Home loan for OAP

[ann]

Hi, I have reached the OAP finally. Any links, ideas etc for how to get a home loan. I’m ok to live ‘out back’ where houses are from $47,000 upwards. I have about $15,000 as a deposit and a loan is substantially less than I am paying in rent. I was confident to move overseas once getting the OAP but my partner has died and I’m too scared to go alone. I need to stay in oz but rent is diabolical. Any loan ideas are appreciated. I have researched and it seems the answer is a big no

[latindancer]

I'll be interested in finding out any info too.

How about these "rent to buy" schemes ?
Or "owner finance" ? Which could be the same, for all I know.

I certainly don't want to be renting forever....it's dead money.

[Deleted]

ann unfortunately your research and negative answer seem to be how it is for older people.

My cousin who is 61 and his partner who is about ten years his junior, have been trying since January. They were advised to get 10% deposit together to buy in a bust-boom-bust town and it'd be no problems to get the loan.

Cut a long story short; they got the deposit together, then we're told they'd need more because of the town being in a depressed state, i.e. the boom days were over!

Whether it was 15-20-25%, I forget; when they got that together they failed the loan because of his age, as several brokers and banks declared he wouldn't live another thirty years, so they couldn't fund it.

As you would expect they are devastated! Here they are with more cash on hand than they've had in ages, yet seem destined to rent forever. Seriously it's all BS; the lender can't really lose either way, but we can't have poor & disabled people getting ahead what; that would hardly be cricket now would it? Cheers bear

[nomadic]

where were you thinking about overseas ann? i wouldn't totally forget about it if you can't get what you want. I'm a single the same age and love it. But i guess i was a lot younger when i started here. All the best.

[mspurple]

I have some family members who could only secure a loan for certain areas. The bank would only give a loan for a house in areas that they felt were going to hold their value so it did not matter that they wanted to borrow less than 50 thousand they still could only get that if they purchased in an area the bank had allowed. Apparently these small towns with cheap homes and lovely lifestyles are not an investment the banks are interested in. The houses just don't sell in these small towns fast enough or high enough for their liking.

[aussie25]

www.keystart.com.au/

[aussie25]

It's only in West Australia and it's ran by the WA Housing Authority.
www.keystart.com.au/