Lowest Available Interest Rate
*The Comparison Rate is based on a loan of $150,000 for 25 years. 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.
|Establishment Fee (includes valuation and conveyancing)||1.5% of Loan Amount|
|Special attendance fee (e.g., variation or substitution of security, discharge of mortgage)||$250 per attendance plus third-party fees|
|Fee for provision of paper copies of documents||$25 per request|
|Regular service fees (monthly, annual)||Nil|
|Early repayment fee||Nil|
How Much Home Equity Can You Borrow?
Whether you need to consolidate debts, increase income or peace of mind see how a Household Loan can help you.
What is the interest rate?
The interest rate on a Household Loan is a variable rate of 4.95% per annum, which is Australia’s lowest rate for a reverse mortgage or equity release product.
*The Comparison Rate based on a loan of $150,000 for 25 years is 5.01% per annum effective 09 Nov 2020 (5.21% prior date). Fees and charges may be payable. Note: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Are reverse mortgage interest rates fixed or variable?
Reverse mortgages are only available with variable rates; the main benefit of this is that you have flexible repayment options. A Household Loan may be repaid, in part or full, at any time without penalty.
Why are reverse mortgage interest rates higher than standard mortgages?
Reverse mortgage interest rates are generally higher than a standard mortgage because there is no obligation for borrowers to make repayments until the end of the loan.
Why is the mortgage interest rate important?
The lower the reverse mortgage interest rate on your loan, the more of your home equity you retain and can access to fund your long-term retirement needs. It’s that simple.