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  • Profile photo of newstartnewstart
    Participant
    @newstart15
    Join Date: 2015
    Post Count: 1
    August 11, 2015 - 3:43 pm

    We moved to Australia a couple of years on parent visas. We are 62 and 56. I work full-time but in a stable casual role. My wife started working as a part-time casual. Together we make around $5.5k/month to $6k/month (after taxes). Don’t have any debts, liabilities etc. We plan on working for at least the next 8 to 10 years.

    Have some assets overseas but don’t want to touch them for the next 5+ years. Looking to a buy a PPOR around $400k. What are our chances? I looked into a few pathways:
    1) Investment loan then move in after the purchase – Probably needs very low LVRs and lot of convincing.
    2) PPOR loan – Probably need super low LVRs and apparently it’s unlikely that we’ll get approved.
    3) Keystart – Just read about this – don’t know if they have any age limits and such.
    4) Look into vendor financing schemes
    5) Wait several years, sell assets and buy over here but the house prices MAY go up quite a bit and the exchange rate is never predictable.

    Any other options or hurdles you guys can think of? Thanks.

    • This topic was modified 9 years, 3 months ago by Profile photo of newstart newstart.
    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010
    August 11, 2015 - 10:25 pm

    So long as you have a sufficient deposit and meeting serviceability, it’s not that hard at all if the right lenders are used – one of our clients were just approved for their first homes at age 62 & 60 respectively. Have a chat with a broker who can have an indepth looking into your situation and advise of the options available to you.

    Corey Batt | Precision Funding
    http://www.precisionfunding.com.au
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024
    August 12, 2015 - 4:33 am

    Hi Newstart

    Firstly welcome to the forum and I hope you enjoy your time with us.

    Age is certainly no barrier to borrowing as long as we can show that you can support the repayments once you have retired.

    Actually did a loan for forum member last month in a very similar position to yourself.

    Going to need a deposit and sufficient funds to cover your purchase costs but assuming your income is regular no reason why you cant get on the property band wagon.

    Feel free to ask any questions if you feel we can help further.

    Cheers

    Yours in Finance
    0-40 Properties in a decade. Email me for a copy of my API interview.

    Richard Taylor | Australia's leading private lender

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    August 12, 2015 - 9:08 am

    Age doesn’t automatically preclude you from getting a loan.

    If it’s a PPOR purchase – you may need to demonstrate an ability to repay the debt over a shorter term and/or have sufficient assets in place that you can liquidate to pay off the PPOR debt if/when needed.

    For an IP – it’s a lot easier as the property can be sold and debt paid out.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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