Take advantage of our competitive rates to borrow money against your home equity.
1Discount interest rate for the first 12 months reverting to the standard variable rate after 12 months. *The comparison rate for the Reverse Mortgage is based on a loan amount of $150,000 repayable over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. All rates available for new business only and are subject to change without notice. Credit eligibility criteria, terms and conditions, fees and charges apply and may change without notice. Products issued by Southern Cross Credit Union Ltd ABN 82 087 650 682. AFSL and Australian Credit Licence 241 000.
All our Reverse Mortgage applicants must obtain independent legal and financial advice.
To get prepared, here is some information on the process and some common application requirements. When you’re ready, simply call us and our team will help you complete the process.
To hold this product customers will need to satisfy eligibility criteria, including that the customer must:
As part of this process, you must also:
The Reverse Mortgage Loan is:
Products issued by Southern Cross Credit Union Ltd ABN 82 087 650 682. AFSL and Australian Credit Licence 241 000. Any advice given is of a general nature only and is not based on any consideration of your objectives, financial situation and needs. To decide if a product is right for you, please refer to the Summary of Accounts, Access Facilities and Transaction Limits. Eligibility criteria, fees and charges, terms and conditions apply. To help you better asses if these products are right for you please reach out to our team or read through our Target Market Determinations (TMD), designed to help you make an informed decision that is consistent with your objectives, financial situations and needs.
Important: Available for new business only. Offers not available for switching of existing SCCU home loans. Not available through Broker introduced business.
Advertised Interest rates subject to change without notice.
Reverse Mortgage
1 Discount interest rate for the first 12 months reverting to the standard variable rate after 12 months.
* The comparison rate for the Reverse Mortgage is based on a loan amount of $150,000 repayable over 25 years. 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.
Our reverse mortgage product allows you the freedom to release a portion of the equity in your home without needing to sell.
A reverse mortgage can provide financial flexibility, but it may not be the right solution for everyone. We recommend speaking with one of our Premium Bankers and seeking independent financial advice to ensure it aligns with your long-term goals and circumstances. We’re here to support you every step of the way.
Did you know Money Smart provide a Reverse Mortgage Calculator to help you determine if this product is right for you?
Here you can assess important details such as what a reverse mortgage could cost you over the duration of its lifespan and see how your home equity may change over time. Having these insights can help you establish your eligibility and pre-empt any impacts, such as potential government incentives.
You can print the results and take them to your Financial Advisor for further insights.
Is a Reverse Mortgage aligned with your financial strategy?
Here are a few key things to consider:
Seek independent financial advice to ensure it aligns with your long-term goals and circumstances.
Enjoy our easy-to-understand banking approach and friendly customer service, so you can focus on what really matter.
Yes, all our Mortgage accounts have access to our offset feature. All you need to do is open an Easy Access account (or 8) and, presto you can offset your Reverse Mortgage.
Offset accounts are a feature of our Easy Access transaction accounts. This account does accrue a monthly fee if you don’t meet the fee-waiver requirements.
Learn more about our Easy Access account here.
Reverse Mortgages are generally for people who do not want to, or cannot afford to, make regular loan repayments. However, you do have the option to make extra repayments without penalty.
If there is an amount still owing on the Reverse Mortgage once the home is sold, the final amount is to be repaid with the home, or death of last surviving borrower.
Yes, there are costs involved when getting a Reverse Mortgage including application fees, valuation fees, legal fees and government related charges. These costs can be reviewed via our Schedule of Fees & Charges at the top of this page, or on our Product Disclosures page.
Before you enter a Reverse Mortgage, all borrowers are required to obtain Independent Legal and Financial Advice to ensure you fully understand the terms of your loan contract and your obligations before committing. It is also a mandatory requirement for all Australian lenders of reverse mortgage loans to receive ILFA before proceeding.
A qualified legal professional can provide Independent Legal and Financial Advice, such as a lawyer or solicitor. They will review your loan contract with you, ensuring you understand the terms and conditions, interest rates and fees, repayment obligations, and your rights and protections before signing.
They work independently from SCCU and act solely in your best interest to provide unbiased guidance, so you feel more confident with your loan decision.
Yes, Reverse Mortgages are available for any of the following purposes.
You can access our Target Market Determinations to see if this product is right for you.
A Reverse Mortgage can affect your pension, which is why we require all customers seeking to apply for this loan to seek independent legal advice first. This is so you can fully understand what the possible implications could be on your personal affairs and make an informed decision based on your personal circumstances.
Depending on your circumstances and your repayments, a Reverse Mortgage could affect the value of your estate, if there’s a final debt to be repaid along with the sale of your home. Along with independent legal advice, you may wish to seek guidance from a Financial Planner to assess what is right for you.
Yes, customers can access a range of financing options, depending on the circumstances. Please call us on 1300 360 744 to discuss our other options to see what could suit you.
A Reverse Mortgage is designed for homeowners aged 70 and over, offering a way to access the equity in their home as a loan – without the need for regular repayments. On the other hand, a Line of Credit lets homeowners of any age borrow against their home equity with the flexibility of making regular repayments.
Yes, you still retain ownership of your home if you take out a reverse mortgage loan. A reverse mortgage allows you to access the equity in your home while continuing to live in it, without the need for regular loan repayments. Interest however will accrue. The ownership remains in your name, and you have the right to stay in your home for as long as you meet the loan terms, such as maintaining the property and keeping up with council rates and insurance.
The loan is typically repaid when you sell your home, move into long-term care, or in the event of your passing. Importantly, reverse mortgages come with a no negative equity guarantee, meaning you or your estate will never owe more than the value of your home when it’s sold.
Yes, your home will need to be valued as part of the reverse mortgage process. This will be organised by us and typically incurs a fee, as outlined in our Schedule of Fees & Charges listed above.
A valuation helps determine the current market value of your home, which is used to calculate how much you can borrow. This ensures the loan is tailored to your specific situation while protecting both you and the lender. A valuation will be arranged by us, your lender, for an independent property valuation to be conducted.
If you’re considering a Reverse Mortgage, talk to one of our Premium Bankers to understand all the requirements.
Interest only accrues on the funds that have been drawn down on the loan.
From your first transaction to lifelong investments, with you across all financial life stages.
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If you'd like a little extra help, call our team on 1300 360 744.
