Reverse mortgages Melbourne
Speciality finance
Reverse mortgage services in Melbourne's west
A reverse mortgage lets homeowners aged 60 or over borrow against their home's equity without regular repayments. The loan is repaid when the home is sold, you move into aged care or you pass away. Interest compounds over time, reducing the equity left for you and your estate, and it may affect your Age Pension. We compare options from our lender panel for borrowers across Melbourne's west, alongside alternatives such as refinancing your home loan.
Are you a homeowner aged 60 or over looking to supplement your retirement income? A reverse mortgage allows you to access the equity in your home without having to sell or move out, providing you with financial flexibility in your later years.
Book a consultationHow we help you find the right reverse mortgage
At Attain Loans, we work with a select panel of lenders offering reverse mortgages. Our service is typically at no cost as we're paid by the lender. We'll disclose this commission before you proceed.
1
Getting to know you
We're flexible to fit in with you. We can do face-to-face, phone, or video call meetings. We're flexible on times and can do after-hours and weekend meetings by request.
2
Understanding your needs
We'll discuss your financial goals, lifestyle requirements, and long-term plans. This helps us determine if a reverse mortgage is suitable for your situation.
3
Financial assessment
We'll review your home's value, your age, and other relevant factors to determine your potential borrowing capacity. We'll also discuss how a reverse mortgage might affect your pension eligibility and future aged care options.
4
Loan comparison
Based on your circumstances, we'll compare reverse mortgage options from our panel of lenders. We consider interest rates, fees, loan-to-value ratios (LVRs), and flexibility. We'll help you choose the option that best matches your needs.
5
Application and Setup
Once you've chosen a reverse mortgage product, we handle all the paperwork and liaise with the lender on your behalf. We'll ensure you receive independent legal advice and help you through the entire process.
What is a reverse mortgage?
A reverse mortgage is a type of home loan that allows you to borrow money using the equity in your home as security. Unlike a traditional mortgage, you don't have to make regular repayments. Instead, the interest is added to your loan balance, and the total amount is repaid when your home is sold, you move out, or you pass away.
Key features and risks of reverse mortgages
- Available to homeowners aged 60 and over (age may vary by lender)
- No regular repayments required
- You retain ownership of your home
- Negative equity protection is protected by law, so you can't owe more than your home's market value (it can be lost in limited circumstances, such as fraud)
- Funds can be accessed as a lump sum, regular income stream, or line of credit
- Interest rates are typically higher than standard home loans
- Compounding interest reduces the equity left for your estate, and the loan may affect your pension eligibility
- The loan amount is based on your age, home value, and the lender's policies
How does a reverse mortgage work?
- You must be at least 60 years old (sometimes 65) and own your home.
- The amount you can borrow increases with age. As a guide, at 60 you might borrow 15-20% of your home's value, increasing by about 1% per year of age.
- You can choose to receive funds as a lump sum, regular payments, a line of credit, or a combination.
- Interest is charged on the amount borrowed and compounds over time, adding to the loan balance.
- The loan is repaid when you sell your home, move into aged care, or pass away.
Questions about reverse mortgages in Melbourne
Get in touch and we will help you with any questions you have about Reverse Mortgages and advise on the best approach for your situation.
Let us help with your questionsHow much can I borrow with a reverse mortgage?
The amount you can borrow depends on your age, home value, and the lender's policies. Generally, you can borrow 15-20% of your home's value at age 60, increasing by about 1% per year of age. For example, at 70, you might borrow 25-30%, and at 80, up to 35-40%. These figures are a guide only and vary between lenders. We can help you calculate your potential borrowing capacity based on your specific circumstances.
Will a reverse mortgage affect my pension?
A reverse mortgage may affect your pension eligibility. The funds received are not considered income, but they may be counted as an asset by Centrelink. This could potentially reduce your pension payments. We recommend speaking with a financial adviser or the Financial Information Service at Services Australia to understand how a reverse mortgage might impact your specific situation.
What is negative equity protection?
Negative equity protection is a legal requirement for all reverse mortgages in Australia, introduced in 2012. It's protected by law: you can't owe the lender more than the market value of your home when it's sold. The protection can be lost in limited circumstances, such as fraud or serious misrepresentation, so read your contract carefully. It means you or your estate won't be left with additional debt if the loan balance exceeds the home's value.
Can I still leave my home to my children?
You can still leave your home to your children, but a reverse mortgage will reduce the equity available in your estate. When the loan becomes payable (usually when you move out or pass away), your home will be sold to repay the loan, and any remaining equity will go to your estate. It's important to discuss your plans with your family and consider how a reverse mortgage might impact their inheritance.
What happens if I want to move or sell my home?
You're free to sell your home at any time. When you sell, the reverse mortgage loan becomes payable in full, including the accumulated interest. After repaying the loan, any remaining equity is yours. If you want to move to a new home, some lenders offer the option to transfer the reverse mortgage to a new property, subject to their approval.
Are there any ongoing costs with a reverse mortgage?
There are ongoing costs to consider. These typically include:
We'll help you understand all the costs involved with your chosen reverse mortgage product.
- Interest charges (which compound over time)
- Ongoing account fees
- Property valuation fees (which may be required periodically)
- Home insurance premiums (as you're required to maintain adequate insurance)
We'll help you understand all the costs involved with your chosen reverse mortgage product.
Can I make voluntary repayments on a reverse mortgage?
Most reverse mortgage products allow you to make voluntary repayments without penalty. Making repayments can help manage the growth of your loan balance. However, it's not required, and many borrowers choose not to make repayments. We can help you understand the repayment options for different reverse mortgage products.
What protections are in place for non-borrowing residents?
Some reverse mortgage contracts include tenancy protection clauses for non-borrowing residents (such as a spouse who isn't on the title). This allows them to continue living in the home even if the borrower moves out or passes away. However, this isn't standard in all contracts. We'll help you understand the protections offered by different lenders and ensure you choose a product that suits your household situation.
How does a reverse mortgage compare to other equity release options?
A reverse mortgage is one of several equity release options available to seniors. Others include:
Each option has its own pros and cons. We can provide information on these alternatives and help you determine which option best suits your needs.
- Home reversion schemes (selling a portion of your home's future value)
- The government's Home Equity Access Scheme (eligibility criteria and caps apply)
Each option has its own pros and cons. We can provide information on these alternatives and help you determine which option best suits your needs.
What information do lenders require for a reverse mortgage application?
Lenders typically require:
Some lenders may also require a formal valuation of your property. We'll guide you through the specific requirements for your chosen lender.
- Proof of age and identity
- Details of your current home loan (if any)
- Recent council rates notice (to confirm property ownership and value)
- Information about any other debts secured against your home
- Estimate of your home's value
Some lenders may also require a formal valuation of your property. We'll guide you through the specific requirements for your chosen lender.
What is the biggest disadvantage of a reverse mortgage?
The main risk is cost over time. Because interest compounds and is added to the loan balance, the debt can grow quickly, reducing the equity left for you, future aged care or your estate. Interest rates are typically higher than standard home loans, and a reverse mortgage may affect your pension. It's worth comparing alternatives such as downsizing or the Home Equity Access Scheme (eligibility criteria and caps apply), and getting independent legal and financial advice.
Is a reverse mortgage a good idea in Australia?
It depends on your circumstances. A reverse mortgage can help some homeowners aged 60 or over stay in their home while accessing equity without regular repayments, and negative equity protection is protected by law. However, compounding interest reduces the equity left for your estate, rates are typically higher than standard home loans and the loan may affect your pension. Talk it through with your family and get legal and financial advice before deciding.
Can you get a reverse mortgage with an existing mortgage?
Often, yes. If you still owe a small amount on your home loan, some lenders allow part of the reverse mortgage to pay out the existing mortgage, provided the amount you can borrow based on your age and home value covers it. This removes your regular repayments, but interest then compounds on the full balance, so the debt can grow faster and reduce your remaining equity. We'll help you compare this with other options.
Your full financial situation and requirements need to be considered prior to any offer and acceptance of a loan product. The information contained in this website is of a general nature and does not take in to account your personal needs and requirements.
Home equity and retirement guides
Why choose Attain Loans for your Reverse Mortgage?
Our team works with specialist reverse mortgage lenders to compare competitive rates and terms for your needs. We guide you through the entire process, from initial assessment to settlement, ensuring you understand all aspects of your reverse mortgage, including its costs and risks. Contact us today to explore whether a reverse mortgage could support your retirement lifestyle.
We're family
We are a small family owned, Altona based business that understands your needs at different stages of your life.
We listen
Identifying your goals and finding services and products that meet your needs is our number one job, and we love it!
22 years industry experience
We know the intricacies of the mortgage market and can tailor mortgage solutions for your individual needs.
We have access to the very best lenders
Over 70 of them, including the majors. We're accredited, which means we are fully trained and know all the best options available for you.
Ongoing support
Even when we've found you a great deal we undertake regular reviews to see if we can find you something even better.
We're awesome!
We have an honest, client focused business model and we aim to create long lasting relationships built on trust and respect.
Our happy customers
Financial security gives you choices. It lets you move home, learn new things, travel, or start and grow a business. When you're financially secure, you can focus on what's important. Your family, health, and personal growth.
Owen
Chrystal has been absolutely amazing from start to finish. As a first time home buyer I had little understanding of the whole process and was quite overwhelmed. Chrystal took the time to thoroughly explain all aspects to me and was always available whenever I had any questions and made the whole process much less stressful. I highly recommend her to anyone looking for a mortgage broker.
Danny Simpson
Chrystal was incredible throughout the entire process. She helped me review numerous listings, connected me with a great conveyancer and building inspector, supported me on auction day, and found the best home loan to suit my needs while guiding me through the details. Overall, I highly recommend Attain Loans for going above and beyond!
Macca Playz
Chrystal's outstanding performance throughout the process was truly impressive. Her assistance in reviewing various listings, arranging introductions to a trusted conveyancer and building inspector, providing support, and sourcing a home loan that met my specific needs while offering detailed explanations of the terms, was truly exceptional. I strongly recommend Attain Loans for their outstanding commitment to customer satisfaction and service excellence.
Emma Kirkham
I went to Attain Loans to reduce my mortgage repayments and secure financing for a truck-mounted EWP. Chrystal went above and beyond to ensure I got the best deal possible. She took the stress out of the process and made everything happen smoothly. Thanks to Chrystal, I was able to combine my home and truck loans and even purchase a brand-new car—all while paying much less than I ever imagined. I highly recommend Attain Loans. It’s Chrystal’s personal touch and dedication that make her exceptional at what she does!
Ian Martin
We were introduced to Chrystal and Attain Loans by a mutual colleague and we are very pleased that we were. Chrystal is an absolute finance whizz and a diamond of a lady. She is thorough, professional, patient, 'on your side', and will work her hardest to get the job done for you. We are pleased to have met Chrystal and have her setup our home loan and finances for us, and we will continue to work with Chrystal for any of our finance needs in the future.
Nichie S
Chrystal Evans, Director & Mortgage Broker at Attain was truly a lifesaver. In a stressful time where I needed assistance and some advice, Chrystal was this and more for me. Her knowledge of the banks, packages, fees etc. and advice was excellent, giving me confidence while also making everything really easy. Lastly her follow-up and communications were solid, I would highly recommend Chrystal. Also, after trying to negotiate an interest rate after coming off a fixed rate with my bank, where I was told they couldn't help me and spoke with 3 different people with wait times on the phone, I will not deal with a big bank again and only with Chrystal/Attain.
Cindy Kelly
Chrystal and Attain Loans were instrumental in assisting us to secure our dream home. Chrystal’s professionalism, knowledge and high level skills secured us the best loan for our needs. Chrystal is very thorough and assisted us through the whole process, from finding the best loan to ensuring everything was in line and ready for settlement day. We will definitely utilise Chrystal’s expertise for our next property purchase and highly recommend Chrystal and Attain Loans.
will miller
Chrystal and her team are amazing to deal with extremely helpful and couldn't ask for better service. Chrystal and her team have helped us secure our first home and we have now settled. Chrystal is still working with us through every stage of the project. It's great to know that I had Chrystal on hand anytime I needed direction and advice. Thanks heaps guys from will and Zoe miller
Nikola M.
Chrystal is by far the best broker I’ve met. Not only she found a great rate and conditions, she advised me on how to restructure the loans to get a better return down the road. Definitely recommend her, won’t even think of going elsewhere.
Renee Blake
Chrystal and her team @ Attain Loans are amazing. Chrystal makes the whole process so easy and understandable. She always has her clients needs at the forefront of her mind and does everything possible to help. Not only is she an AMAZING broker with integrity, she is reliable with a client first focus. If I could score her 100 I would. The only broker for me.
Callan Applebee
The best! Highly recommend for those lookong for people that care and honesty in financial requests for mortgae and loan services. From someone who has just begun owning land and building a home, all I can say is that Chrystal and her amazing team have held customers like myself and my wife at the forefront. We are still in the process and this company and its ideals and staff are and continue to be amazing. The trust, confidence and support model they uphold is something that all other institutions should refer to. Thank you Chrystal and your team members for everything thus far. I look forward to our continued relationship and your growth. Thank you.
Vanessa Terekia
I have had the pleasure of working with Chrystal who helped to get my home loan approval. This women went out of her way to help me above and beyond my expectations, I was so ready to give up on a few occasions but she wasn't going to let me and I could not thank her enough for all of her efforts. I am now in my own home thanks to Chrystal and her team, I would always recommend her service, its like no other :).
Skruffy Inc
If it's a no fuss, simple process you're after - then Chrystal is your go to! As a first home buyer I was totally out of my league, everything was foreign. Chrystal quickly established a rapport and from the beginning I felt secure in her expertise and genuine interest to help me realise my goals. Whenever there were things that I wasn't quite sure about, Chrystal jumped in and took the reins without hesitation. When investing in one of the biggest purchases in your lifetime, having someone you trust at the helm is everything! Chrystal is that someone. Her easy going nature coupled with the depth of knowledge, experience and professionalism is second to none! I can't recommend her highly enough. Appreciate your support solution oriented outlook Chrystal. Thank you so much! Whakamānawatia koe, ka tika! Nāku noa Trish Brisbane, QLD
Suzanne McHugh
Chrystal was fantastic, she took the time to help us urgently obtain finance after not getting any help directly from the banks. She was very informative, was able to explain all the details. We would not have been able to have a successful bid without her help.
Luke Applebee
Thanks to the incredibly hard-working team at Attain (Chrystal and Pam) we were able to settle literally days before Christmas last year in our first home. At every step of the home buying journey we were well informed and felt like our interests were always the top priority. It was a stressful time for us to keep up with the paperwork and everything however Attain did a superb job at keeping us on track (and sane). If you have no idea where to begin if you're looking at purchasing a home, I highly recommend giving Attain a call. Excellent customer service and ongoing support. We have recommended Attain to family and friends, too. Absolutely impressive team. Can't thank them enough.
Jessica Joy
I cannot recommend Attain Loan & Mortgage Services enough. As a first home buyer I was nervous with very limited knowledge of how the entire loan process worked. Chrystal made it absolutely seamless and took all of the stress out for me. 12 months on, they assisted me with my first re-finance and again were there for me every step of the way. I couldn't be happier and wouldn't trust anyone else! Thankyou so much! Positive Responsiveness, Quality, Professionalism, Value
Jessica Winter
Chrystal, Pam and the team at Attain loan & morgage services are the best brokers in business. They literally held our hands throughout the whole process of our home loan. And we were not easy customers! They went above and beyond to help us get the best outcome in the process of attaining our first family home. Their attitude, customer service and professionalism was second to none. Couldn't recommend this company more! They literally did all the HARD work for us and made the process stress free :) Thanks Team!! Jessica Winter
Americar Auto
I've been using Attain Loans for years. Each time Chrystal has helped us get the loan through, being a small business can be tricky sometimes but Chrystal never gives up and always gets a result. I would give her a higher score if I could :)
Gary Capeling
My wife and I were in a vendor finance agreement and due to some financial hardship issues brought about by the Covid pandemic not looking like we would ever be able to get ahead. The team at Attain Loans helped steer us in the right direction to be able to finally have a mortgage of our own and also clear up our debts and hopefully repair our credit issues. I would definitely recommend them to anyone looking to just refinance or that is in a similar boat to us! 10 out of 10 for these guys!
Rebecca Smith
Excellent communication throughout entire process. Second time we have obtained finance through Chrystal and would use her again.
Peter Sz
Chrystal and the team from Attain Loan & Mortgage Services, 14 Harrington Square, Altona, VIC, 3018, Were a pleasure to deal with, they provided us with great service and prompt settlement, our circumstances were delicate and they worked though the steps to help us achieve the results desired, We would highly recommend Attain Loan & Mortgage Services for all your home loan needs, Thanks for all your help Peter
Lisa L
I recently bought a new house and usually the process can be quite stressful. Luke made everything run smooth from start to finish and got me a good rate! Highly recommend
Ray Jensen
Got the job done that no one else could!!!!! Very happy customer, thanks for all your all help……