Although there is no “deadline” for buying a first home, he says the usual bond period is 20 years and banks “prefer that period to end at around the age of 65”.
That said, it depends on individual circumstances. “Employees who plan to retire in the traditional fashion could be limited, while high-net-worth individuals, who often buy with cash, don’t really have age restrictions,” he says.
The average age of the agency’s first-time buyer is 31, not 21 as published in Weekend Argus last week, with the oldest buyer in recent years a 72-year-old.
However, Everitt says it is “not common” for people above the age of 60 to buy property, unless they are buying for retirement, investment or a home for their children or grandchildren. After the age of 45, it can become more difficult to be granted a home loan.
“The term of the bond may be shortened and minimum repayments higher.”