Reverse Mortgage Calculator

Find out if you can access the existing equity in your home and how much you may be able to borrow.

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Our current interest rates

Lender Product Annual Interest
Rate % p.a.
Comparison
Rate % p.a.
Home Package Plus SP 1 Year Fixed Rate OO LVR > 80% <= 90% ($150k +) (1 Year Fixed) 3.69% 4.47%
First Home Buyers Special 2 Year Choice Fixed Rate OO P&I (2 Year Fixed) 3.69% 5.38%
Premium Package Fixed Rate OO P&I Only (1 Year Fixed) 3.73% 4.78%
Premium Package Fixed Rate OO P&I Only (2 Year Fixed) 3.83% 4.72%
Fixed Rate Home Loan OO (2 Year Fixed) 3.84% 4.71%
Lender Product Annual Interest
Rate % p.a.
Comparison
Rate % p.a.
Basic Variable Rate OO LVR <= 80% ($150k +) P&I Only 3.79% 3.81%
Pro Pack Special SVR OO ($250k to $749k) LVR =<80% P&I 3.79% 4.16%
Premium Plus SP OO ($150k+) P&I 3.84% 4.24%
Premium Package SP OO LVR <= 80% P&I Only 3.85% 4.15%
Plus Home Loan OO LVR <= 80% ($150k +) P&I Only 3.86% 3.88%
Credit criteria, conditions, fees and charges apply. Subject to suitability. The comparison rates in this table are based on a loan amount of $150,000 and a term of 25 years. 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 costs savings such as fee waivers, are not included in the Comparison Rate but may influence the cost of the loan.

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Accessing your home equity with a reverse mortgage

For many people, accessing the equity that exists in your home can help to finance transitions into later stages of life when you may be asset rich, but cash poor. A reverse mortgage allows you to harness your home’s equity, and take out a lump sum amount or regular payments from your bank. The biggest advantage for a reverse mortgage is that the mortgage, interest and all fees do not need to be repaid until your home is sold.

To use the calculator, enter the period of time you are likely to want the loan for (this should be the number of years before you intend to sell the property) and the current value of the loan. The assumed increase in home value is significant, in that a large increase in property value can sometimes offset a substantial amount of the interest being charged on the loan. The results will give you information on the total value of your mortgage, taking into account both lump sum and regular payments. You can also track the amount of equity remaining in your home as the years progress.

Reverse mortgages aren’t always suitable for everyone; fees, interest, equity clauses and average house price increases can play a big role in deciding on a reverse mortgage. Your local Mortgage Choice broker can help you to explore your options with expert and friendly advice.

To find out more about reverse mortgages, please see our Reverse Mortgage Fact Sheet here

Disclaimer:
The results from these calculators are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Borrowing Power:
The borrowing amount is a guide only. Loan repayments are based on the lowest interest rate (either standard variable or 3-year fixed rate, owner occupier) from our lender panel over a repayment period of 30 years. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.

Loan Repayments:
The lowest interest rate from our lender panel is either standard variable or 3-year fixed for an owner-occupier. Rates and repayments are indicative only and subject to change. The results from this calculator are an approximate guide only and do not constitute specialist advice. The calculations used should not be relied upon for the purposes of entering into any legal or financial commitments.