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Seniors Access Home Loan

Use the equity in your home to help you live more comfortably in retirement

  • Only available to homeowners who are at least 63 years of age. Seniors Access Home Loan is a Reverse Mortgage home loan that allows you to borrow against the equity you have in your home while you continue to live in it
  • You can apply to borrow from $10,000 to $250,000 depending on the age of all applicants, your property’s value (which St.George will determine) and its location
  • Use your funds however you wish – for example to renovate, buy a new car, take an overseas holiday or simply enjoy some additional income
  • You can make voluntary repayments towards the loan at any time or defer payment of the loan until:
    • The property is sold
    • The borrowers no longer live in the home, or
    • All borrowers are deceased

 

Enquire now

A St.George home loan expert will contact you at your preferred time.

Access equity while living in your home

  • Seniors Access Home Loan is a Variable Interest Rate Home Loan secured by a mortgage over your owner-occupied property. This “reverse mortgage” lets you borrow against the equity you have in your home while you live in it.
  • Applicants must be 63 or older and own their home outright
  • Learn more about how Seniors Access works

Borrowing limits

Apply to borrow from $10,000 to $250,000 against the equity you have in your home. Calculate the equity you could access.

Choose how to receive your funds

  • With a Seniors Access Home Loan, you receive the funds in one lump sum
  • With a Seniors Access Plus Home Loan, you can draw down the money as you need it

Choose to make or defer payments

  • Make voluntary payments towards the loan at any time
    or
  • You can defer payment of the loan until the property is sold, the borrowers no longer live in the home or all borrowers are deceased
  • Learn more about how Seniors Access works

Interest, fees & charges

Interest, fees and charges are debited to your loan account each month, with payment deferred until the property is sold, the borrowers no longer live in the home or all borrowers are deceased

Calculate

Calculate how much equity you could access.

Mortgage Equaliser Offset Feature

A Mortgage Equaliser offset facility is available to help you save interest on your home loan

Information Statement

This information statement will assist you in making a decision on whether a Seniors Access Home Loan or a Seniors Access Plus Home Loan is right for you.

Fees
  Seniors Access
Receive funds as a lump sum		 Seniors Access Plus
Draw down funds as you need them
Establishment fee $9501 $9501
Monthly administration fee $10 $15
Other fees and charges apply. See a complete list of fees for loan accounts.
Interest rate
Annual variable rate  p.a.
Comparison rate2  p.a.
You can choose to make or defer payments. Interest, fees and charges are debited to your loan account each month. Learn more about how Seniors Access works.

What is the Seniors Access Home Loan and how does it work?

  • Seniors Access Home Loan is a variable interest rate home loan secured by a mortgage over your owner-occupied property. Sometimes called a “reverse mortgage”, a Seniors Access Home Loan lets you borrow against the equity you have in your home while you continue to live in it.
  • You can apply to borrow from $10,000 to $250,000 depending on the age of the applicants, your property’s value (which St.George will determine) and its location.
  • Use your funds however you wish – for example to renovate, buy a new car, take an overseas holiday or simply enjoy some additional income.
  • Interest and other fees and charges are debited to the loan account each month.
  • The balance of your loan increases over time, and the full repayment is deferred until the property is sold, the borrowers no longer live in the property or all borrowers are deceased.
  • You can choose to make regular or lump sum repayments if you wish.
  • You can benefit from our No Negative Equity Guarantee meaning you will not have to repay more than the value of your home.

Who is eligible?

  • Seniors who own their home outright and are at least 63 years of age
  • Eligibility also depends on your property’s value (which St.George will determine) and its location.

How much equity can I access?

St.George assesses the value of your property. Then based on our valuation, you may be eligible to apply for the following amounts:

Age of youngest applicant Maximum loan amount for metro regions of Sydney, Melbourne, Brisbane, Canberra, Adelaide and Perth, Sunshine & Gold Coast Maximum loan amount for other areas
63-64 $150,000 or 15% of the value of the property, whichever is lower Not available
65-69 $150,000 or 15% of the value of the property, whichever is lower $150,000 or 15% of the value of the property, whichever is lower
70-79 $200,000 or 20% of the value of the property, whichever is lower $200,000 or 20% of the value of the property, whichever is lower
80+ $250,000 or 25% of the value of the property, whichever is lower $250,000 or 25% of the value of the property, whichever is lower

Calculate the impact of your loan on the equity you have in your home

ASIC's MoneySmart calculator will assist you in determining how much the equity in your home will be effected over time after taking out a Seniors Access Home loan or a Seniors Access Plus Home Loan.

ASIC MoneySmart Equity Calculator

What’s the difference between ‘Seniors Access’ and ‘Seniors Access Plus’?

  Seniors Access Seniors Access Plus
Key feature Receive funds as a lump sum Draw down funds as you need them
Monthly service fee $10 $15

Special features

  • Interest offset – with our interest offset facilities, available depending on the product type, you could save interest by offsetting the funds in your linked St.George Complete Freedom transaction account against the balance of your loan
  • Increase your loan amount – to apply, call us on 13 33 30 or visit any St.George branch.

 

Considering a Seniors Access Home Loan?

You may be considering a “reverse mortgage” home loan for some good reasons:

  • You want some extra funds to renovate and care for your home
  • You’d like to take a holiday or buy a new car
  • You need some extra income
  • You want to enjoy your retirement with additional finance, while still living in your home.

Talk to your lawyer, accountant or financial adviser

It’s perfectly understandable that you might want to enjoy your retirement more. You’ve paid for your home loan through your own hard work, and using some of the equity in your home can be a strategy to supplement your income.

When you make your decision, try to balance your quality of life now with your thoughts about bequeathing your home to someone after your death.

There may also be other options that suit you better, such as selling your home and moving to another location.

It’s best to talk to a professional for some clear, non-biased advice. We suggest you discuss your options with your lawyer, accountant or financial adviser.

If we can help in any way, you can talk with one of our home loan experts on 13 33 30 or drop by any St.George branch.

Enquire online

Enquire now and a St.George home loan expert will call at your preferred time

Call us

13 33 30. A St.George home loan expert will answer your questions about Seniors Access.

Visit a branch

You can apply at any St.George branch

Tips

How to apply

Important information

Conditions, fees and credit criteria apply.

View the terms and conditions:

  1. Residential Loan Agreement – General Terms and Conditions
  2. Loan Accounts – Charges for specific services and accounts, and

Please read these documents and keep a copy. You can request a paper copy at a branch.

The information on our website is prepared without knowing your personal financial circumstances. Before you act on this, please consider if it’s right for you. If you need help, call 13 33 30.

1Other upfront fees and costs may be payable.
2The comparison rate is based on a loan of $150,000 over a 25 year term. Where a fixed rate term applies, after the fixed rate period expires the interest rate will revert to the relevant Standard Variable Rate. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.