Lowest Available Rate
|Establishment Fee (includes valuation and conveyancing)||$950 flat fee|
|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|
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Learn how accessing your home equity could help you consolidate debts or increase your income.
What is the interest rate and fees?
The interest rate on a Household Loan is 4.95%p.a. (4.98%p.a. comparison rate*), which is the lowest available rate for a reverse mortgage or equity release product.
Household Capital charges an Establishment Flat Fee (including valuation and conveyancing) of $950.
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.
It's As Easy As 1, 2, 3!
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.
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.