Lexus082

I have a 94 Sc400 with over 300,000 miles on it. When you compare my brakes to a new car there's a big difference and i am trying to get my brakes back up to par. The first symptom is the brake pedal is not tight. On a new car there is no freeplay. My brake pedal goes down about halfway if not more while the car is sitting still. Even with the brake pedal pushed down that far if you lift up a hair on the pedal the brakes no longer hold and the car will move forward. Is it the combination of a worn master cylinder and old brake hoses. The front and rear rotors & pads are brand new.

There's no fluid leakage, fresh fluid, no air in the lines and the brake booster seems to be operating correctly. Can old brake hoses have a significant negative impact on braking performance?