Of late I have had quite a few mature age clients, ranging from late 50’s to early 70’s. These folks have had a mixture of mortgage requirements, some wanting to get onto a lower rate and some ready to invest for the very first time (better late than never!). All these 
applications were successful to their delight despite the fact that the chances were high that their new mortgage would outlive them. So how and why do the banks say ‘yes’ to these apparent high risk clients? Well technically the banks will tell you they do not discriminate on age, BUT they do need to see what they delicately call the “clear and defined exit strategy.” This is where the broker digs to find all that is needed to keep the lender happy with the deal, to make it as low risk a proposition as possible. Just because you are celebrating your 65th birthday doesn’t mean you are put on the ‘do not lend’ list! Here are some of the circumstances that assist a ‘yes’ decision:
- A superannuation balance sufficient to clear a mortgage
- Equity in existing property, shares etc that could technically be used to pay off debt when the time comes
- The new applicant may have to reduce the loan term by 5, 10 or more years to ensure more is paid off sooner, but this is not necessarily the case
- The bank will need the application to be as ‘clean’ as possible, in other words all existing debts paid on time and preferably ahead.
As I always say, ‘anything is possible’ and that’s why I have my arsenal of lenders to help you whatever age group you fall in to, whether it is a simple refinance or you have finally decided in your golden years to become an investor.