Reverse Mortgage Home Loan

A reverse mortgage allows you to draw upon the equity in your home to fund living expenses, health expenses or to simply live a more comfortable retirement.
Category: Home Loans  Last Updated October 29, 2024  Effective November 1, 2024

 General Lending Rates

Rates listed below are for a VARIABLE Owner Occupied product. Additional Information
Interest Rate
9.00% PA
Comparison Rate
9.03%PA*
Product rates will vary depending upon your financial position< LVR, and other criteria. The product may also vary depending upon the rate type, repayment type, or loan purpose. We encourage you to contact us for a full understanding of the product and terms.

 Product Features

  • Digital Banking Additional Information: Transfer or make payments using our mobile app or internet banking. Payments made with PayID or using Osko are received in near real-time.
  • Npp Enabled Additional Information: Transfer or make payments using our mobile app or internet banking. Payments made with PayID or using Osko are received in near real-time.
  • Redraw Additional Information: Any voluntary repayments can be redrawn fee free.

 Product Eligibility

  • Min Age - 65. Additional Information: Must be a minimum age of 65

 Bank Fees and Charges

  • Statement Retrieval Fee (Event), Amount: 6.00. Additional Information: Fee applies for statements over 12 months old. 1st page $6, and $1.50 for each subsequent page.
  • Loan Establishment Fee (Upfront), Amount: 0.00. Additional Information: No fee for establishment or top-up of the home loan.
  • Valuation Fee (Upfront), Amount: 0.00. Additional Information: First valuation is free. Additional valuations are charged to you at the cost we have incurred.
  • Legal Fee (Variable), Amount: Not Listed.. Additional Information: Payable at cost when legal advice or services are required over the life of the loan.
  • Third Party Document Production Fee (Variable), Amount: Not Listed.. Additional Information: Payable at cost if the Bank incurs costs or had to pay a third party in connection with something that needs to be done under the Loan or Security.
  • Search Admin Fee (Upfront), Amount: 25.00. Additional Information: Administration fee charged per loan for obtaining title searches
  • Title Consent Fee (Event), Amount: 150.00. Additional Information: Payable when we are requested to consent to a change relating to your title.
  • Loan Contract Variation Fee (Event), Amount: 250.00. Additional Information: Charged when we process a variation of your contract or any security such as; substitution, partial release, additional or transfer of security, amendment to the term of a loan or a loan account.
  • Discharge Of Mortgage Non-settlement Fee (Event), Amount: 350.00. Additional Information: Charged for the preparation of documents for the discharge of mortgage where no settlement is required.
  • Discharge Of Mortgage Settlement Fee (Event), Amount: 395.00. Additional Information: Charged for the preparation of documents for the discharge of mortgage in relation to a settlement.
  • Withdrawal Of Caveat Non-settlement Fee (Event), Amount: 55.00. Additional Information: Without settlement per document. When we are requested to remove a caveat lodged on a title.
  • Withdrawal Of Caveat Settlement Fee (Event), Amount: 160.00. Additional Information: With settlement per document. When we are requested to remove a caveat lodged on a title.
  • Reverse Mortgage Revaluation Fee (Variable), Amount: Not Listed.. Additional Information: Payable to the Bank in reimbursement of the fee the Bank incurs if the Bank requires a revaluation of the Property at any time during the life of the loan.
  • Document Preparation Fee (Upfront), Amount: 300.00. Additional Information: Fee for preparation of loan contracts charged at the time of funding or settlement of the loan
  • Default Notification Fee (Variable), Amount: Not Listed.. Additional Information: Payable at cost when we issue a default notice because you are in default under the contract.
  • Govt Registration Of Mortgage (Variable), Amount: Not Listed.. Additional Information: This fee is payable to the bank in reimbursement of Government charges relating to registration of mortgage on the security property. Amounts are set by the land titles office by each state or territory.
  • Govt Discharge Of Mortgage (Variable), Amount: Not Listed.. Additional Information: This fee is payable to the bank in reimbursement of Government charges relating to discharge of mortgage on the security property. Amounts are set by the land titles office by each state or territory.
  • Govt Title Search Fee (Variable), Amount: Not Listed.. Additional Information: This fee is payable to the bank in reimbursement of Government charges relating to obtaining title searches on the security property. Amounts are set by the land titles office by each state or territory.