Over 35 – Rejected by Mortgage Lenders?
 

A friend of mine who has just arrived in Brisbane forwarded this link on.
Just wondered if anyone had seen it and what people’s thoughts are?


http://intellichoice.blogspot.com/20...ugh-times.html


We are due to be moving out in the next few months and as we are both in our 40’s (as I am sure a few families migrating will be) this kind of concerns me. Renting is fine for a few years but we would certainly want to buy property eventually and we would definitely need a mortgage – could not afford to buy property mortgage free.

Any advice or feedback would be welcome

Thanks:)

Re: Over 35 – Rejected by Mortgage Lenders?
 

I think it is a load of codswallop. Don't worry.

Re: Over 35 – Rejected by Mortgage Lenders?
 

I got a mortgage here about four years ago while in my 40's AND on a temp visa.

Re: Over 35 – Rejected by Mortgage Lenders?
 

A couple of truisms for the world.

Financial services people tell lies. Lots of lies.

They're not very good at managing your money either.

Re: Over 35 – Rejected by Mortgage Lenders?
 

We went through an excellent mortgage broker for ours who did say that a certain bank beginning with "C" weren't favourable towards anyone in their 40's.

We are 40/50s and got a 30 year mortgage and self employed so anyone can get a mortgage if we can! The recommended provider was St George and as they were our bank anyway made it all a lot easier.

If you have any problems then do go through a broker. The systems here are different to the UK and he held our hand and answered all our daft questions. It was a little more complicated as we built but he was fantastic.

Good luck!

KK

Re: Over 35 – Rejected by Mortgage Lenders?
 

We did too. I'm sure that financial institutions will look at age, but it'll be only one of the things they look at.

Lets face it, even in your 40s you've got over 20 more years of work in you still.

(God, what a terrible thought!)

Re: Over 35 – Rejected by Mortgage Lenders?
 

If that's the Commonwealth, it certainly wasn't our experience.

Re: Over 35 – Rejected by Mortgage Lenders?
 

Guess who my mortgage is with?.... yep, you guessed it, The Comm Bank. :)


Thinking back, the only thing I remember the Commonwealth having an 'issue' with was that I didn't want to borrow more off them. They were a bit dissapointed :)

Re: Over 35 – Rejected by Mortgage Lenders?
 

The bank beginning with "C" wouldn't give us a mortgage based on my OH's age as he was over 40, but they would based on mine as I was a mere youngster:p. The stupid thing was that he was the bread-winner and I was the stay-at-home mum:confused:.

Re: Over 35 – Rejected by Mortgage Lenders?
 

complete baloney and not well written either. There is an attempt to stop lenders allowing people to have mortgages well into their 70's without any obvious income to repay. That is not the same as allowing people in their 30's a 25 year mortgage.

We are both the wrong side of 45 and had no issues.

Re: Over 35 – Rejected by Mortgage Lenders?
 

We are both in our 40s, went through a broker, and had no problems getting a mortgage...not with the C bank though :p

Honestly, I think it has a lot more to do with your deposit and earnings than your age.

Re: Over 35 – Rejected by Mortgage Lenders?
 

Thanks for all your responses.

It has put my mind at ease quite a bit....:)

Amanda

Re: Over 35 – Rejected by Mortgage Lenders?
 

Friends are in their 50's and got an Australian Mortgage over 30 years ..

This was withing the last 2 years.

Re: Over 35 – Rejected by Mortgage Lenders?
 

Although everyone here is saying the article is bullshit - in fact it is not. From the 1st January new credit regulations known as the NCCP have been put in place. The biggest single change is that it is now a legal requirement to show that you can repay the loan by maturity date. If your maturity date is after retirement age it becomes more difficult to get this approval. you need strong savings and evidence of this. And I know as I am trying to get mortgage finance and it is hellish difficult - it would actually be easy if I included my uk savings but I'm buggered if I bring them over at 1.6. And my income is excellent - i am only trying to get 3x dual income, but every broker tells me the same. Due to age, savings history, deposit level the NCCP rules mean "computer says no"

Re: Over 35 – Rejected by Mortgage Lenders?
 

I think the bit that people are quesitoning is the bit about it becoming very difficult for anyone over 35 to get a mortgage.

I took it as a given that there would have to be evidence of ability to repay and I also would have thought it very unusual for a term to go beyond retirement age even before this.