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Older borrowers taking out later-in-life loans risk post-retirement mortgage pain (www.abc.net.au)

submitted 3 weeks ago by hanrahan@slrpnk.net to c/ausfinance@aussie.zone

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Australians are increasingly taking out home loans later in life as higher property prices delay first-home buyers getting into the market — with some analysts warning it could lead to post-retirement mortgage pain.

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[–] boletus 3 points 3 weeks ago (1 children)

People told me Australia is great for old people to retire. I guess only when you are already at that retirement age

[–] hanrahan@piefed.social 1 points 3 days ago

If you own a house out right, money is thrown at you (comparatively).

That said my Generation (x) will have it a little harder, eg 67 is the new 65 but i have a friend turning 60 next year who quit work, has plenty of super he can now draw down on (has plenty of savings until then) and owns his house.

My mother (81) complains that her social circle is small becase her friends (75-85 yr olds) are mostly not at home as they're off on one cruise or another. They also get the part aged pension, courtesy of younger workers.