The Retirees Access Home Loan is a variable rate reverse mortgage loan specifically designed to assist those who have reached, or are nearing, retirement age and own their home.
You are able to borrow against the equity in your home and the balance of the loan is paid by your estate or when the property is vacated or sold. This is a very specific type of loan and special conditions apply.
We recommend that applicants discuss their intentions with their family and also investigate if the Loan may impact on any Government support payments, entitlements or other benefits. We also recommend that you obtain financial advice before applying for this product. Independent legal advice must be obtained before settlement of the loan will proceed.
| Variable Rates | Interest Only | |
| Interest Rate | Comparison Rate | |
| Retirees Access Home Loan | 8.97% p.a. | 9.05% p.a. |
| Features | |
| Minimum amount | No minimum loan amount |
| Maximum amount |
The maximum amount available to borrow is assessed on the age of the youngest borrower and the loan to value ratio. The value of the property is assessed and then based on the valuation the borrower may be eligible for the following amounts:
|
| Maximum loan term | No term. Payable on death of member or on vacating or sale of the property |
| Repayments | Regular loan repayments are not required. However, you are free to make voluntary repayments of any amount (and redraw these amounts, for a fee) or repay the loan via lump sum repayments at any time at no extra cost or penalty. Provided you are not in default, the loan will be repaid when: (a) the mortgaged property is sold on your death or death of the last borrower; (b) the mortgaged property ceases to be your principal place of residence or that of the last surviving borrower; or (c) in case of an investment property or holiday home, on the death of the last surviving borrower. |
| Interest | Calculated daily, charged monthly |
| Establishment fee | At cost |
| Redraw | Yes3 |
| Loan preparation fees | At cost |
| Increase/top up | Subject to Maximum Loan criteria |
| Investment Property as security | Yes |
For more related frequently asked questions, visit our FAQs page.
3 Minimum redraw amount of $100 applies.
Eligibility criteria, terms and conditions, fees and charges apply. All information including interest rate is subject to change.
Borrowers' estate or its beneficiaries will not be liable for any residual debt following the sale of the property, provided the terms and conditions of the loan have been met.
