Additional Advice
All our reverse mortgage applicants must obtain independent legal and financial advice.
What is a Reverse Mortgage?
Over 70 and looking to use the equity in your home to help with home improvements, consolidate debt or cover the cost of everyday living to enjoy your retirement?
A reverse mortgage is an option for seniors over the age of 70, that allows you to access the equity in your home to enjoy your retirement.
You can use it to renovate the home to make it more comfortable during the later stage of life, cover the cost of in-home care, day-to-day expenses or to consolidate debt, removing the need for regular repayments.
Feel the freedom with a Reverse Mortgage that allows you to continue to own and live in your own home.
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Product Features
Reverse Mortgage | |
LVR | Up to 30% |
Establishment Fee | $699 |
Maximum Loan Amount | $250k |
The Details
Our reverse mortgage product allows you the freedom to release a portion of the equity in your home without needing to sell.
- You’ll remain the home owner and benefit from all the usual property increases
- There is no requirement to make regular payments, but you are free to do so at any time
- The amount you can borrow depends on a number of things our lenders can help you with, including the value of your property, your age and location
- You can continue to enjoy the comfort of living in your own home, with access to the money as you need
Calculator
It’s important to have as much information at your fingertips as possible, and the moneysmart.gov.au government website can take you step-by-step through the reverse mortgage calculator, including eligibility for the product and how it could impact any current government incentives.
Learn More
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The Little Details
Products issued by Southern Cross Credit Union Ltd AFSL 241000. Credit eligibility criteria, fees and charges, terms and conditions apply. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs.
* WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Principle & Interest rates shown. For Interest Only lending rates, refer to our loan interest rate schedule.
¹Discount interest rate for the first 12 months reverting to the standard variable rate after 12 months.
²The comparison rate for the Reverse Mortgage is based on a loan amount of $150,000 repayable over 25 years.
Credit eligibility criteria, terms and conditions, fees and charges apply. Advertised Interest rates subject to change without notice.
Things to Consider
- Interest is calculated on the daily balance outstanding and added monthly to your loan account. This will see your loan balance increase over time.
- Using the funds from your property now could reduce what you could access later on.
- Variable interest rates do change, and what you’re charged in interest will change along with them.
- The loan balance will be payable within 12 months of moving from your home, selling or the last home owner passing on.
- There are fees and charges involved in choosing to take out this product.
