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Reverse your thinking about over 60s lending

Our flexible lending solutions have been developed to support the needs of Australian homeowners aged 60+. We know this age group has different financial and lifestyle needs, and our product suite has been structured accordingly and can be tailored to meet your clients’ needs.


Our Optional Retirement Interest Only (ORIO) loans enable borrowers to take control of mortgage repayments with options to pay all or part of their interest in return for a discounted interest rate.


Our Household Loan and Household Loan Plus are flexible, purpose-based reverse mortgage products that do not require regular repayments and provide access to capital and income.


Your clients can use their home equity to refinance a mortgage or other debt, renovate their home or buy a car. It can provide a regular income stream or enable your client to help their kids onto the property ladder without drawing on their income producing assets.


60+ Lending Eligibility Criteria

  • Homeowners aged 60+
  • Available in most metropolitan and major regional areas
  • Property is worth $600,000+
  • Property types include houses, apartments/units located on less than five hectares
  • Owner occupied and non-owner occupied/investment properties considered
  • Applications may also be applied for under Power of Attorney subject to lender's approval

Check the eligibility of your client’s postcode#

Check Postcode

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Valid Postcode

Properties outside a major township will be reviewed on a case-by-case basis

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Enquire

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A Broker Specialist will reach out to you within 2 working days.

Ineligible Postcode

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#Properties that appear as "refer" or are showing outside immediate eligibility may be considered on a case by case basis. Please email the property details to [email protected] for consideration.

Partner with us

There are two ways you can work with us.

  1. Become a broker referrer and refer your clients to us and let our team manage the loan process.
  2. Become an accredited broker and originate the loans - this option is designed for those brokers likely to establish a strong pipeline of 60+ lending and who’d prefer to manage the process end-to-end.

Refer a client

Once you have become a referral partner by completing this form, working with us is simple.

Step one

Use our calculator to run a quick assessment or complete a more detailed projection to support your initial client conversation.

Step two

Refer your client using this form. We will initially use this information to confirm we can assist your client. For unconventional scenarios, we will contact you for a more detailed discussion.

Step three

Your client is allocated a retirement specialist who provides them with personalised service. You receive updates at key milestones throughout the process.

Meet the team

Esther
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Esther Angrisano

Head of Distribution Partnerships

email 1300 571 737
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Shelly Wettenhall

Head of Broker Distribution

email 1300 571 737
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Craig Faulkiner

Business Development Manager

email 1300 571 737
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Caitlin Stuart

Business Development Manager

email 1300 571 737
Susan profile picture

Susan Shamba

Business Development Associate

paul

Paul Stratton

Chief Operating Officer

tracey

Tracey Franks

Marketing Specialist

mark blair

Mark Blair

Head of Lending Operations

Frequently Asked Questions

At what age can my client access a Household Loan?

Homeowners aged 60+ can access a Household Loan. Please note, if there is more than one person on the title, both parties need to be aged 60+.

Does my client need to be retired to access a Household Loan?

As long as your client meets the age requirement, retirement is not a prerequisite.

Who do I contact to discuss a scenario?

Please send details to [email protected] and one of our specialists will be in touch to discuss it with you.

Can my client use a Household Loan to refinance an existing mortgage?

Yes – as long as the LVR accommodates the outstanding balance, a mortgage (or other debts) can be discharged.

Can my client access income and capital through a Household Loan?

Yes – your client can draw a regular fortnightly or monthly income stream and draw capital to meet a range of needs.

What is the minimum and maximum loan size considered?

The minimum loan size is $50,000, the maximum is $2,000,000.

How much can a client borrow?

The LVR is based on your client’s age. The maximum LVR is 20% at 60 years old and 50% at 90+ years old. The LVR increases by 1% for each year – e.g. at 65 the LVR is 25%.

The maximum LVR is set at the youngest applicant or approved occupant.

The LVR is applied to the valuation of the property to determine maximum loan facility size.

What type of properties will you consider as security?

Owner occupied residential property, including houses, apartments and units located on less than five hectares. Secondary properties can also be considered.

How long does a loan take from application to settlement?

The average period is 4 weeks, and less for clients who use our digital journey. However, there may be complex situations where the process takes longer. Refinancing a home loan can often take longer because it’s subject to the outgoing lender confirming settlement date.

Can you assist clients who own their properties through a company or trust?

Reverse mortgage regulations require we must deal with “a natural person”; this unfortunately rules out a Household Loan for clients who own property through another structure.

Can you assist clients who live in a retirement village?

If the client owns an over 55 strata title apartment this is possible, however for retirement villages and leasehold retirement communities we are unable to take security over any land and so cannot assist.

Do clients require financial advice?

Clients do not require financial advice unless they are borrowing funds to invest in superannuation, shares or other financial investments, a strategy that would require detailed consideration.

We suggest clients borrowing to cover aged care costs (RADs or DAPs) obtain advice from an aged care advice specialist as this is a complex area.

Can clients use a reverse mortgage to purchase a property?

Yes, as long as there are sufficient funds to cover any shortfall in the purchase amount. In this situation, we would need a signed copy of the sale contract and a contact (usually the real estate agent) to quickly organise a valuation.

Can a Reverse Mortgage be applied for under an Enduring Power of Attorney (EPOA)?

Yes – however, it needs to be clear that the EPOA document enables a reverse mortgage to occur. Accordingly, we would prefer that the EPOA is provided early for a legal review. We also require evidence of incapacity and importantly, funds must be used for the benefit of the applicant.

Are there any impacts on the Age Pension?

In most cases there will not be an impact to the Age Pension, except where a large amount is withdrawn and invested/placed in the bank such that it impacts the client’s asset test or income test.

Reverse mortgages should be drawn down gradually and used as needed; this should not impact the pension and will minimise the amount of accrued interest. We always recommend the client speaks directly with Centrelink to ensure their pension entitlements are not impacted. Note: if a client receiving a pension is proposing to gift funds drawn from home equity, this should be checked with Centrelink which has clear gifting rules.

Do clients require legal advice and at what point in the process?

Once a client has a loan approved and receives their loan documentation, they are required to have an independent solicitor review the loan contract. Note: the solicitor will not need to complete any conveyancing, simply provide advice on the contract, which is written in plain English. This is for the client’s protection.

Can clients pay interest or pay down the loan if they wish to do so?

Yes – each loan is given a unique BPay number so your client can make payments into the loan as required. This helps family members or beneficiaries if they wish to pay interest. There is no penalty for early repayment.

Can a reverse mortgage be taken out on a commercial property?

In the situation where a property is zoned purely commercial, it is not possible.

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*Disclaimer: Comparison rate based on a secured loan of $150,000 over a 25 year term. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates.

# Broker interest rate is only avaialbe to new applications.

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Household Capital Pty Limited ACN 618 068 214  is the issuer of the information on this website. Household Capital Pty Limited ACN 618 068 214, Australian Credit Licence 545906, is the Servicer for the credit provider Household Capital Services Pty Limited ACN 625 860 764. HOUSEHOLD CAPITAL, HOUSEHOLD TRANSFER, LIVE WELL AT HOME and the Star Device are trademarks of Household Capital Pty Ltd.

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