It's time to do you.
Achieve more financial freedom to live your best years the way you want to, with an Express Reverse Mortgage. Simply apply online and you could access up to $50,000 of your home’s equity at a market-leading interest rate.
Comparison Rate 8.42 % p.a.
What is an Express Reverse Mortgage?
Our Express Reverse Mortgage is a simplified and streamlined version of a normal reverse mortgage designed for those with homes worth $400,000 or more. It offers an easy online application, a loan of between $20,000-$50,000 as a lump sum amount, and a market-leading reverse mortgage variable interest rate. Whether you’re needing a loan to consolidate debts, make home improvements, go travelling, help family, or even buy a new car, an Express Reverse Mortgage could help you live your best life.
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Why choose Express?Subject to complying with the terms and conditions of the Express Reverse Mortgage, you will not owe more than the net sale proceeds of your home and you can keep your home for as long as you choose.
Your Express Reverse Mortgage journey
Express Reverse Mortgage costs and considerations
There are a few things to consider before taking out an Express Reverse Mortgage.
- Once you move permanently from your home, the entire loan balance (including fees and interest) will be payable within 12 months (or immediately on sale).
- Interest is calculated on the daily balance outstanding and added monthly to your loan account, meaning your loan balance will increase over time.
- Variable interest rates mean that the interest rate charges will change over time.
- There are fees and charges for setting up the loan.
- Independent legal advice is required and independent financial advice is recommended.
- We recommend involving family in the decision, and you should take into consideration your future needs (and future use of your home equity) before proceeding.
- We recommend you complete a loan projection through ASIC’s MoneySmart Reverse Mortgage Calculator before applying. This allows you to see what unlocking some equity from your home now could mean down the road, both in terms of the changes to the loan and your future property value.
- owned individually or jointly by the borrowers who are applying (not by a trust or company)
- located in a capital city or major metropolitan or regional centre (you can start your application to see if you are eligible)
- of a value of $400,000 or more
- mortgage-free, or if there is a mortgage outstanding, it must be able to be repaid with your Express Reverse Mortgage (i.e. $50,000 or less owing)
You don’t need to make any loan repayments until you sell or leave your home, but you’re welcome to do so without penalty if you ever want to.
Ready to apply?