A lot of people worry they’re “too old” to buy a home — especially if they’re in their 40s, 50s, or even early 60s.
The truth? Age isn’t what stops most people from getting approved.
What matters is your income, your plans, and whether the loan makes sense for your stage of life.
Here’s the easy breakdown.
1. Do banks have a maximum age limit?
No — banks can’t discriminate based on age.
There’s no official maximum age for a home loan in Australia.
What lenders do look at is:
- Can you comfortably afford the repayments?
- What does your income look like?
- How long do you plan to work?
- Do you have an exit strategy?
You can get a loan at 50, 55, 60+ — it just needs to make sense financially.
2. What is an “exit strategy” and why do banks ask for it?
As you get closer to retirement age, banks want to know how you’ll repay the loan long-term.
Your exit strategy could be:
- Working part-time beyond retirement age
- Superannuation
- Downsizing later
- Selling an investment property
- Using equity or savings
- A partner with ongoing income
Lenders simply want to see that the loan can be comfortably managed — not rushed or stressful.
3. Getting a loan later in life: what can affect approval?
Buying a home in your 40s, 50s or 60s is absolutely possible, but a few things can influence your approval:
✔️ Strong points
- Stable employment
- Steady income
- Good savings
- Low debt
- Good credit history
⚠️ Things lenders may check
- How long you plan to stay in the workforce
- Whether the loan term fits your retirement plans
- If you have a financial buffer
- Your long-term repayment strategy
In many cases, lenders may simply offer a shorter loan term — which you can sometimes extend later if needed.
4. So… are you ever “too old” for a mortgage?
No — you’re not “too old.”
People buy homes at all ages, and banks approve loans well into people’s 60s. The key is showing you have the income, stability and plan to manage the loan comfortably.
In fact, buying later in life can still build equity, reduce your rent burden, and give you financial security heading into retirement.
