What is the average age to pay off a mortgage in Australia?
Homeownership is not a race. If you feel you are getting too old to own a home or do not know when to start the process, always speak to a lending expert directly. More and more borrowers and homeowners are buying homes at 30. Since most home loans are for about 30 years, this leads to older individuals paying off their loans into their retirements. The average age to pay off a mortgage in Australia is 62. If you are reaching 62, relax! There are many retirees still paying mortgages. You are not alone.
Mortgages are a lot more than what they used to be. Housing prices increase, which results in Australians paying a lot for mortgages. The average age to buy a home is between 31 and 33, and most people who buy homes are married and have two forms of income.
The average price for a home in all of Australia is $595,873. This roughly translates to about $1,898 per month in repayments. These numbers change depending on where you live and have bought a home. No matter your age, purchase a home and feel comfortable. If you are unsure of when is the right time to do so, Mortgage House lenders offer free consultations. If you want to start a conversation about borrowing money to buy a home, speak to our Mortgage House lender professionals today!
Average Age to Pay Mortgage Conclusion
To conclude, many retirees are starting retirement with mortgages and debt. This has become a norm in Australia and will continue for the next few years. The average age to pay off a mortgage in Australia is 62, but this should not stress you out. Many individuals throughout Australia are paying off their mortgages just like you.