Frequently Asked Questions
The ultimate collection of questions (and answers) most often asked by our customers. The following FAQs span a range of topics: how a reverse mortgage works, eligibility requirements, relevant consumer protections, the Home Equity Access Scheme and more!
General knowledge about finance and home equity
Home loans for seniors
Traditional home loans often don’t suit people over 60. The need to make regular repayments can deplete retirement savings and most banks are reluctant to refinance loans held by retirees.
Equity release
Equity release is a financial strategy that allows you to unlock the wealth tied up in your home without the need to sell or move. For many Australians, it serves as a flexible and reliable means to access income and capital in retirement, providing the financial freedom to enhance your lifestyle while you remain in the comfort and familiarity of your home.
Understanding reverse mortgages and our Household Loan
Using a reverse mortgage to improve long-term retirement funding
If you're an Australian homeowner aged 60+, you can use a reverse mortgage to access the equity in your home. A reverse mortage – which includes our Household Loan – is a loan facility that doesn't require repayment until you vacate the property.
Applications, eligibility and repayments
In this section we answer your questions about eligibility, making an application and repayments (spoiler alert: regular repayments are not required!). We also cover the benefits of using a reverse mortgage to improve your retirement lifestyle.
Understanding the government’s Home Equity Access Scheme
Pension Boost and the Home Equity Access Scheme
The Home Equity Access Scheme (HEAS) is a reverse mortgage style product offered by the federal government. It enables eligible retirees to access their home equity. Our Pension Boost services helps Australians access the HEAS.
Eligibility and application
Everything you need to know about your eligibility, and the application process.
Aged care and home care funding
Whether you plan to age in place or transition to residential care, leveraging home equity can add flexibility to your funding options.
Accommodation, fees and care options
How Household Loans can help with aged care deposits, daily fees, home care, and the transition process.
Helping family using your home equity
Bank of Mum and Dad
Many retirees wish to support their children or grandchildren financially. Using equity can be an option, if done carefully.
Interest rates, costs and protections
Understanding your costs is crucial
Interest, fees, and legal protections all determine how much equity remains over time.