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Retired and Still Paying a Mortgage?
If you’re retired and still paying a mortgage, there’s a fair chance it’s taking a sizable chunk from your retirement income each month. You’re certainly not alone – an increasing number of Australians are carrying mortgage debt into retirement. But there is a solution.
You can refinance that home loan, and free up your retirement funding to enjoy a more comfortable retirement. Using your Household Capital™, the wealth built up in your home, you can replace your home loan with a Household Loan, that does not require regular repayments.
It's As Easy As 1, 2, 3!
CONFIRM ELIGIBILITY
Use our online calculator to see your accessible Household Capital.
PERSONAL CONSULTATION
Experience one-on-one personalised service with a retirement specialist.
APPLICATION
We guide you through every step of the application process.
Household Loan offers Choice
You can utilise your Household Capital via one or a range of ways from super top-up to becoming the bank of mum and dad.
Calculate Your Home Equity
Learn how accessing your home equity could help you consolidate debts or increase your income.
Interest Calculation
6.20%
variable rate
6.23%
Comparison Rate*
How does interest work on a Household Loan? Accessing the savings in your home using a refinance Household Loan will reduce the amount of equity you have in your home over time.
Because regular repayments are not required, the interest added to the loan balance compounds over time. This means you pay interest on your interest. Over time, the amount you owe the lender will increase. The longer the term of your reverse mortgage, the more interest compounds.
Alternatively, Household Capital offers an 'interest only' facility, where you can make regular payments so that at the end of the term, only the amount you borrow is repayable.
See more on interest rates and fees.
How Our Customers Rate Us
Note: customer names and images have been changed to protect their privacy.
Michael: An Unplanned Retirement
Michael is 66 years old and lives in North Sydney. He has a younger partner and two children, one completing Year 12 at a private school. His house represents the majority of his wealth, valued at $7.4 million.
Circumstances brought on by the COVID-19 pandemic forced Michael to bring forward his retirement plans. He had planned to continue to work for several more years to pay down his mortgage, get school fees out of the way and then realise the value of his property by downsizing.
Michael had been self-employed for a good part of his career and did not have much in the way of superannuation. Household Capital was able to refinance a large outstanding home loan and provide an income for the next five years.
By drawing on a small portion of his Household Capital™ Michael was able to improve his retirement cash flow in two ways: by no longer making monthly mortgage repayments to the bank and by establishing a regular income stream.
Frequently Asked Questions
More On Refinancing
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. ^Amounts spent will be added to your Household Loan and accrue interest like any other funds drawn via your Household Loan.