This is a very specific case.
A individual who may be approaching the age of retirement at loan maturity will be supported by a bank if the individual has a feasible exit strategy.
For example, if a individual is 60 years old and is purchasing an investment property, the loan may not be repaid in time via standard repayments but sale proceeds of the home. The bank would then consider this a feasible exit strategy and support the old man.
What if they are not purchasing a investment property? Another strategy may be an individual who is purchasing a owner occupied home and looking to create wealth. This strategy could be feasible via no capital gains tax paid and repayment of the loan via sale proceeds or superannuation. The individual would ultimately create more wealth by retirement and then downside debt free.
Banks are very good at assessing risk and will not lend to an individual who can not repay their loan. I think its very harsh to point a finger and say "the banks are so cruel for discriminating against the elderly". Conversely, I would say the banks are being prudent to ensure older individuals do not go 'broke' at retirement and are willing to assist with their retirement objectives.
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