Gold Coast Guide to Home Loans for Over 60’s

Acquiring home loans for people in their over 60s can be challenging, as lenders often see retirees and older Australians as higher-risk borrowers due to limited income streams or reliance on superannuation. However, that doesn’t mean the dream of homeownership, refinancing or property investment is out of reach. 

This is where expert mortgage brokers, such as the team at LM Edge, play a crucial role. Brokers can help simplify the process, tailor options to suit your unique financial situation, and help make borrowing in your golden years far more manageable. 

Curious about how you can achieve your property goals on the Gold Coast while navigating these hurdles? Let’s dive into what you need to know!

What Are Home Loans for Over 60's?

Home loans for over 60's are specifically designed to meet the needs of elderly borrowers. These loans offer flexible options, such as reverse mortgages or equity release loans, to match retirement income. They also consider factors like age pension eligibility and shorter loan terms, making them more accessible for senior homeowners.

Essential Features of Over 60's Home Loans

Home loans for over 60's offer specific features tailored to retirees. Let’s explore the key features:

• Flexible Drawdown Options: Borrowers can access funds over time without penalty.
  
  
• Reverse Mortgage Loan Options: Senior homeowners can access equity in their homes as lump sums or regular income streams.
  
  
• Fee Waivers: Some loans waive annual fees for retirees.
  
  
• Short Loan Terms: These loans align repayment periods with retirement timelines.
  
  
• Competitive Rates: Rates may be steeper, but comparison rates across boutique lenders can offer better options.

Gold Coast Property Market in 2025: Insight Into Homeownership

The Gold Coast real estate market remained strong in 2024 with an 80.7% growth. 2025 looks promising for the city with property values forecasted to grow by 3% to 6% in 2025, driven by high demand for coastal living. 

Suburbs like Broadbeach, Nerang, and Townsville are hotspots investment property buyers, these are locations retirees can also look into if they are still trying to figure out a place to invest in.

With its sunny climate and excellent amenities, the Gold Coast is an ideal location for elderly homeowners. Access to aged care facilities, medical services, and real estate markets tailored to retirees makes it a desirable place to settle.

Types of Home Loans Brokers Can Help People Over 60's With

As retirees and seniors in the Gold Coast face unique financial circumstances, there’s no one-size-fits-all solution when it comes to home loans. Fortunately, brokers can help match you with the right loan for your needs, whether you're downsizing, refinancing, or accessing home equity. 

Reverse Mortgages

A reverse mortgage is a popular option for Australians aged 60 and over, allowing you to tap into your home’s equity while still living in it. Repayments are deferred until the property is sold or you move into aged care. 

While flexible, this option requires careful planning, as the loan balance grows over time. 

Downsizer Contributions with Government Incentives

The Australian Government’s Downsizer Contribution Scheme enables individuals aged 55+ to contribute up to $300,000 (or $600,000 per couple) from the proceeds of selling their home into superannuation. 

This scheme pairs well with a new home loan, especially for those moving into a smaller or more manageable property.

Line of Credit Loans

This type of loan allows retirees to access funds as needed using their home equity as collateral. It’s a flexible option, ideal for covering irregular expenses like medical bills or home renovations.  However, interest applies to the amount drawn, so careful budgeting is essential. 

Aged-Based Mortgage Products

Special loan products designed for older Australians consider non-traditional income streams like pensions, superannuation, or rental income. These loans come with adjusted repayment terms and exit strategy requirements. 

Bridging Loans

Bridging loans provide short-term funding to help you purchase a new home while waiting for your current property to sell. This can be a practical solution for seniors moving into a retirement village or downsizing to a smaller property. 

Interest-Only Loans

Interest-only loans allow borrowers to pay just the interest portion of their loan for a set period, reducing monthly repayments. This option is ideal for retirees who have limited income but may plan to sell or refinance their property in the future. 

Equity Release Loans (Home Equity Access Scheme)

Offered by the Australian Government, the Home Equity Access Scheme (formerly known as the Pension Loans Scheme) allows retirees to access their home equity through fortnightly payments. It’s designed to supplement your income without needing to sell your property. 

With these options, over 60's have more flexibility than ever to tailor their home loan choices to their unique financial and lifestyle needs. A broker’s expertise is invaluable in comparing these loans, understanding eligibility requirements, and navigating lender policies. 

Eligibility Criteria for People Over 60's Home Loans

Eligibility for over 60’s home loans depends on meeting certain lender requirements. These criteria ensure that mortgage borrowers have the financial stability and ability to meet the loan terms.

• Proof of Income or Retirement Income: You’ll need to show proof of a regular income stream, such as retirement income, age pension payments, or ongoing advances from superannuation. This helps lenders assess your cash flow for regular repayments over the loan term.
• Property Valuation: Lenders require a current property valuation from a real estate agent to calculate equity. This valuation is critical for reverse mortgages or equity release loans, which depend on the property’s value.
• Credit History: A good credit history is a key component for loan approval. Lenders will review your credit score and any outstanding mortgage or additional debt before approving loan amounts.
• Financial Planner or Legal Advice: Lenders often request a financial planner’s or legal adviser’s report. This ensures you’ve received independent advice on how the loan will impact your financial future and retirement plans.
• Bank Requirements and Documents: Prepare documents like bank statements, proof of age pension eligibility, and details of any deceased estate or assets. Meeting bank application requirements simplifies the application process and speeds up approval.

How People Over 60's Can Apply for a Home Loan

Applying for home loans as an elderly borrower can seem daunting, but breaking the mortgage process into steps makes it easier. Here’s a step-by-step guide tailored to Australian homeowners on the Gold Coast.

Step 1: Consult a Mortgage Broker

Start by speaking with a mortgage broker who can offer independent advice. They’ll guide you through a range of loan products from boutique lenders, major banks, and private lenders.

Step 2: Assess Your Financial Situation

Review your retirement income, age pension eligibility, and cash flow with a financial adviser. This ensures you understand your borrowing capacity and can handle regular repayments over the loan term.

Step 3: Gather Necessary Documents

Prepare documents like bank statements, real estate agent valuations, and proof of income. Lenders will also require age pension asset test results and details on existing debt or outstanding mortgages.

Step 4: Apply for Pre-Approval

Pre-approval gives lenders confidence in your loan application and allows you to plan better. It’s a key benefit that simplifies the borrowing process and ensures faster loan approval.

Step 5: Select and Finalise Your Loan

Work with your broker to compare types of loans, such as reverse mortgages, equity loans, or investment property loans. Once you’ve chosen a preferred loan, review the lender policy, sign the agreement, and begin the application to the settlement process.

Case Study

John and Margaret, a retired couple on the Gold Coast, wanted to access funds for medical expenses and aged care costs. They consulted an expert mortgage broker, who provided independent advice and explored a wide range of loan products.

The broker recommended a reverse mortgage loan that suited their retirement income and future access to funds. With the help of their financial planner, they reviewed lender options and received loan approval within 2-3 weeks.

This amazing home loan allowed them to access a lump sum payment without the burden of regular repayments. Now, they enjoy a comfortable retirement with the flexibility to meet ongoing expenses while maintaining their property portfolio.

How Mortgage Brokers Can Help

Navigating the mortgage process can feel overwhelming, especially for elderly borrowers with specific financial needs. LM Edge’s mortgage brokers provide personalised service, offering independent advice and access to a range of lenders to simplify the entire process.

• Access to a Network of Lenders: Brokers connect you with various lenders and major banks to compare lender options.
• Tailored Loan Options: They assess your financial planner’s advice and recommend the most suitable loan options for you.
• Assistance with Loan Applications: Brokers handle the entire process, from loan applications to settlement, ensuring compliance.
• Competitive Rates: Brokers negotiate with lenders to find competitive rates and fee waivers tailored to retirees.
• Government Grants: Some brokers help you access government benefits or initiatives for elderly borrowers, reducing costs.

6 Tips to Increase Chances of Approval for Home Loans for Over 60’s

Applying for a home loan as a senior homeowner can be challenging, but it’s not impossible. By following these practical tips, you can improve your loan approval odds and secure a comfortable retirement on the Gold Coast.

1. Improve Credit History: Pay off any additional debt and maintain regular debt payments on time. A strong credit score assures lenders that you can handle regular repayments over time.
2. Show Stable Retirement Income: Demonstrate a consistent income stream from sources like age pension, superannuation, or investment property. Lenders need to see your capacity for monthly repayments or flexible drawdown options.
3. Provide Property Equity: A higher property value or equity loan shows lenders your ability to access capital. This is a key benefit for elderly borrowers applying for equity release loans or reverse mortgage loans.
4. Seek Expert Advice: Consult an expert mortgage broker or financial adviser to guide you through lender options. Their independent advice helps you compare types of loans across a wide range of lenders, including boutique and private lenders.
5. Apply for Pre-Approval: Pre-approval helps lenders assess your loan amounts and simplifies the application process. It’s a key component of a smoother borrowing process, particularly for standard home loans or reverse mortgages.
6. Choose a Short Loan Term: Opting for a shorter loan term reduces lender risks and aligns with your financial future. This approach is especially helpful for self-funded retirees seeking loan approval under lender policy guidelines.
   

FAQs

Can you get a home loan over 60?

Yes, lenders offer specialised loan options, like equity release loans or reverse mortgages, for borrowers over 60. These loans consider retirement income and property equity.

What are the new mortgage rules for older borrowers?

Lenders assess age, income sources, and loan term. Government benefits and shorter repayment periods often apply to older borrowers.

What is a reverse mortgage?

It’s a loan allowing senior homeowners to access home equity without selling the property. Repayments are deferred until the home is sold.

How long does a home loan application take?

It usually takes 1-3 weeks to process, depending on the lender and documentation provided.

Can self-funded retirees get home loans?

Yes, self-funded retirees can qualify if they demonstrate a regular income stream or adequate assets.

What’s the best way to compare home loan options?

Using an expert mortgage broker ensures you compare options across a wide range of lenders.

Final Thoughts

In 2025, home loans for over 60's are more accessible than ever, with tailored options designed to suit the financial needs and goals of retirees and seniors. Whether you’re downsizing, refinancing, or looking to access equity, understanding your options is the key to making informed decisions and achieving your property goals. 

With expert advice and the right loan options, achieving a comfortable retirement on the Gold Coast is within reach. Chat with LM Edge today or call 0401 022 182 for a free personalised consultation.