Seniors Equity

We all deserve to live comfortably as we become older. If you’re 60 or over and need extra funds to make this possible, our Seniors Equity Loan can help. You could access part of the equity in your property to help improve your lifestyle or your home.

Loan features

An option for you to free up funds

The Seniors Equity Loan allows you to access part of your home’s equity as a single lump sum, to support your lifestyle when you need it. Enjoy the flexibility of unlocking your equity with no account-keeping fees.

No set repayments

You won’t need to make any repayments while you have the Seniors Equity Loan. It will be repaid when you sell the house or the last co-borrower moves out or passes away. However, you can choose to make voluntary repayments at any time, at no charge.

Interest is charged at the Seniors Equity Loan variable rate; fixed and split rates are not available for this loan. See our Rates & Fees page for more information. 

Borrow based on age and property value

The amount you can borrow depends on the value of your property and your age. If you are 60 years old, you can borrow up to 5% of your property value, at 70 you can borrow up to 15%, and at 85 or older, you can borrow up to 30%.

For example, if you are 60 and your property is worth $600,000, you can borrow up to $30,000. If you are aged 85 years or over, you can borrow up to $180,000.

If you still have existing debt on your home loan, you can use the Seniors Equity Loan to pay it off. The property will be used as security for this loan.

How does it work?

The Seniors Equity Loan is a reverse mortgage that allows you to borrow money using the equity in your home as security. You can access funds as you need them or as a single lump sum. 

Interest is charged like any other loan, except you don’t have to make repayments while you live in your home – the interest compounds over time and is added to your loan balance. With our ‘No Negative Equity Guarantee’, you’ll never owe more than the adjusted market value of your home.

To make sure the Seniors Equity Loan is right for you, we suggest you discuss your options with your family and seek independent financial and/or legal advice about your situation. If you receive benefits from Centrelink, we recommend you contact them to discuss your options, and how this may affect your pension.

This loan is available within the metropolitan area and HomeStart approved regional locations.

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