In 2010, the National Consumer Credit Protection Act came into effect. Although it was intended to protect borrowers from irresponsible lending practices, the unintended victims were older borrowers.

You see, the new legislation requires banks to prove that you can afford to pay off your home loan without undue hardship.

The banks consider selling your home to pay off your home loan as a form of hardship. That means that everyone who plans to downsize when they retire cannot get approved for a new loan!

Pension age changes may save you from getting declined

Recent changes to the pension age have actually made it easier to get approved for a home loan as an older borrower. In the past, being over 50 years old and buying a home meant that many lenders would decline your loan because you couldn’t pay it off before retiring.

Today, retiring later is less of a problem and more of our lenders are taking a common sense approach.

How can we get you approved?

Our mortgage brokers are specialists in lending to people over 50. They know exactly which lenders will accept your situation.

Here are a few of the ways that we can get you approved:

• Downsizing: One of our lenders can accept downsizing as a method of repaying your mortgage when you retire.
• Superannuation: A couple of our lenders can accept a withdrawal from your super to pay off your home loan.
• Investment properties: Some of our lenders will not require investment loans to be paid off when you retire as selling an investment property is not considered to be a form of hardship.
• Accelerated repayments: A couple of our lenders will accept a shorter loan term so that the loan is paid off before you reach retirement age.

Do you need our help?

Call us on 1300 889 743 or fill in our free assessment form and one of our mortgage brokers will let you know how you can get approved for a home loan.