Seniors Equity Release

If you're 65 or over, you can unlock the equity in your home with the Seniors Equity Release home loan.


Supplement your retirement income

Access the equity that’s in your house, and use the money to help with day-to-day living expenses.

Borrowing power 

Borrow up to 25% of the value of your home (maximum loan size of $250,000). 

Receive the money your way

Take the money as a lump sum or make withdrawals as you need.

How it works

Repayments are optional

You'll be charged interest on the money you borrow. However, you don't have to make repayments as you do with a traditional loan - all interest, fees and charges are added to the loan balance monthly, and the interest compounds. This means you will pay interest on your interest, plus on any fees or charges added to the loan. Your loan is typically repaid when your house is sold or your estate settled.

No Negative Equity Guarantee

Our No Negative Equity Guarantee ensures that you or your estate won’t be out of pocket if your house is sold for less than your loan amount.

Rates and fees

6.42 %

Variable rate

6.45 %

Comparison rate

Name Amount
Home loan application fee ? Includes legal fees for standard mortgage preparation and one standard valuation fee. Any amount in excess of the standard fees are to be met by the customer. Close $695
Online redraw fee 1 A $10 fee and $1,000 minimum redraw applies to other methods of redraw, including over the counter. Close $0
Settlement attendance fee (Legal disbursement fee) ? Applies when we take a new security.  Close 
Home loan increase fee ? The Home Loan Increase Fee is charged when you increase the amount of credit on your existing home loan. Close $295

These rates are intended for new borrowing only and are subject to change. Other fees may apply, including additional valuation fees during the life of the loan. A full list of fees will be set out in your home loan contract.
Key information about reverse mortgages (PDF)

What’s the comparison rate?
It’s a tool that can help you identify the truer cost of a loan. It’s calculated using a standard formula that includes the interest rate, as well as certain fees and charges relating to a loan (not all fees and charges are included).

Comparison rate warning:

Comparison rate is calculated on the statutory assumption of $150,000 loan over 25 years but the minimum required loan amount is $200,000 for the Complete Home Loan Package and Equaliser Home Loan. Different rates apply for different loan amounts and may depend on the duration of a fixed rate period or the ratio of the loan amount to the property value. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. 

Start your application today

Here are your next steps...

Check your eligibility

  • You must be 65 years or older
  • You must be a permanent Australian resident
  • You must own the security property outright (i.e. have no money owing)
  • Credit criteria will apply.

Things you need for your application

Find out more about what you may need to provide.

Already started? Track your application.

Need help choosing a loan?

Get in touch with one of our Home Finance Managers, and they'll respond within one business day.

Things you should know

1. A $10 fee and $1,000 minimum redraw applies to other methods of redraw, including over the counter.