Reverse Mortgages

Helping You Unlock the Value in Your Home for a More Comfortable Retirement

What Is a Reverse Mortgage?

A reverse mortgage is a type of home loan for older Australians (usually aged 60 and over) that lets you borrow money using the equity in your home—without needing to make repayments while you’re still living there.

It’s a way to unlock cash from your home to help cover living costs, medical bills, home improvements, or other expenses in retirement.

How Does It Work?

You stay in your home and continue to own it.
You can receive the funds as a lump sum, a regular income stream, a line of credit, or a combination.
You don’t need to make repayments while living in the home, but interest is added to your loan, and this compounds over time.
The loan is repaid when your home is sold, either when you move into care or after you pass away (by your estate).

How Much Can You Borrow?

The amount depends on your age and the value of your home.
As a rule, at age 60, you may be able to borrow around 15–20% of your home’s value.
For each year over 60, the amount increases slightly—about 1% extra per year.

Things to Consider

Interest compounds, meaning the longer you have the loan, the more you’ll owe.
Your equity will reduce over time, which can affect how much you leave behind.
You may be able to protect a portion of your home’s value to help pay for future care.
Most reverse mortgages now include negative equity protection, so you can’t owe more than your home is worth.

Costs Involved

Costs will vary by lender but typically include:
Interest rates (usually higher than standard home loans)
Establishment fees
Ongoing service or valuation fees
Your lender must provide projections showing how the loan will affect your home equity over time. Ask for a copy to take away and review with your financial adviser.

Is It Right for You?

A reverse mortgage might suit you if you:

Want to stay in your home
Need extra funds in retirement
Aren’t ready to downsize or sell
Understand and accept the long-term financial impact
Before proceeding, always get independent financial and legal advice to ensure it's the right fit for your situation

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Frequently Asked Questions

Should I go directly to a bank or use a broker?

Banks will only offer their own products, which may not be the best fit for your situation. A broker compares a wide range of loan options from different banks and lenders to help you find the right solution. Brokers are also legally required to act in your best interest, while banks are not held to the same standard.

Is there a cost to use a mortgage broker?

In most cases, you won’t need to pay a fee for our service. Mortgage brokers are typically paid a commission by the lender you proceed with. If you're unsure or would like to learn more, feel free to reach out with any questions.

Is pre-approval necessary for an investment loan?

Yes, getting pre approval is an important step when purchasing an investment property. It means the lender has reviewed your financial situation and confirmed the maximum amount they are willing to lend. This helps you understand your budget and makes you more confident when you are ready to make an offer.

What happens to my home loan if I move to a new property?

If you are buying a new home, you usually have two options for your loan. You can refinance with your current lender or a new one, or you can pay off your existing loan and apply for a new one for your next property. A broker can help you understand what you can afford and which option might suit you better.

How can I choose the right investment loan?

The best investment loan will support your financial goals, whether you are focused on increasing cash flow or building long term value. One of the first things to consider is whether you want a fixed or variable interest rate. Each lender offers different loan features, so working with a broker can help you find the right loan with the right structure for your needs.

What are the fees involved in buying a property?

There are several extra costs that come with purchasing a property, and they are not always explained clearly. These can include stamp duty, loan application fees, building and pest inspections, and other charges. Speaking with a broker can help you understand all the costs upfront and avoid unexpected surprises.

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Disclaimer: This page provides general information only and has been prepared without taking into account your objectives, financial situation or needs. We recommend that you consider whether it is appropriate for your circumstances and your full financial situation will need to be reviewed prior to acceptance of any offer or product. It does not constitute legal, tax or financial advice and you should always seek professional advice in relation to your individual circumstances.