Hi everyone
I have a question sort of on behalf of my parents because I really want to help them in their current situation. They are currently renting but looking to buy a home soon to live in for retirement. I was wondering if being on the wrong side of the hill (don’t mean to offend anyone here just having a little fun[
]) will affect how long the loan term will be for, or can they still take out a 25 or 30 year loan.
Thanks everyone!
Oh by the way they are around 50 or so, I won’t say exactly or i’ll be in trouble! []My understanding would be that banks won’t offer a loan that extends past their normal working life – so if they are 50, a 15 year loan.
Nick
That was indeed the case. However some lenders no longer discriminate and will offer full term loans to everyone.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
I have heard of one broker that got an 80 year person a 30 year loan!
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Its my understanding that no lender can say no to a mortgage based on the potential mortgagee’s age. They have to find another reason. Thank our political correct times.
i.e. if an 80 year old came in wanting a 30 year mortgage they cannot reject the mortgage based on age.
I’m 47 and have 2 mortgages which will both mature in my 70’s. Bank was very keen to lend too.
Not entirely liddelk,
I personally had my last loan reduced to 27 years because of my age!
It was a beautiful rate so I didn’t mind at all.
I have personally assisted a person in their late 70’s with a 25 yr term.
Cheers,
Simon Macks
Mortgage Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Guys,
Just curious though, so if the financial lender say yes to someone who is 80 years of age… How will Mortgage Insurance work, will there loan still be payed out if they pass on… before the loan is payed off and matured… and if they do manage to get a loan at 80, is the loan split between someone younger or carried out on there own…
Just interest to know how it would work out…
I do know if your apply for a loan say of $300 on a +ve cashflow property and you age 60 and the term of the loan is over 30 years, but you have say $500,000 in cash money in the bank… there is no problem… but curious if it was the other way and you didnt have the finanical money in the bank to back you up.
Cheers,
sisOriginally posted by happytrace:Hi everyone
I have a question sort of on behalf of my parents because I really want to help them in their current situation. They are currently renting but looking to buy a home soon to live in for retirement. I was wondering if being on the wrong side of the hill (don’t mean to offend anyone here just having a little fun[]) will affect how long the loan term will be for, or can they still take out a 25 or 30 year loan.
Thanks everyone!
Oh by the way they are around 50 or so, I won’t say exactly or i’ll be in trouble! []Hi Happytrace,
this may be of some interest to you,St,George Bank have released a new product called The Family Pledge home loan option
This allows family members, parents, grandparents and siblings with equity in their own property to help family members bridge the deposit gap and cover up front borrowing expenses, by providing a limited guarantee in support of the family members loan application, Five Percent Genuine savings is required,
Regards
Steven
Mortgage Broker[email protected]
http://www.mobilemortgagemarket.com.au
Ph:1800 820 500
VictoriaPLEASE note comments made should NOT be taken as specific taxation, financial, legal or investment advice. Please seek professional, specific advice.
Thanks for your replies everyone, they were very useful
Cheers
Trace
[]
]) will affect how long the loan term will be for, or can they still take out a 25 or 30 year loan.
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