The Anti-Discrimination Act prohibits funders from discriminating against someone because of their age however due to legislative requirements with the NCCP Act the requirements are that Funders do not lend to someone who may not be able to repay their loan before retirement.

Most banks are now very “AGE SENSITIVE” especially in the case of purchasing an Owner Occupied Property. However where you can show evidence of income stability and a capacity to afford the loan repayments and have an exit strategy that will allow you to pay out the loan before retirement or downsize to a smaller property, age will be irrelevant with some of our Funders.

What are the options for older borrowers?

Purchasing an Owner Occupied or Investment Property

Where you can show evidence of income stability and a capacity to afford the loan repayments and have an exit strategy that will allow you to pay out the loan before retirement or downsize to a smaller property

What do lenders look for:

  • The income is permanent and ongoing for the life of the loan, or
  • You can prove that you could pay off the loan from sale / realization of assets e.g. Investment Property, Shares, and Lump Sum from Super.

Age will be irrelevant with some of our Funders.

Reverse Mortgage Loans

Reverse Mortgages are offered to those clients who are above the age of 65, and who already have considerable equity in their homes. Reverse mortgages allows these applicants to withdraw some of their equity either through a lump sum payment, or through continued and on-going monthly payments.

Aged Care Bonds

When it comes to aged care accommodation, the elderly no longer have to sell their Home. Care Bonds are available for applicants seeking to fund accommodation bonds needed to secure intensive aged care support. Generally the Maximum loan is 40% of Property Value

The matrix above gives you an overview of product perimeters however it is best to phone or apply online so we can analyse your unique circumstance.

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