Unbelievable reason an Aussie woman was denied a home loan- but not everyone is on her side

A single woman’s claim that she was denied a mortgage because she was considered ‘too old’ has divided Aussies.

The 43-year-old had saved $60,000 since first moving to Melbourne in 2018, and had hoped to take out a $500,000 loan using her savings, “excellent credit” and $120,000 in super money.

She was shocked when she was rejected by one agent and only approved for $200,000 by another.

‘Finally it happened. At 43, I’m too old to pay off a loan. Earn $110,000, no debt, no dependents, save $60,000,” she wrote online.

‘Refused because I cannot repay a loan with a term of thirty years. I might as well become unhealthy so I can at least die before I become homeless. Who wants a drink?’

The post, titled ‘Home Loan Denied, Happy New Year to Me’ was flooded with comments from middle-aged Australians sharing their own nightmare experiences trying to secure loans.

A man in his 50s making $300,000 a year claimed he had been rejected by all four major banks.

“The reason they gave was that I was employed by an American technology company that could terminate my employment without notice,” he wrote.

The woman had saved $60,000 since 2018, but claimed she was rejected by one agent and only approved for $200,000 by another (stock image)

Another said: ‘So 43 is too old to pay off a loan, but inflation and the current housing market mean the average Australian can’t afford a house until they’re in their 40s. The good old catch 22.’

Jordan Knight, former One Nation employee and founder of Migration Watch, described the post as “one of the most depressing messages I have ever seen.

“The architects of Australia’s housing crisis should be jailed,” he captioned the reshared post

However, others believed there was more to the woman’s story, highlighting that mortgages are often approved for applicants over the age of 43.

‘I’m a lender and this seems ridiculous to me. I have often taken out 30-year loans for people over 60. The key is an appropriate exit strategy,” said one.

Despite initially claiming to be debt-free, the woman said news.com.au she had a 26-year-old student loan taken out under the Voluntary Student Financial Top-up Scheme, which was discontinued in 2004.

She admitted that she had almost given up on owning a house.

“I’m probably going to buy a timeshare abroad and see if I can go back to my previous career and work remotely,” she said.

“Or buy student housing for the $250,000 I can afford and hope to God they don’t destroy it.”

The mother had hoped to get a $500,000 loan using her savings, ‘excellent credit’ and $120,000 in super money (stock image)

Mortgage choice broker James Algar explained that without the government’s buyer schemes, applicants with relatively small deposits – like those of the 43-year-old woman – could struggle to get approved.

‘As a first home buyer you can get away with a 5 to 10 per cent deposit, but for someone who is going to pay the full stamp duty cost with a $60,000 deposit, they are as high a transaction risk as you are. find in the market,” he told news.com.au.

“There would be very few lenders in the market that would be willing to approve a loan for this person.”

Other experts pointed to banks’ strategy of using a three percent rate hike to determine whether applicants can weather tougher market conditions.

Research from Housing For the Aged Action Group found that the percentage of older Aussies owning a home at the age of 55 had fallen.

“Although the majority of older adults retire as homeowners, signs of housing insecurity have increased over the past two decades,” researchers said.