Rates, fees and legal
Learn more about our Express Reverse Mortgage rates, fees and legal requirements.
How do reverse mortgage interest rates work?
Like many other loans, interest will be charged on your Express Reverse Mortgage. Interest is calculated on the daily balance, compounded and debited monthly to your loan account. When you sell or move permanently from your home (including when you pass away), the total interest charged, as well as the principal, will be payable.
Like most reverse mortgages, an Express Reverse Mortgage has a variable rate which is subject to change at any time. If there are changes to the interest rate, we’ll publish it on our website and advise you in writing (usually via email). We’ll also detail the new interest rate on your next loan account statement.
Loan setup fees
We will charge you this fee to set up your Express Reverse Mortgage. It will be deducted from your drawdown amount.
We will charge you this fee if we are required to arrange the settlement of your Express Reverse Mortgage. It will be deducted from your drawdown amount.
A fee will be payable to have your home valued. We can charge a credit card or deduct it from your drawdown amount. If your loan does not proceed, payment will still be required.
A fee will be payable to have your home valued. We can charge a credit card or deduct it from your drawdown amount. If your loan does not proceed, payment will still be required.
This is the applicable State Government fee payable for your mortgage registration.
Maintenance & exit fees
You can make voluntary repayments if you choose to. We will not charge you if you want to do this.
We may charge you this fee if we need to reissue your loan documentation.
We may charge you this fee if we vary the terms of your mortgage.
We will charge you this fee to release your Express Reverse Mortgage once your loan is repaid.
This is the applicable State Government fee payable for your mortgage release.
Complete your loan projection
ASIC's MoneySmart Reverse Mortgage Calculator can provide you with an illustration of how a reverse mortgage impacts the equity in your home over time.
The calculator helps you look at:
- how much your debt will increase over time and what this means for your home equity
- how changes in interest rates and house prices could affect your equity over time
Legal work
We want to ensure you make an informed decision. You’re required to receive independent legal advice when you take out an Express Reverse Mortgage, and your solicitor should advise you regarding fees payable for completing the necessary advice and paperwork. You’ll be responsible for their fees.Your obligations
When you take out an Express Reverse Mortgage, you agree to maintain your property in good order, pay your rates, pay any body corporate costs and insure your property. If you don’t meet your obligations under the loan, we may not be able to honour some of our commitments to you.Keeping track
To help you monitor your Express Reverse Mortgage, we’ll send you a statement every six months detailing the transactions on your mortgage over the previous period, including interest charged.Ready to apply?