If you’re 60 or over and own your own home, you could be eligible for a Seniors Equity Loan.
Your home is a valuable asset and with our Seniors Equity Loan, you can free up some of that value and use it to achieve some of the things you want to today. Our Seniors Equity Loan gives you access to extra funds as a single lump sum to do things like renovate your home or go on a holiday. Or, you can access funds more regularly to supplement your day-to-day lifestyle.
Seniors Equity Loan
No account keeping fees
As with a personal loan or a credit card, our Seniors Equity Loan gives you access to extra funds when you need them. But the big difference is that you won’t be charged account keeping fees.
Repayments
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. And with our ‘No Negative Equity Guarantee’, you’ll never owe more than the value of your home.
How much can I borrow?
Just how much you can borrow depends on the value of your home and your age. The good news is that the older you are, the more you can borrow. If you’re 60 years old you can borrow 20% of your home’s value. If you’re 85 or older, it’s 45%.
E.g. If you’re 60 and your home’s value is $350,000, you can borrow up to $70,000.
If you’re 85 or more, with a home valued at $350,000, you can borrow up to $157,500.
So, if you’d like to find out more about using the value of your home to improve your lifestyle, talk to us today.
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. |
Seniors Equity Loan fact sheet
Reverse Mortgage Information Statement
Target Market Determination
Eligibility criteria, terms and conditions apply. Fees and charges are payable.
