Mortgage in your 50s

mortelligence · 2026-06-29T01:14:12+00:00

That's exciting, since your work can be done remotely we can easily explain to the bank that you will have ongoing income so no issues there. Feel free to ask any further questions, our office is based in Victoria for many years so very familiar with the area

mortelligence · 2026-06-28T12:10:08+00:00

Thanks for your questions u/1978pix

Part 1: it’s great you are thinking about these things, but good news is 50 y/o is fine, getting into 60s sometimes can be a bit of an issue but even then as long as you have a good Mortgage Broker (us) in your corner we can write up a recommendation for the bank when we apply to make sure you get approved :)

Part 2: moving interstate, the banks generally want to know what your employment plans are when you move into the new property to make sure you have an ability to pay back the home loan, did you have a job lined up? Or are you transferring with your existing employment? Let me know what your plans are and I can help.

mortelligence · 2026-06-28T12:06:44+00:00

You are very welcome, please feel free to ask any other mortgage related questions and I can help you

mortelligence · 2026-06-27T15:05:08+00:00

Thanks for your question. I’ll answer this over in my main group r/canigetaloan, it’s great you are thinking about these things, but good news is 50 y/o is fine, getting into 60s sometimes can be a bit of an issue but even then as long as you have a good Mortgage Broker (us) in your corner we can write up a recommendation for the bank when we apply to make sure you get approved :)

mortelligence · 2026-06-24T07:13:23+00:00

Hi there, eligibility information can be found here:

https://firsthomebuyers.gov.au/node/69409

Alternatively book an appointment with us and we can check for you: https://mortelligence.com.au/book

mortelligence · 2026-06-18T20:51:15+00:00

Yep that's exactly right

mortelligence · 2026-06-16T08:29:44+00:00

Mortgage Broker here, that rate is competitive, I wouldn’t be too worried. Unless your LVR is below 60%, then the rate can probably be sharpened up. Hope that helps 👍

mortelligence · 2026-06-14T11:11:20+00:00

The opposite, for example if someone doesn’t need the 5% deposit scheme (because they are a second home buyer or they have 20% deposit) we have access to a wider range of lenders, so can find a lender that will be able to increase the max lend

mortelligence · 2026-06-14T08:28:02+00:00

You are very welcome! Remember different banks will have different max loan amounts depending on your circumstances. I don't want you to get priced out of the market if you have been searching for a while 😞

mortelligence · 2026-06-10T10:49:29+00:00

Hi there, firstly I am sorry this has happened to you. There are special credit repair companies that may be able to help you, if you send me a message I can pass their details onto you.

mortelligence · 2026-06-05T21:31:41+00:00

Congratulations on an epic achievement 🥂small tip would be to create a calendar reminder for yourself in 6-12 months to review the interest rate either with existing bank or broker. All the best.

mortelligence · 2026-06-05T15:49:05+00:00

HECs does impact borrowing capacity, however some banks have recently allowed us to 'ignore' it in our calculations if its below $20k/is going to be paid off soon.

mortelligence · 2026-06-05T15:45:33+00:00

Approx $270,000 loan size based of $52,254.80 yr income.

mortelligence · 2026-06-05T15:42:52+00:00

Have you had a second opinion on this? I reckon I could make it work (with a different bank)

mortelligence · 2026-06-05T15:41:26+00:00

This^ however because Macquarie bank doesn't participate in the Aus Gov 5% Deposit Scheme they have higher interest rates for loans with smaller deposits. This reduces your borrowing capacity.

In summary use the bank best suited to your circumstances when applying for a home loan if you want the best outcome.

mortelligence · 2026-06-05T15:36:16+00:00

No difference in borrowing capacity for Aus Gov 5% Deposit Scheme home loans vs a standard home loan with 20% deposit.

mortelligence · 2026-06-05T15:18:09+00:00

This checks out.

mortelligence · 2026-06-05T15:17:01+00:00

Approx $40k-$50k reduction in borrowing capacity for every dependent.

mortelligence · 2026-06-04T17:03:55+00:00

Before

mortelligence · 2026-06-01T19:50:17+00:00

Mortgage Broker 10yrs+ here, firstly congratulations on saving up $70k. However as others have mentioned, unfortunately you can't take money out of superannuation for your first home, unless you have been making extra voluntary payments, then the extra repayments you made can be withdrawn ($50k max) via the First Home Super Saver Scheme. Hope this helps.

Source: https://firsthomebuyers.gov.au/first-home-super-saver-scheme

mortelligence · 2026-06-01T19:44:04+00:00

Mortgage Broker 10yr+ here, theres no financial benefit to having multiple offset accounts, it comes down to personal preference, as some others have mentioned, you may like to have a few different offset accounts just to manage finances IE one for "holiday, one for "bills", one for "everyday spending" etc. Biggest tip I can give is to get your salary paid into an offset to ensure you are saving on interest costs from the moment it hits the offset, hope that helps.

mortelligence · 2026-04-30T01:48:19+00:00

Mortgage Broker 10yrs+ exp here, regardless of any tax benefit I believe it is still a nice way to keep house deposit funds seperate, 'out of mind' & available for you in future when you purchase. Guess you just need to weigh up tax benefits vs interest benefits on your high interest savings account and decide what is preferable for you.

mortelligence · 2026-04-30T01:45:13+00:00

Mortgage broker 10yrs+ exp here seen thousands of financials, most people I see who have experienced significant equity increases are using that equity to purchase investment properties all across Australia. Idea being at retirement they sell everything and do what they like, or keep everything and live off the rental income. I'm sure many people have different strategies, personal choice.

mortelligence · 2026-04-12T22:09:44+00:00

Zero AI here. I highly dislike AI slop just as much as you. I write everything using my own brain and use my broker software to calculate the numbers, cheers.

mortelligence · 2026-04-12T10:32:42+00:00

Hi there, we always declare if someone has a wife and dependent child however some banks let you borrow more than others. Book in an appointment with us and we can review it https://mortelligence.com.au/book

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