More Australians are buying houses later in their lives.
As a new mortgage survey suggests, a new social trend is emerging in the mortgage market. The survey found, “37% people looking to purchase their first home in the next five years will be over the age of 40”, jumping 28% from last year.
This new trend signifies a shift in the way people are using and spending their money. With the current climate of inflation and rising living costs, people can no longer afford to fund mortgage repayments earlier in life. As Mortgage Choice Survey Spokesperson Kirsty Sheppard explains, people are focussing on other life goals such as career and travel, before entering the property market.
Purchasing your new home at a later age, can sometimes be more difficult. This is especially true if you have struggled with a poor credit history or even bankruptcy.
At Australian Lending Centre, we are not a Bank, and we look at every loan application on a case-by case basis, specialising in a variety of loan options for those with a poor credit history. So if you are thinking of purchasing a property at a later age or have a poor credit history, contact ALC, we may be able to help.
To see how we can assist you work towards a brighter financial future, free call us 7 days a week on 1300 138 188 or complete an online Express Enquiry form now.