Anybody over 35 years of age could be rejected and effectively barred from getting a new mortgage loan, even if they are just refinancing an existing mortgage under responsible lending guidelines in the new National Consumer Credit laws.
Anyone in their 40s and above who apply for any kind of credit can also be expected to be asked to demonstrate significant other assets or superannuation savings.
According to real estate agents, many mortgage refinancers over 35 years of age are in danger of being rejected by mortgage lenders unless they can show their mortgage will be fully repaid before or upon retirement from their superannuation or other investments.
Families who are selling one house and moving to another could potentially be left without a home or the ability to get a new mortgage, unless they organise their new home loan and all their financial plans up to and including their retirement before they sell their existing home.
However, the average Australian superannuation balance for Australian men is less than $90,000 and just $53,000 for women. The average Australian aged between 55 and 64 years of age has about $142,000 in super, according to the Australian Bureau of Statistics data compiled by the Australian Super Funds Association.
Anyone in their 40s and above who apply for any kind of credit can also be expected to be asked to demonstrate significant other assets or superannuation savings.
According to real estate agents, many mortgage refinancers over 35 years of age are in danger of being rejected by mortgage lenders unless they can show their mortgage will be fully repaid before or upon retirement from their superannuation or other investments.
Families who are selling one house and moving to another could potentially be left without a home or the ability to get a new mortgage, unless they organise their new home loan and all their financial plans up to and including their retirement before they sell their existing home.
However, the average Australian superannuation balance for Australian men is less than $90,000 and just $53,000 for women. The average Australian aged between 55 and 64 years of age has about $142,000 in super, according to the Australian Bureau of Statistics data compiled by the Australian Super Funds Association.
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