sharon h Posted June 5, 2022 Share Posted June 5, 2022 How hard is it now to get a mortgage in Australia if you are over 50, and is there any way of getting the mortgage from the UK for a property you intend to live in if you are a permanent resident Quote Link to comment Share on other sites More sharing options...
Marisawright Posted June 5, 2022 Share Posted June 5, 2022 It's not your age so much as whether you've got sufficient annual income. 1 Quote Link to comment Share on other sites More sharing options...
Parley Posted June 5, 2022 Share Posted June 5, 2022 (edited) 9 minutes ago, sharon h said: How hard is it now to get a mortgage in Australia if you are over 50, and is there any way of getting the mortgage from the UK for a property you intend to live in if you are a permanent resident It could be difficult depending on the amount you are wanting to borrow and the equity you will have in the home. Home Loans are normally contracted to run for 25 years so the bank are going to ask questions. They probably don't want you still paying it off in your late 70s or even 80s. Edited June 5, 2022 by Parley 1 Quote Link to comment Share on other sites More sharing options...
Tulip1 Posted June 5, 2022 Share Posted June 5, 2022 If the affordability is there it shouldn’t matter whether you are 50 or 30. It could well be you only want to borrow a relatively small amount over 15 years or so. If you can prove you have the necessary income to cover it your age won’t matter at all. If you want to borrow for a longer period then it still may not be an issue. Many people can document affordability beyond retirement by way of good pensions. There will still be an age cut off. In the UK most lenders will lend up to age 75 and I’d imagine it’s similar in Australia. You will likely struggle to get a mortgage in the UK to buy a residential property overseas and you shouldn’t need to look at such a route. If you can get approved in the UK chances are you’ll get approved in Australia. Rates are higher but there’s not a lot you can do about that. 2 1 Quote Link to comment Share on other sites More sharing options...
ramot Posted June 5, 2022 Share Posted June 5, 2022 1 hour ago, sharon h said: How hard is it now to get a mortgage in Australia if you are over 50, and is there any way of getting the mortgage from the UK for a property you intend to live in if you are a permanent resident We were 60 when we retired and moved to live in Australia, we had no problem getting a mortgage, but this was 19 years ago, so things might have changed? 1 1 Quote Link to comment Share on other sites More sharing options...
Ken Posted June 6, 2022 Share Posted June 6, 2022 10 hours ago, sharon h said: How hard is it now to get a mortgage in Australia if you are over 50, and is there any way of getting the mortgage from the UK for a property you intend to live in if you are a permanent resident Doesn't seem to make any difference at all. I'm closer to 60 than 50 but the bank was still perfectly happy to give us a 30 year mortgage (I have my own plans for paying it off a lot sooner though). I would have thought they need something in their affordability model to account for declining income in retirement but it's all based on what you are earning (and spending) now and assumes that will all remain unchanged for the next 30 years. 1 1 Quote Link to comment Share on other sites More sharing options...
sharon h Posted June 7, 2022 Author Share Posted June 7, 2022 Thank you all, it sounds more hopeful than I thought Quote Link to comment Share on other sites More sharing options...
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