Social media shakeup: This woman was rejected for home loan due to most shocking reason
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Navigating the world of home loans can be daunting, especially when facing unexpected hurdles that seem to defy common sense.
A recent story that has surfaced online is causing quite a stir, highlighting the complexities and, some argue, the absurdities of the home loan approval process.
The tale revolves around an Aussie mum who was blindsided by the rejection of their home loan. Their shocking discovery of hidden financial issues has sparked a conversation about financial transparency.
A 43-year-old single mother from Melbourne has found herself at the centre of a heated debate after being denied a home loan, given that she was 'too old' to service a 30-year loan.
Despite having saved $60,000 since 2018, boasting 'excellent credit', and having $120,000 in superannuation, her application was rejected by one broker and only pre-approved for $200,000 by another.
The woman's plight, which she shared online, has resonated with many middle-aged Australians who have faced similar challenges.
Her post, titled 'Home loan denied, Happy New Year to me', quickly became a platform for others to share their frustrations and experiences with securing loans.
One commenter, a man in his 50s earning $300,000 a year, revealed all big four banks turned him down due to the precarious nature of his employment with a US tech firm.
The situation has sparked a broader conversation about age discrimination in the lending industry and the challenges older Australians face when trying to enter the housing market.
With the average age of first-time homebuyers rising due to economic factors such as inflation and soaring property prices, many find themselves caught in a catch-22 situation.
Jordan Knight, a former One Nation staffer and founder of Migration Watch, shared the woman's post, describing it as 'one of the most depressing posts I've ever seen' and calling for accountability from those responsible for Australia's housing crisis.
However, not everyone is convinced that age was the sole factor in the woman's loan rejection.
Some industry professionals have pointed out that mortgages are often approved for applicants older than 43, suggesting there may be more to the story.
Indeed, the woman later disclosed that she had a 26-year-old student loan, which could have impacted her borrowing capacity.
Mortgage Choice broker James Algar weighed in on the matter, explaining that applicants with relatively small deposits, like the 43-year-old's, could struggle to be approved without government buyer's schemes.
He described her situation as 'high risk' due to the full stamp duty cost she would incur with a $60,000 deposit.
The debate has also drawn attention to the broader issue of housing insecurity among older Australians.
Research by Housing For the Aged Action Group has found a decline in the percentage of older Aussies who own their homes by age 55.
As the conversation continues, it's clear that the challenges of securing a home loan are multifaceted and can be influenced by various factors, including age, employment stability, and financial history.
For our readers over 60, this story may hit close to home, and we encourage you to share your experiences and thoughts on the matter.
In other news, an Australian woman uncovered her partner's hidden financial troubles after their home loan was rejected despite their substantial income and savings.
She discovered his defaults on credit accounts, secret Afterpay accounts, and the depletion of their engagement ring savings on non-essential items. You can read more about it here.
Have you faced similar obstacles in your pursuit of homeownership? What advice would you give those navigating the complex landscape of home loans? Let us know in the comments below.
A recent story that has surfaced online is causing quite a stir, highlighting the complexities and, some argue, the absurdities of the home loan approval process.
The tale revolves around an Aussie mum who was blindsided by the rejection of their home loan. Their shocking discovery of hidden financial issues has sparked a conversation about financial transparency.
A 43-year-old single mother from Melbourne has found herself at the centre of a heated debate after being denied a home loan, given that she was 'too old' to service a 30-year loan.
Despite having saved $60,000 since 2018, boasting 'excellent credit', and having $120,000 in superannuation, her application was rejected by one broker and only pre-approved for $200,000 by another.
A 43-year-old single woman in Melbourne was denied a home loan for being considered 'too old' to service a 30-year mortgage. Credit: Andrii Yalanskyi / iStock
The woman's plight, which she shared online, has resonated with many middle-aged Australians who have faced similar challenges.
Her post, titled 'Home loan denied, Happy New Year to me', quickly became a platform for others to share their frustrations and experiences with securing loans.
One commenter, a man in his 50s earning $300,000 a year, revealed all big four banks turned him down due to the precarious nature of his employment with a US tech firm.
The situation has sparked a broader conversation about age discrimination in the lending industry and the challenges older Australians face when trying to enter the housing market.
With the average age of first-time homebuyers rising due to economic factors such as inflation and soaring property prices, many find themselves caught in a catch-22 situation.
Jordan Knight, a former One Nation staffer and founder of Migration Watch, shared the woman's post, describing it as 'one of the most depressing posts I've ever seen' and calling for accountability from those responsible for Australia's housing crisis.
However, not everyone is convinced that age was the sole factor in the woman's loan rejection.
Some industry professionals have pointed out that mortgages are often approved for applicants older than 43, suggesting there may be more to the story.
Indeed, the woman later disclosed that she had a 26-year-old student loan, which could have impacted her borrowing capacity.
Mortgage Choice broker James Algar weighed in on the matter, explaining that applicants with relatively small deposits, like the 43-year-old's, could struggle to be approved without government buyer's schemes.
He described her situation as 'high risk' due to the full stamp duty cost she would incur with a $60,000 deposit.
The debate has also drawn attention to the broader issue of housing insecurity among older Australians.
Research by Housing For the Aged Action Group has found a decline in the percentage of older Aussies who own their homes by age 55.
As the conversation continues, it's clear that the challenges of securing a home loan are multifaceted and can be influenced by various factors, including age, employment stability, and financial history.
For our readers over 60, this story may hit close to home, and we encourage you to share your experiences and thoughts on the matter.
In other news, an Australian woman uncovered her partner's hidden financial troubles after their home loan was rejected despite their substantial income and savings.
She discovered his defaults on credit accounts, secret Afterpay accounts, and the depletion of their engagement ring savings on non-essential items. You can read more about it here.
