrict the borrowing capacity of people who are over the age of 40, and might even try to limit your loan term so that the loan is repaid in full before the standard retirement age of 65.
Check out this info on retirement age home loans.
For the lenders to approve your loan, you will need to prove that you are capable of repaying the loan before you turn 65. You may be required to show superannuation statements or demonstrate that you have an exit strategy in place to repay the loan before you retire.
Of course, your exit strategy may be to continue working past the standard retirement age.
Call us on 1300 889 743 or complete our free assessment form and we can help you find a lender that will accept your situation.
Cheers,
Otto
Welcome to the forums.
Most banks usually restrict the borrowing capacity of people who are over the age of 40, and might even try to limit your loan term so that the loan is repaid in full before the standard retirement age of 65.
Check out this info on retirement age home loans.
For the lenders to approve your loan, you will need to prove that you are capable of repaying the loan before you turn 65. You may be required to show superannuation statements or demonstrate that you have an exit strategy in place to repay the loan before you retire.
Of course, your exit strategy may be to continue working past the standard retirement age.
Call us on 1300 889 743 or complete our free assessment form and we can help you find a lender that will accept your situation.
Cheers,
Otto