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.
Applicants must obtain independent financial advice and legal advice before taking out this loan.
- Enables the retired or semi-retired to utilise the equity in their home
- Borrow up to 40% of the value of your property, or $400,000 (whichever is lesser) depending on your age and the value of the property. Refer to FAQ for more information.
- Receive the funds in one lump sum and use the money for any suitable purpose
- Enables borrowers to remain in their home while being able to maintain a more comfortable lifestyle in retirement