[Seren]

My first post. Great forum for finding out stuff.

I'm 44. My bank tells me 70 is the age limit for a mortgage for non-manual workers. I can still get a 25 year mortgage in the UK (44 + 25 = 69). I'm an office worker so I can still get a 25 yr mortgage. Is it the same in Australia?

[chestnut]

I think that the maximum term is 30 years and the maximum age is 70 years for a mortgage.

[Heidi]

I'm sure that the maximum age is 70 too but can't find it anywhere to show you. If you're keen to know then phoning/emailing an Australian bank would be the best option. I don't know how my kids are going to afford a home - maybe mortgages to 70 will become common.

[jimjams]

I looked into this. I think I'd do what Heidi suggests and contact individual banks. The information I found is that mortgages in Australia shouldn't last any longer than 30 years and should be paid off before your expected retirement age. Since there's no compulsory retirement age in Australia, then like you say, Seren, it comes down to what sort of job you're in and what age you'd be expected to hang up your boots.

http://www.smartsearchfinance.com.au/commonwealth_bank/rate_saver.html

[Seren]

Thanks for all your input. I thought it would be about the same.

[Sam66]

You wouldn't want to rely on working beyond 70 to pay for your mortgage anyway. Thirty years is the maximum term and that is too long to have to pay for a home.

[Jackie Smith]

I've got a friend who is 55 and is just going through the process of getting a 30 year mortgage. She doesn't seem to think she'll have a problem getting this agreed.

[jimjams]

I've got a friend who is 55 and is just going through the process of getting a 30 year mortgage. She doesn't seem to think she'll have a problem getting this agreed.

That's scary. When is she planning to retire?