Im 45yo can i get a 30 year loan?

[Starofdavid]

If i find a mortgage broker do you think they would help me get a 30 year loan on a IP if im 45yo or do i have to take 25 years?

I know its a stupid question just i dont know because i would be 75 in 30 years.

 

[Jamie M]

45 is fine

Cheers

Jamie

 

[Jess Peletier]

You would be unlikely to have any issues here, you're not that old
When banks get edgy about age, they usually like to see some kind of exit strategy in place - selling, paying out with Super etc - so if they do have issues it's usually not too hard to sort out.

 

[Peter_Tersteeg]

Age restrictions tend to be around the borrowers ability to afford the loan once the retire.

Many lenders will be reluctant to lend money for a PPOR after you're about 55. They don't want to be repossessing your home, especially if you're in retirement. You can still qualify for a loan, but this would need to be mitigated (lump sum super to pay it off, other assets you can sell off or something similar).

Lending for an IP is quite a bit easier. Lenders recognise that people can sell an IP without affecting their lifestyle or that the rent will cover the cost of the mortgage. Lending for an IP when you're older isn't a big deal if you've put a bit of planning into it.

 

[Mick C]

45 years young?

 

[Liverpool St]

Too old for IPs

If i find a mortgage broker do you think they would help me get a 30 year loan on a IP if im 45yo or do i have to take 25 years?

I know its a stupid question just i dont know because i would be 75 in 30 years.

I just refinanced with ME Bank for a 30 year loan at 64 on IPs not PPOR

LE

 

[Corey Batt]

I just refinanced with ME Bank for a 30 year loan at 64 on IPs not PPOR

LE

Generally a lot easier to get investment loans across the line for people in retirement/pension phase.

 

[Liverpool St]

Generally a lot easier to get investment loans across the line for people in retirement/pension phase.

Just need to give an exit plan. Dying could be one of them or selling to pay off debt

LE

 

[tonyc00]

Hi

Just been accepted for 30 year I/P Loan (I/P 15) with Westpac at aged 67 years. A good rate as well - 4.40%.

I suppose I should take care of myself so that I am around to make the final payment in 2045.

Regards

ol' man river aka Tony

 

[Starofdavid]

Great to hear Tony !! Hope you get to make the last payment !

 

[datto]

This has got me thinking. Would it be harder for a bogan to get a loan as the years go by?

 

[DaveM]

This has got me thinking. Would it be harder for a bogan to get a loan as the years go by?

Not sure, whats your experience been of late, lenders still lending?

 

[datto]

So far so good....

 

[Jess Peletier]

This has got me thinking. Would it be harder for a bogan to get a loan as the years go by?

Definitely. I know for a fact that credit don't like it when they see a mullet in the passport photos. Red flag right there.

 

[hugh72]

This has got me thinking. Would it be harder for a bogan to get a loan as the years go by?

Not a cashed up Bogan the number of these have increased in the last 10 years. The next decade might be different though