Homeloans For Older Australians Sixty and Over
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Many older Australians are consistently being turned away from conventional homeloans and the reason is because of age. This is unfair and very degrading for any older person who requires the security of a home and is turned down by the banks or other lending institutions. There are many older people in our society who are being forced to start life over again due to a finacnial collaspe of a nest egg investment and divorce, the many reasons are diverse. Many do not have superanuation schemes in place depending on the type of work they are doing. Even superanuation cannot be a safe bet these days. As retirement age will keep rising and people are now living a lot longer, it makes sense that those people who are fifty plus should have the same opportunity as their younger counterparts to take out a conventional homeloan with the banks and many other lending institutions. When I approached the bank for a homeloan I was turned away on the grounds of my age, this made me feel worthless and degraded and I didn't think it was fair. This will cause me more stress in the long run, as more older people will be forced to resort to shared accommodation or living in their cars and a downturn in our society bordering on more poverty. It is the birthright of every individual to have equal access in home owership no matter what age, gender or race they are. There are many ways lending houses can structure homeloans to suit older Australians. Many are on pensions already and in many cases they can obtain loans to purchase assets such as cars, overseas trips and just about anything except a house, which is the most important asset there is for people. In most cases a pension is more stable than a job or a business. Every person has a right to own property if they so choose and the banks and homeloan institutions can definitely make this possible, but we need to push it along to give it a green light.
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