Home Loans

Old Jun 18th 2012, 8:05 am
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Default Home Loans

Hello,
We are considering moving back to Australia after 7 years away. My question is, does anyone have experience of getting a home loan at the age of 47? We would have at least 20% deposit, maybe as much as 30% so clearly this helps. But I am wondering if it is possible to get a 25 year loan at my age?

Have looked on some of the banks websites, but have not found an answer. My next step would be to contact a couple of the banks in Australia where I still hold an account, but if anyone out there has experience of such a situation then please let me know!

Cheers!
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Old Jun 18th 2012, 8:37 am
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Default Re: Home Loans

Originally Posted by dmarkd View Post
Hello,
We are considering moving back to Australia after 7 years away. My question is, does anyone have experience of getting a home loan at the age of 47?
Yes.
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Old Jun 18th 2012, 8:46 am
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Default Re: Home Loans

Originally Posted by Dorothy View Post
Yes.
Marvellous.
When was this?
What percentage of property price would they lend you?
And how long was the mortgage term?

If you don't mind me asking, of course.
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Old Jun 18th 2012, 8:50 am
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Default Re: Home Loans

Originally Posted by dmarkd View Post
Marvellous.
When was this?
What percentage of property price would they lend you?
And how long was the mortgage term?

If you don't mind me asking, of course.
2009
They offered 100%, we borrowed 80%
30 year term offered.

Refinanced August 2011 (me now aged 48)
Bank again offered 100% of value of house/land, we opted for only what we owed on previous mortgage
30 year term offered, we can now afford shorter so took 25 but I pay about 20% higher fortnightly payments than are required directly to the interest. I'm expecting the mortgage to be paid off in <15 years. No ****ing way I'll still be paying my mortgage off when I'm 73 years old.
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Old Jun 18th 2012, 8:55 am
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Default Re: Home Loans

Originally Posted by Dorothy View Post
2009
They offered 100%, we borrowed 80%
30 year term offered.

Refinanced August 2011 (me now aged 48)
Bank again offered 100% of value of house/land, we opted for only what we owed on previous mortgage
30 year term offered, we can now afford shorter so took 25 but I pay about 20% higher fortnightly payments than are required directly to the interest. I'm expecting the mortgage to be paid off in <15 years. No ****ing way I'll still be paying my mortgage off when I'm 73 years old.
Ok thanks for that, its good to know.
Yep, don't fancy still to be paying mortgage at 73 myself either!
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Old Jun 18th 2012, 1:00 pm
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Default Re: Home Loans

2012

OH is 45 and we took on a 30 yr mortgage with 20% deposit.
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Old Jun 18th 2012, 10:32 pm
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Default Re: Home Loans

In my experience the Oz banks are much less concerned about a mortgage into retirement than uk banks. We were older than you when we took out a mortgage

We got ours through
http://www.myrate.com.au/borrowing_w.../who_can_apply

and while they were not worried about age or some foreign income, they are obsessed with current jobs and status (permanent being needed) and existing credit cards - we have one and despite paying it off every month they assume you wont and would then pay minimum repayment on the full limit. They then take this off the amount they will lend you.

You will get a mortgage but will need a job and do not take out lots of credit cards

God luck
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Old Jun 18th 2012, 11:09 pm
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Default Re: Home Loans

we took one out last year, it will be paid off when im 75. according to my mortgage broker the banks cannot discriminate on age anymore and must just base it on your ability to pay.
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Old Jun 19th 2012, 6:47 am
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Default Re: Home Loans

We got a pre approval rate for a home loan at age (46), for a 30 year mortgage with a 10% deposit, that was 2 years ago, so dont know if things have changed. We panicked and decided against it, must admit 2 years down the line am glad we did, as the house we were interested in is probably worth about 50,000 less than we were going to pay for it, and in 2 years we have managed to save more for a deposit, but am still panicking , lol

Dont get me wrong am not passing judgement on anyone who buys, as i HATE renting and have had some major hassles with it, I know some people say you are still renting from the bank with a morgage, blah, blah, yeah but the bank doesnt come round every six months and look in your oven
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Old Jun 19th 2012, 7:51 am
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Default Re: Home Loans

Originally Posted by Margaret3 View Post
I know some people say you are still renting from the bank with a morgage, blah, blah, yeah but the bank doesnt come round every six months and look in your oven
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Old Jun 19th 2012, 11:38 am
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Default Re: Home Loans

I want my mortgage to be paid off before retirement. It will probably be another two years before we get a mortgage here, I will be 44, so the mortgage will be no more than 20 years and ideally 15. If I can't afford the repayments to do it in that time frame, then I would consider that I am borrowing too much. I am not expecting any problems in getting mortgage because of my age.

Last edited by Bermudashorts; Jun 19th 2012 at 11:43 am.
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Old Jun 20th 2012, 7:40 am
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Default Re: Home Loans

Originally Posted by Margaret3 View Post

Dont get me wrong am not passing judgement on anyone who buys, as i HATE renting and have had some major hassles with it, I know some people say you are still renting from the bank with a morgage, blah, blah, yeah but the bank doesnt come round every six months and look in your oven
I have decided that buying is poor value at the moment, but so tempted just to be able to decorate, plant a garden, get pets as and when I want to without permission, put up picture hooks, spill the odd glass of wine without thinking 'oh God, I'll have to pay to re-carpet the whole house from my deposit'. - why does renting mean that you're treated with contempt? I've always had some of my deposit nicked despite leaving properties in better condition than they were originally - and they always nick a little bit, so it's just not worth the hassle of pursuing
If renting was civilized, I'd be happy to rent forever!
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