Securing a home loan can pose challenges for people who are self-employed, even if they have stable and regular income. Whilst loan approval is achievable, it often requires extra effort in the application process as lenders have stricter criteria for business owners.
For many retirees and people approaching retirement, their home makes up a significant portion of their wealth. Many people are under the assumption that the only way to access the equity in their home is to sell and downsize. However, there is another option. A reverse mortgage is a tool homeowners aged 60 and older can utilise to convert a portion of their home equity into cash.
In Australia, the allure of homeownership remains a significant aspiration for many, but the path to securing a mortgage can be difficult for some. With the rise in popularity of of buy-now-pay-later (BNPL) services like Afterpay reshaping spending habits, it’s crucial to understand how these platforms can influence an individual’s borrowing power when it comes to obtaining a home loan.