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- In Bee Savvy - Getting the most out of your loan, First things first - Steps before applying for finance
Many lenders typically market their loan products to younger people. But people over 50 often need home loans of one type or another.
They might want to purchase a new property, perhaps in order to downsize or be closer to family. Or they might just want to refinance their existing home loan.
However, when you’re getting closer to retirement age, applying for finance can get trickier. Lender rules and criteria for people over 50 tend to be more complex. These more complex criteria can be harder to meet.
Home loan lender criteria for over 50’s
Lenders have specific criteria for people over 50 who are applying for a home loan. This is mostly because these people are often approaching retirement. These criteria can vary quite widely between various lenders.
Some lenders require that home loan customers over 50 provide evidence of an exit strategy. Such an exit strategy would need to provide proof that the customer will be able to keep paying off the loan once they retire.
Lenders may take into consideration factors such as superannuation funds, other properties owned and potential income the people may continue to receive after retirement.
Industry wide crackdowns can also have an impact. Likewise changes in legislation can result in stricter rules for over 50’s who are applying for a home loan.
When combined with the usual red tape and check lists associated with normal home loans, it can be quite daunting.
How Bee Finance Savvy can help
At Bee Finance Savvy, we stay up to date on our lenders’ policies. This is really important when helping customers over 50 apply for a home loan. We assess each customer’s individual circumstances, and our lender policies expertise lets us determine which lenders can help.
By carefully analysing every customers’ circumstances, we’re able to match them with the lender most likely to give them approval for a home loan.
Contacting Bee Finance Savvy for help
If you’re over 50 and would like a home loan for a new property or to refinance, get in touch with our friendly broker Desiree, at Bee Finance Savvy. Desiree is based in the Sutherland Shire, Sydney, but helps clients all over Australia with their finance needs.
To find out more, call or text Desiree on 0455 131 937 or 1300 140 554. Desiree can also be reached at firstname.lastname@example.org . Alternatively, you can fill out the contact us form on this site.
If you’d like to hear from other customers who’ve used Desiree’s services, why not take a look at our WOMO reviews! https://www.wordofmouth.com.au/reviews/bee-finance-savvy-miranda
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