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I am 67.. Can I still change from my current lender to another lender and still have 20 years to payback the loan Thanks ?

6 years ago


Hi Christopher. You need only have to demonstrate how you will be able to maintain the repayments past the standard retirement age. If you will have the income then you can have a 20 year loan.

Hi Christopher,

Thanks for your question.

Yes, you can certainly look at other lenders no matter what your age is. They are unable to decline a loan purely based on age, however there is considerations that need to be made regarding the ability to repay the debt and how that may impact you in the future. You would need to be able to show how you would be able to repay the money to the lender.

If you would like for me to look into this further for you I am more than happy to - please feel free to give me a call and we can discuss.


Kathleen McCormick

Definitely possible.

Note an owner occupier loan is more difficult than an investment loan.

Also I assume right now you have the income to service a new loan for 20 years but most lenders would want to know in the scenario something does happen in the future and you can no longer make repayments then how would you manage and clear the loan and how would this affect your retirement.

These days no lender wants to be on the news for pushing a mature individual/family out of their home so they are very strict with this.

I hope i explained that clearly.

Quick answer is - most likely yes

Lenders will look at exit strategy and ability to service the loan.

Without knowing your situation it's hard to provide a thorough answer.

Hi Chris, it is significantly harder at 67 however it is still possible depending on your financial situation.

Happy to discuss, regards Ariel

This depends on a few things. Most lenders will look at loan maturity to age 75 so if your 67 then you should expect a loan term of maximum 8 years. Lenders will look for an 'exit strategy' ie what are you going to do it you can't make the repayments, this can be mitigated for investment lending or if you have a string asset backing. Remember, if your bank won't do it, doesn't mean their competition won't.

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