More than eight in ten Kingsgrove homes are separate houses, and its median age is one of the older ones in the area.
How the loan will be repaid if the term runs past your expected retirement. Lenders ask for an exit strategy, such as downsizing, selling an investment, super or extra repayments, and may shorten the term. Strong equity in a long-held Kingsgrove house usually helps.
Kingsgrove is house country: 82.0% of dwellings are freestanding, against 65.6% for NSW. A house on its own title is the simplest security a lender takes, and the land carries most of the value.
Separate housesTownhouses and semisApartments
apartments NSW 21.7%
separate houses NSW 65.6%
terraces and semis NSW 11.7%
rented NSW 32.6%
with a mortgage NSW 32.5%
private dwellings
Source: ABS Census 2021, Suburbs and Localities (SAL12166).
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How a parent’s equity can stand in for the deposit, often with no LMI.
With a family guarantee covering that portion, you could potentially buy with your $30,000 and no LMI. Costs assume NSW first home buyer duty.
Limited to this portion, secured against the guarantor’s property, released once you reach 20% equity, subject to lender approval. Indicative only, not credit advice.
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Charles Touma from Links Property Finance was a great help with buying my first home. I had plenty of questions and he took the time to explain things clearly without making me feel rushed. He kept me updated throughout and made the process much less stressful. Really appreciated his patience and would happily recommend him to other first home buyers.
A huge thank you to Charlie for his exceptional support and expertise throughout the process of securing finance for my first home.
Had a great experience with Charles at Links Property Finance. He made the whole home loan process straightforward and easy to understand, kept me updated throughout and was always quick to answer any questions.
Age by itself does not stop you getting a loan, but responsible lending means a lender must consider whether you can repay it.
If the term runs past the age you expect to retire, most lenders ask for an exit strategy: how the loan will be repaid, or reduced to something manageable, when your working income stops. Our guide to home loans for retirees covers what lenders accept.
Common exit strategies include downsizing, selling an investment property, using super, or paying the loan down faster before retirement. A shorter term with higher repayments can also work. The lender wants the plan to be realistic and documented, not just stated. Complex lending in detail
Charles Touma, Mortgage Broker.
Kingsgrove lies about thirteen kilometres south-west of the city and spreads across the City of Canterbury-Bankstown, Bayside Council and Georges River Council. Parks include Beaumont Park and Dowsett Park.
Its main shopping centre is on Kingsgrove Road, south of Kingsgrove railway station, with commercial and industrial buildings north of the line and a small group of shops on Stoney Creek Road known as Kingsway.
In 1804 Governor King granted five hundred acres to Hannah Laycock, wife of Quartermaster Thomas Laycock, and she named the farm King’s Grove in his honour.
Her sons were granted land nearby, and by 1829 the farm extended from Campsie and Clemton Park to Stoney Creek Road when it was sold to Simeon Lord. Today separate houses make up more than eight in ten homes in Kingsgrove.
When a Kingsgrove owner is borrowing later in life, Links compares a panel that includes Westpac, ANZ, Macquarie, ING and Resimac.
Example scenario (illustrative, not a real client): a Kingsgrove couple in their mid-fifties want to borrow to renovate the family home, with a term that would run past their planned retirement.
Before applying, they set out their exit strategy, which is to downsize in their sixties, and apply with a shorter term and repayments they can meet from their current incomes.
Lenders generally accept a clear plan such as selling the home and downsizing, selling an investment property, using super at retirement, or reducing the loan through higher repayments before you stop work. Each lender has its own view of what it will accept.
Evidence helps: a statement of your super balance, details of an investment property, or a repayment plan that clears most of the loan before retirement. Complex lending.
Choosing a term that ends near your planned retirement means higher repayments, but it can remove the need for an exit strategy altogether. The lender then assesses whether your income supports those higher repayments.
Extra repayments and an offset account can help you reach the same result more flexibly. See what extra repayments save.
Owners with equity sometimes help adult children buy, through a guarantee or by borrowing against their own home. Either option affects your own finances and your plans for retirement.
It is worth understanding the risks, and getting independent advice, before committing your home to someone else’s loan. Guarantor home loans.
Three common exit strategies, and what each means for the loan.
The details that make the application straightforward.
No, age alone does not rule you out. Lenders must be satisfied you can repay, and if the term runs past your expected retirement, they will ask how the loan will be repaid.
An exit strategy is a realistic plan for repaying or reducing the loan when your working income stops, such as downsizing, selling an investment property or using super.
Sometimes: some lenders allow it with a documented exit strategy, while others prefer a shorter term. Your income, assets and plans all come into it.
It can. A term ending near retirement means higher repayments, but it may remove the need for an exit strategy. The lender assesses whether your income supports the higher repayments.
Yes, many lenders accept super as part of the plan, supported by a recent statement, if the balance is realistic for the amount involved.
Often, yes, with the same questions about repayment. Renovation loans may also involve quotes and approvals for the work.
Thirty minutes with Charles: what you could borrow, which lenders suit Kingsgrove property and what to do next. Free, with no credit check.
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General information only, not credit or financial advice. Lender policies and government scheme criteria differ and change over time. All lending is subject to individual assessment and approval.
