Re: How difficult is it for a retiree to get a home loan?
Posted: Mon Jul 29, 2019 7:55 pm
Hello Hank.
Thank you for reaching out to us and welcome to the forums.
While lenders have stricter policies for mature borrowers, you can still get your loan approved even when you’re 50 years or older by:
The key is to build a strong case with good evidence that you can afford the loan.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a retirement age home loan.
Cheers,
Thank you for reaching out to us and welcome to the forums.
While lenders have stricter policies for mature borrowers, you can still get your loan approved even when you’re 50 years or older by:
- Having a defined exit strategy.
- Repaying your current home loan prior to retirement.
- Try to reduce your loan term and make sure your loan is paid off before you retire.
- You have already thought of downsizing and moving into a smaller home. Please note that downsizing is not an acceptable exit strategy with all lenders.
- Use your superannuation to pay for the loan after you retire. Some lenders accept your superannuation as evidence that you can repay the loan.
- A source of income past retirement such as shares, bonds or assets that can be sold to pay back the proposed loan is also acceptable with lenders.
The key is to build a strong case with good evidence that you can afford the loan.
Give us a call on 1300 889 743 or fill in our free assessment form to find out if you qualify for a retirement age home loan.
Cheers,