Mortgages for Seniors in Australia: I need a lender
Dear BP friends,
I am trying to help Family in Sydney, Australia to find a mortgage lender that works with seniors. They are 69 and 65 and are saying they can’t get a mortgage. They are buying in a town 90 minutes from Sydney and currently own no real property. They have plenty for a down payment. The home is approximately 600k.
Can anyone recommend a strategy or a specifIc lender that can work with older Australians? Could I be a guarantor for them?
I would deeply appreciate any advice!! Thanks!
G'day Garrett. I have a couple of lenders i use here in Australia that I could refer to you, if that helps. Unsure if you as a US citizen can go guarantor or not, but I am sure the mortgage broker could tell you this. PM me and I can give you the details.
Their difficultly is probably their serviceability on the loans as banks assume that once at retirement age in AU (65+) that they are going to give up work if they haven't already. Maybe a guarantor or similar might help. Anyway, hit me up if you want details
Chees
Lindsay