Our Heartland Standard Reverse Mortgage helps retirees achieve a more comfortable retirement by releasing equity in their property, while continuing to own it.
Category: Home Loans Last Updated April 24, 2024 Effective May 3, 2024
General Lending Rates
Rates listed below are for a VARIABLE Owner Occupied product. Additional Information Rate applies to our Standard Reverse Mortgage product. Principal and interest are payable at the end of the loan.
Interest Rate 9.75% PA
Comparison Rate 9.78%PA*
Product rates will vary depending upon your financial position< LVR, and other criteria. The product may also vary depending upon the rate type, repayment type, or loan purpose. We encourage you to contact us for a full understanding of the product and terms.
Product Variations
Product rates and conditions will usually vary based on the LVR and other conditions..
Digital BankingAdditional Information: View your reverse mortgage online or via mobile app.
RedrawAdditional Information: Voluntary payments can be redrawn, subject to credit approval at time of request. Minimum redraw $2,500.
OtherAdditional Information: A facility you can apply for that provides regular monthly, quarterly or yearly payments for up to ten years.
OtherAdditional Information: A facility you can apply for that allows you to request additional funds for future needs, subject to credit approval at time of draw-down.
Product Eligibility
Residency Status - Reside And Own Property In Australia..
OtherAdditional Information: Applicant can't currently be declared bankrupt.
Natural Person
Employment Status - Applicant(s) Can Be Employed Or Retired..
Min Age - 60. Additional Information: If joint, one applicant can be aged 55 or greater as long as the other applicant is aged 60+.
Application/settlement Fee (Event), Amount: 595.00. Additional Information: Fee payable on settlement of the reverse mortgage and deducted from the initial advance.
Valuation Fee (Variable), Amount: Not Listed..
Registration And Discharge Of Mortgage Fee (Variable), Amount: Not Listed..
Discharge Administration Fee (payable When Discharging A Reverse Mortgage Held With Us) (Event), Amount: 495.00. Additional Information: Covers administration and settlement costs. Payable at settlement.
Regular Advance Set Up Fee (Event), Amount: 250.00. Additional Information: Charged when the regular advance option is requested.
Equity Protection Option Fee (Event), Amount: 295.00. Additional Information: Charged when you request the Equity protection option to protect up to 50% equity in your property.
Re-issue Of Loan Documentation Fee (Event), Amount: 295.00. Additional Information: Charged if you request we re-issue loan documents.
Settlement Arrangement Fee (Event), Amount: 165.00. Additional Information: Charged if attendance at settlement is required.
Cash Reserve Drawdown Or Re-draw Fee (Event), Amount: 30.00. Additional Information: Charged each time you request a cash reserve drawdown or re-draw from your reverse mortgage.
Further Advance Fee (Event), Amount: 595.00. Additional Information: Charged if you request a further advance on an existing reverse mortgage.
Variation Fee (Event), Amount: 295.00. Additional Information: Charged when you request we vary your reverse mortgage.
