25 Jan 2022

Can I get a 40-Year Mortgage at 30?

40-Year Mortgage at 30

Deciding on purchasing a home is a big decision that takes time and research! There are also many things to consider, like your age and the time that you have to pay the mortgage. If you are 30 years old, can you get a 40-year mortgage? 

The thing about 40-year mortgages is that they are already uncommon. Banks and lending companies prefer 30-year loans because they are more manageable. If you were to get a 40-year loan at 30 years old, you would be done paying it at 70 years old. Although it is not impossible to do, there are many more negatives than positives. When you are 70 years old, you should be retired and not worry about making large payments on a home.

Start Researching

If you are considering a 40-year loan at the age of 30, you should start researching as soon as possible. Applying for a loan and buying a house is a long process, especially if the current market is competitive. 

The best way to research is to look for a mortgage calculator online with a 40-year mortgage option. This will give you an estimate of what your monthly or fortnightly payments will look like. During the research process, it would benefit you to also talk with a professional banker or lender about your options. They may present you with low interest and a low yearly mortgage.

Are There Companies that Provide the Option of a 40-year Mortgage?

In Australia, there are hundreds of banks and lending companies, and yet only a handful allow 40-year mortgages. The companies and banks that do are strict on who they allow to apply and get this type of mortgage. This is why it is important to research and inquire with Australian companies.


In conclusion, it may not be a good choice to get a 40-year mortgage at the age of 30 because of how long it will take to pay off. However, while it is not a good choice, it is possible. If you are interested, you should research and ask Australian banks and mortgage lenders as not many of them provide the option of a 40-year loan.

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