Seniors Equity Loan

If you’re 60 or over, HomeStart’s Seniors Equity Loan could help you unlock your home’s equity to start something great.

After years of putting money into your home, it’s only reasonable to free-up some of that equity to spend on what’s really important today such as:

  • a new car
  • a dream holiday
  • home improvements
  • supplementing your regular income to help you live more comfortably.

You can receive your funds as a lump sum or on an ad hoc basis.

The Seniors Equity Loan is a reverse mortgage loan that doesn’t require regular loan repayments. It includes a ‘no negative equity’ guarantee, so you’ll never owe more than the value of your home.

Repayments to your Seniors Equity Loan are voluntary. You can choose to make repayments or defer repaying the loan until the house is sold or the last co-borrower moves out or passes away.

Special offer

For a limited time, Seniors Card holders receive a $150 Coles Myer voucher upon settlement. See terms and conditions.

To make sure this loan is a good choice for you, we suggest that you seek independent financial and legal advice about your situation. If you receive benefits from Centrelink please contact them to discuss your options.

Features

Drawdown options Receive your home loan as a lump sum or on an ad hoc basis.
No negative equity guarantee The ‘no negative equity guarantee’ means you’ll never owe more than the value of your home.
Loan repayment options Choose to make loan repayments, or defer repaying the loan until the house is sold or the last co-borrower moves out or passes away.
Loan amount Loan amounts depend on how old you are, and the value of your property. The amount you can borrow increases each year from age 60 to 85.
No monthly account keeping fees HomeStart home loans have no account keeping fees.

Download fact sheet Apply now

Download the Reverse Mortgage Information Statement PDF (83KB)

Terms, conditions, and eligibility criteria, fees and charges apply.



Listen to Cheryl and Allen, who chose to use the Seniors Equity Loan to carry out a long awaited extension to the family home. They had been thinking of selling and downsizing, but eventually decided to stay and renovate. Cheryl approached BankSA for a personal loan, who recommended the Seniors Equity Loan. The flexible repayment structure of the loan gave them peace of mind as they can still make regular payments every fortnight but won’t be penalised if they miss a payment. Cheryl and Allen have now started their plans to build an enclosed outdoor room at the back of their house, complete with a pizza oven, where they can entertain the family and grandchildren.