Who is Australia's first home buyer? The ABS has a number of interesting statistics regarding the identities of Australia's first home buyers. The average age is between 31 and 33 and the majority are couples, with about half of these including children.
The median age of a first homebuyer nationally has risen by a full decade – to 34.5 years of age. With housing prices now significantly higher relative to household incomes, loan terms have been extended, with 30-year mortgages now commonplace.
In 2022, the average age of first-time homebuyers was 36, according to the National Association of Realtors (NAR). This is up from 33 in 2021. A more notable stat, however, is that only 26% of homebuyers in 2022 were first-time homebuyers — the lowest percentage since the NAR started tracking the metric.
Assuming that the average mortgage age in Australia starts somewhere between 25 and 34 years, then to work out the average age to pay off a mortgage in Australia, you just need to add a 25 to a 30-year term. This would make the average age to pay off a mortgage in Australia between 50 and 64 years.
50 years old: Most lenders will allow you to borrow but some may decline your application due to your age. 55 years old: Almost all lenders will require a written exit strategy, evidence of your superannuation and other assets that can be sold to repay the proposed debt.
In fact, O'Leary insists that it's a good idea to be debt-free by age 45 -- and that includes having your mortgage paid off. Of course, it's one thing to shed a credit card balance by age 45. But many people don't first buy a home until they reach their 30s.
Short answer: no, they can't. The 2004 Age Discrimination Act officially prevents any lenders or brokers from shutting their financial door in your face if you've an over-40s FHB.
Assuming the median age of the typical “move up,” or second-time home buyer is roughly 40 years old (given the simple math of 33 + 8), a median repeat buyer age around 55 means that a lot more people in their 50s, 60s and 70s are acquiring third, fourth, or even fifth properties.
And this particular landscape has been changing for many years.” The researchers looked at women ages 45-49, so near the end of their childbearing years, and asked when they last had a child. The median age for last birth was 31, with racial and ethnic variation.
Sobering new research has revealed the average first homebuyer deposit has reached a record high of $119,560, leaving many Aussies struggling to come up with the cash. According to the Finder First Home Buyer Report 2022, that figure is 30 per cent more than Australia's average full-time salary of $90,916.
Requirements for contracts dated on or after 1 July 2023
Buying your first home in Australia. The value must be less than $1 Million. You must also move into the property within 12 months from settlement and live there for at least 12 continuous months.
Having Babies After 35 Is Safe
And while it's true that conceiving after 35 comes with an increased risk of complications—like preeclampsia, gestational diabetes, chromosomal abnormalities, and even miscarriage or stillbirth—many people go on to deliver healthy babies.
More women than ever are choosing to become first-time moms at 40 and beyond. We've been hearing for years that 40 is the new 30, and the increase in women having their first pregnancy over 40 shows that 40 isn't too late for women who want to become mothers.
While there are a lot of factors involved, the average age when people move out of their parent's home is somewhere between 24 and 27. This makes logical sense – it's after many people have completed college and around the time when most people get married and/or are in a long-term relationship.
In the United States, it is legal to buy a house without a co-signer at the age of majority, which is 18 years old in most states. Reaching the age of majority empowers individuals to sign legal agreements and complete real estate transactions.
How much down payment is needed? Putting at least 20% down can improve your chances of getting approved and locking in a lower rate (and monthly payment). Some lenders and programs will accept less than 20% down, but in most instances you'll need to buy mortgage insurance.
Many lenders will be happy to offer you a mortgage if you're over 50, with a standard 25-year term and competitive interest rates often available.
Regardless of your age, lenders need to make sure you can afford to repay the loan - so their priority is minimising their risk. Generally speaking, lenders view mature mortgage applicants - 55+ years and older - as a higher risk, and consequently have stricter lending requirements.
Not all lenders have age limits, but there are certain factors that can affect your application. However, it's definitely possible to get a mortgage as an older borrower, you'll just need some expert advice to bag the right deal for you.
A good goal is to be debt-free by retirement age, either 65 or earlier if you want. If you have other goals, such as taking a sabbatical or starting a business, you should make sure that your debt isn't going to hold you back.
Between mortgage loans, credit cards, student loans, and car loans, it's not uncommon for the typical American to have one or more types of debt. The ones who are living debt-free may seem like a rarity, but they aren't special or superhuman, nor are they necessarily wealthy.
Living a debt-free lifestyle can save you money and allow you to start working toward your financial goals. It also can help raise your credit score — and lower your stress levels. Living a debt-free life starts with paying down debt, and that's where Tally can help.