Is age relevant when taking out a mortgage?

mortgageIs age relevant when taking out a mortgage? let’s take a look

As we move forwards in the 21st century, on the one hand there are more and more professions on offer for youngsters to delve into. On the other hand, the culture of taking out a home loan in the early twenties seems to be eroding. This is almost a paradoxical correlation. You’d think that considering we live in a day and age where neither does one need to be wealthy to afford an education, nor is there a lack of career pathways to choose from, that this would lead to a new class of citizens more readily willing to save, purchase and invest for the future. The implication here isn’t so much that such a class doesn’t exist, it’s more so the fact that it’s not the mainstream.

Though we live in a society of limitless options nowadays, the sense of urgency is not what it used to be. This is part of the reason why we see an increasing number of people taking time in between school and uni, and going on a holiday, or delaying when to get their careers sorted. The good news is though, that prospective lenders are aware of this. All they really care about when you approach them for a mortgage is whether or not you have the sort of income required to ensure on time repayments.

If you have the deposit, the regular source of income that’s not going away any time soon, and the proof that you are able to make regular repayments every fortnight then there is no reason why a prospective lender would not look at your application kindly no matter how old you are!

Sometimes, taking out a mortgage in your late twenties to early thirties can even work to your advantage if you have held the same job for a prolonged period of time as well as have proof that you can make on time rent repayments. The conclusion is, in most ordinary circumstances, age is certainly not as relevant as people sometimes fear it might be!

For more great deals on mortgages – check out SwitchMyLoan


Call 1300 307 155 and start saving today!

Compare Home Loans or RateContender – Let the banks bid on your loan