Seniors Equity Loan

A home loan that helps you
unlock your home's equity

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 Seniors Equity Loan fact sheet
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.

Apply now

Download our Seniors Equity Loan fact sheet PDF (248KB)

Download the Reverse Mortgage Information Statement PDF (83KB)

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


Allen and Chery discuss their HomeStart Seniors Equity Loan

 

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sa.gov.au - South Australian Government Mortgage & Finance Association of Australia