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You never know until you ask. I was pleasantly shocked to be approved to borrow for investment at age 67. Substantial equity; still in full time employment; a solid exit strategy; a long term credit history and a fantastic broker got it over the line (and a decrease in my credit card limit 😉). Thank you Commonwealth Bank for your expression of confidence.

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Hi Barbara

That was amazing, being 67 and was approved for an investment loan! I wonder if there is a chance for me to do so as well considering my situation. I will be turning 64 in few weeks. I have been self employed for the last 15 years and work from home as a property consultant. I do not have any investment properties except for this residential property that me and my husband own and live in. I have only my name on the title. Even though we are married, my husband who is retired never wanted his name to be on the title to this property which we bought 24 years ago for $190K. I never regret not paying it off sooner as the loan has still a balance of $170K. The home equity gave me endless opportunities to travel (not worldwide but some parts in America to visit my sister and her family, plus my native country which I visit almost every year, not to mention my generous nature to less fortunate siblings whom over the years I have had helped and supported and up to now, my elderly mother who resides there, does get a monthly financial support from me.

At some stage, I had the balance of the loan down to $80K in the early 2000's when my husband was still working. He was also a self employed trader. The refinance value of the home helped me use it for whatever purpose I needed to use it then in order to enjoy any present moment I have had at that time without worrying too much knowing that the value would be increasing overtime and that I could always repay the balance of the loan. The important things that I believe were my decision to do what I needed to do at that time, but at the same time being responsible in being able to repay the redraws eventually, by not missing on visiting sick loved ones before they pass away, like my Dad who was ill at that time to spend with family members by travelling. I bought the experiences from the re-draw, paid the repayments from my previous full time employment and now as a self employed, working from home and earning at least 60K-70K a year. I have some cash savings while trying to build up my Super fund again.

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Great question here, actually you're not too old to apply for a loan.

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