Vida Homeloans increases maximum mortgage lending age

Vida Homeloans has made enhancements to its mortgage criteria, increasing its maximum lending age.

The lender increased the maximum age from 70 to 80 years at the end of term.          

It has also extended its maximum mortgage term from 40 to 45 years.

Vida informed brokers that it can consider lending to an applicant’s 80th birthday based on their current income, if the applicant is currently under 50 years of age, is more than 10 years from retirement and is contributing to a pension scheme.

Additional applicants who do not meet these conditions can also be considered; however, none of their income will be used for affordability.