Leading finance expert: why won't banks lend to seniors?

"It is unethical of banks to discriminate against older Aussies who are financially more stable!" he stated.

"This practice is becoming more commonplace but it's absolutely abhorrent that they're not approving credit cards and loans for retirees."

With decades of experience in mortgage broking, Finch offers expert insights and advice to thousands of Aussies seeking to get their loan applications approved. His firm, Finch Financial, achieves some of the high loan approval rates in the country and is known to secure loan approvals within a matter of minutes.

Why won't banks lend to seniors?

"Australia has an ageing population. By 2026, more than 22 percent of Australians will be aged over 65 years old, up from 16 percent in 2020, which was already double the figure of 8.3 percent at the start of the 1970s," Finch said.

"Banks turn down applications for credit cards, home loans and personal loans by older people for a number of reasons, firstly because many older Australians are retired and don't have a job and the regular income that comes along with having a job even if they have substantial investments and few debts. Secondly, they are seen as a higher risk because of their age and potential to become sick or even die."