Is there an age limit to mortgage lending? Laura Sillano, Pod Financial
Mon 10:00am 22 Oct 2018Podcast Audio
To put it simply, when it comes to the question of whether or not there is an age limit to acquiring a home loan, the answer is no. Laura Sillano of Pod Financial explains that it's a matter of common sense, and making sense. When a lender views one's situation when borrowing, they want to simply understand how the loan will be serviced or paid off.
Laura notes that even those past retirement age can still avail of a home loan should there financial situation be rather strong and a plan set in place to pay for the debt that is charged over the property. An example of this is the purchase of an investment home where a retiree may look to sell the home at some point in their retirement. Obviously, a sale would easily service the debt and pay it off.
Laura has also seen instances where borrowers may use superannuation funds as consideration in relation to mortgages, which may be supplemented by income coming from other streams - e.g. rental income, investment income (shares etc) or other.
In short, borrowing when you're older is just a matter of making sense to the lender to see that you have a plan to see the debt through. If you require specific advice tailored to your scenario, please contact Laura Sillano of Pod Financial on 0422 420 497.
Disclaimer: Please remember, the information provided in this video and associated media is of a GENERAL nature only. For advice and information that relates to you, please seek the counsel of a trained and qualified mortgage industry professional.
Meet our resident experts
Robert King
Accountant
Robert is a fully qualified Chartered Accountant, Registered Tax Agent & Xero Guru. He spends his time helping clients through all stages of the business cycle from setting up a business through to its eventual sale.
Laura Sillano
Mortgage Lending
Laura is a Residential Mortgage Broker with over 11 years experience. She is passionate about educating her clients about their options, and provides mortgage lending advice that is grounded by life experience.
Helen Baker
Financial Planning
Helen Baker, founder of On Your Own Two Feet, is an experienced financial adviser and firmly believes in the benefits of having a strong team of professionals to underpin your financial foundations.
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