Home loans for over 55s
If you’re aged 55 or over you may still be able to get a home loan. We explore how.

If you’re aged 55 or over you may still be able to get a home loan. We explore how.
Can a 55 year old get a home loan?
If you’re 55 or older and looking for a home loan (or seeking to refinance your existing home), there are options available to you—so long as you can show a lender you can make the repayments. The aim is to make sure you don’t take on a loan you can’t afford, and can’t pay back.
Just like any other prospective borrower, a lender will want to know that you have the means to service the home loan. Over-55s may face more of a challenge than younger borrowers, though Otto Dargan, Managing Director of Home Loan Experts, told Canstar that lenders are not allowed to discriminate on the basis of age.
How to get a home loan if I’m 55 or over
No matter the age of the borrower, banks and lenders in Australia are bound by responsible lending obligations, and must make reasonable enquiries about your finances to make sure you are a suitable loan candidate.
“The key concept is that credit licensees must not enter into a credit contract with a consumer, suggest a credit contract to a consumer or assist a consumer to apply for a credit contract if the credit contract is unsuitable for the consumer,” AISC says.
While the NCCP may offer you some protection, Seniors First mortgage brokers Managing Director Darren Moffatt told Canstar the Act can also place some restrictions on your ability to borrow for a home loan.
“It’s not enough to have heaps of equity in your property or to be ‘asset rich’,” Mr Moffatt says. “The NCCP demands lenders demonstrate you have the income to also service the loan. Some people who have not borrowed money for many years get caught out on this.”
What do lenders look at for over-55 home loans?
When applying for a home loan over 55, lenders want reassurance that you can meet repayments. To give yourself the best chance of approval, make sure your financial affairs are in order and be prepared to provide supporting documents. Key areas lenders may assess include:
- Your financial position: This includes evidence of savings, investments, and details of any existing debts. Having paperwork organised can help streamline the process.
- Your credit score: Lenders will look at your credit history to judge your reliability as a borrower. Check your credit score for free before applying, so you have the chance to improve it if needed.
- Credit and store cards: According to National Seniors CEO Chris Grice, even dormant credit or store cards in your name or your partner’s name can reduce your borrowing capacity. Closing unused accounts could work in your favour.
- Superannuation accounts: If you plan to use super to help repay a mortgage, multiple accounts could mean you’re paying unnecessary fees. A consolidated strategy—and contributing as much as possible earlier in life—can make your super work harder for you.
“Instead of using the funds just for funding retirement and or aged care, superannuation is being more frequently used to pay-off mortgage debt later in life,” National Seniors Chief Executive Officer, Chris Grice told Canstar. “If this is the case, you need to have a good superannuation strategy in-place – don’t have multiple accounts paying more fees than necessary and where you can contribute extra to superannuation, do so as early in life as possible.”
By reviewing these areas before applying, you can strengthen your application and give lenders confidence in your ability to manage repayments later in life.
Do I need an exit strategy for my home loan?
With home loans for seniors, most lenders will likely ask you to agree to an exit strategy – a plan on how you intend to repay the home loan – especially if you run into difficulty.
“These days anyone over 45 will be asked for one by the lender,” says Mr Moffatt. “Acceptable exit strategies can include having enough superannuation to clear the mortgage when you retire, or enough equity in a secondary property which can be sold when the time comes.”
An exit strategy may include a requirement to have the loan repaid by the time you reach a certain age, such as 70 or 75. Given many home loans have loan terms of 25 to 30 years, if you’re 55 or over that means you may be expected to repay the loan over a shorter period of time. That will then push up the amount you’d have to pay in regular repayments, which may not be acceptable to you or your lender, and may see your application rejected.
How to find home loans for over 55s
Finding a home loan over 55 can take extra effort, but the right approach can boost your chances of success. Here’s how to take control of the process:
- Compare lenders actively: Don’t settle for the first offer—shop around and see which lenders are open to working with borrowers over 55.
- Engage a mortgage broker: A good broker can unlock loan options you might not find yourself. Ask them directly about their experience helping over-55 borrowers.
- Build a 20% deposit: Strengthen your application by saving a deposit or using equity from another property. The bigger the deposit, the less risk for lenders.
- Know the rules on Lenders Mortgage Insurance (LMI): Borrow more than 80% and you’ll likely need LMI. Remember—it protects the lender, not you.
By preparing in advance and knowing what lenders expect, you’ll be in a stronger position to secure a home loan that suits your needs later in life.
What are the best mortgages for borrowers over 55s?
Finding the best home loan when you’re 55 or over means comparing mortgage options for those that may best suit your needs and your finances.
Several lenders may be prepared to offer you a home loan, but you’ll need to consider the interest, any fees and charges, the loan term and other factors to see what could work for you.
When considering any home loan offer from a lender make sure you read carefully any relevant documents, such as any terms and conditions, Target Market Determination (TMD) or Key Facts Sheet (KFS).
This article was reviewed by our Finance Editor Jessica Pridmore before it was updated, as part of our fact-checking process.

Mark has been a journalist and writer in the financial space for over ten years, previously researching and writing commercial real estate at CoreLogic. In the years since, Mark has worked for the Winning Group, Expedia, and has seen articles published at Lifehacker and Business Insider.
Mark has also completed RG 146 (Tier 1), making him compliant to provide general advice for general insurance products like car, home, travel and health insurance, as well as giving him knowledge of investment options such as shares, derivatives, futures, managed investments, currencies and commodities. Find Mark on Linkedin.
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