Australian Money Forum

[simtrim]

Hi,

I am wondering what the possibilities are for a person aged in their 60's to be accepted for a mortgage.

Would have a 10% deposit for approx. 150K mortgage in country town.

No assets or equity other than super.

Do bank lenders loan out to this age group - what are things I can do to help get the loan (a guarentor?)

Any help would be appreciated

Thanks

[bawatkins]

Generally not for an owner occupied residence as they get concerned about income and ability to repay and the life expectancy of the borrower. A servicing guarantor may help and also if they had more than 10% depsoit that may help as well.

[wulfgar]

The problem is everything takes time. And convention views time as short for the 65+.

However if you can afford to wait 4 years. A 10% deposit placed in gold should be a 40% deposit by then.

If there is a high degree of positive equity in the mortgage, then age should be no problem.