How Old Can I Be?

In Australia, there is no maximum age limit for obtaining a mortgage. Legislation, such as the Age Discrimination Act, prevents lenders from discriminating against borrowers based on age. However, lenders do consider age as a factor in the approval process, particularly in relation to the borrower’s ability to repay the loan during their working life and beyond retirement. Lenders often require older borrowers to provide an “exit strategy,” which is a plan detailing how the mortgage will be repaid after retirement. This can include using superannuation, selling assets, or having ongoing income from investments. While there is no legal age limit, practical considerations mean that older borrowers may face more scrutiny and may need to demonstrate their financial capacity to manage the loan. For example, borrowers over the age of 55 may need to show evidence of superannuation or other assets that can be used to repay the debt. Additionally, while some lenders are flexible, others may impose stricter requirements, especially if the loan term extends significantly beyond the typical retirement age