Home Loan for Retirees

Home Loans for Retirees

If you are over 55 and not working or intending to work, you may find yourself technically classified as retired by lenders. Your age or perhaps less predictable income are now considerations when it comes to the way you are assessed as a risk when you want to borrow money.

Access to standard home loans

Dependent upon your situation, you may well have access to all normal home loans. If you find that you do not, you can still borrow money and often at good rates, but the way you choose to do so will depend on your income and future plans.

Investment Loans

If you are seeking an investment loan, you should be able to access the range of loans available to all investors.

Non-conforming home loans

Non-conforming home loans work like most other home loans if you can't get a standard home loan. You can choose from a range of loan types including variable, fixed and split rate loans, lines of credit and features such as redraw and offset. Most lenders charge a slightly higher interest rate and/or a higher fee structure than for traditional loans, including exit fees. Non-conforming loans have a number of options and to read more, visit non-conforming loans.

Reverse Mortgages

Reverse mortgages access the equity in your property and are usually used to give you access to funds for a specific purpose like income, holidays or larger purchases. They are generally available to residential property owners aged over 60 and are secured by a registered first mortgage on your principal place of residence and potentially, your residential investment property, dependent upon the lender. For more information, visit our reverse mortgage information page.