Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Minimum age of borrower
With the exception of student loans, most loans require borrowers to meet an age requirement. In general, the minimum age of borrower is 18 years, although some mortgages set the limit to 21 or 25. In the case of reverse mortgages-loans wherein the equity is released when the owner dies or the home is sold-the minimum age is between 60 and 65. Meeting the minimum age of borrower does not guarantee approval. Lenders still look at an applicant's credit history, employment, and current income to assess their ability to repay the loan.
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