Which lenders offer reverse mortgages in Australia?

Does the Commonwealth Bank offer reverse mortgages?

Not for new customers. The Commonwealth Bank's own fact sheet for its Equity Unlock Loan for Seniors says that from 1 January 2019 the loan "will no longer be offered", and that limit increases are also unavailable (CommBank: Equity Unlock Loan for Seniors fact sheet).

If you or a parent already have a Commonwealth Bank Equity Unlock Loan, it doesn't disappear. The loan continues under its contract. But you generally can't borrow more on it, which is one reason some families look at refinancing a reverse mortgage with another lender.

Do any of the big four banks offer reverse mortgages?

No. None of the big four banks currently offers new reverse mortgages:

• Commonwealth Bank stopped from 1 January 2019 (see above).
• Westpac says on its own website: "Westpac doesn't offer reverse mortgages or home reversion" (Westpac: Reverse mortgage and equity access).
• ANZ and NAB don't offer reverse mortgages either. Neither lists one among its home loan products.

The banks didn't give one single reason. The market shrank after the 2008 financial crisis, and reverse mortgages are long-term loans with complex responsible lending rules. ASIC noted in 2018 that two lenders had stopped offering new reverse mortgages from late 2017 (ASIC Report 586).

What is the government's Home Equity Access Scheme?

The Home Equity Access Scheme (HEAS) is a loan from the Australian Government, run by Services Australia. It works in a similar way to a reverse mortgage. You borrow against Australian real estate, and the loan is usually repaid when the property is sold or from your estate.

As at 2 November 2026, Services Australia says:

• you or your partner must be Age Pension age (67) or older, and get or be eligible for a qualifying pension, such as the Age Pension. You can still be eligible if your pension rate is zero because of the income or assets test.
• the interest rate is 3.95% a year, compounding fortnightly
• you can take the loan as fortnightly payments, a lump sum advance, or both. Advances are capped at 50% of the maximum pension rate in any 26 fortnights.
• your combined pension and loan payments can't be more than 1.5 times the maximum pension rate each fortnight
• a no negative equity guarantee applies

Check current figures: the HEAS interest rate and pension rates change. Check the latest on Services Australia: Home Equity Access Scheme before you rely on them.

The scheme pays smaller amounts over time than most private reverse mortgages, so it suits some people and not others. See What's the difference between a reverse mortgage and the Home Equity Access Scheme?

How do reverse mortgage lenders differ?

Lenders don't all offer the same loan. The main differences are:

• Minimum age. The minimum age for the youngest borrower ranges from 55 to 65 among the lenders above.
• How much you can borrow. Most lenders work out a maximum loan as a percentage of your home's value, rising with age. See How much can I borrow at my age?
• Minimum and maximum loan size. Some lenders start at $10,000; others at $50,000.
• Where you live and what you own. Some lenders only accept certain postcodes or property types. P&N Bank, for example, only lends on Perth metro homes. See Which property types and postcodes do lenders accept?
• How you take the money. Some lenders offer a lump sum only, while others offer regular payments or a line of credit. See Can I take the money as a lump sum, regular payments or a line of credit?
• Interest rates and fees. These vary, and they make the biggest difference to what the loan costs over time. See How much does a reverse mortgage cost?
• Extra features. These include lifetime occupancy promises, protecting part of your equity for later, and whether you can make voluntary repayments.

Is there a "best" reverse mortgage lender?

Not one that's best for everyone. The right lender depends on your age, your home, where you live, how much you need and how you want to take it. A loan with a low rate might not lend in your postcode. A lender with a high borrowing limit might charge more.

Before you choose, ask every lender you're considering for:

• the interest rate, the comparison rate, and whether the rate is variable or fixed
• a full list of upfront and ongoing fees
• the most you could borrow at your age, and the minimum loan
• whether your property type and postcode are accepted
• what happens if you move into aged care, or if your partner isn't on the loan
• projections of what you could owe after 5, 10, 15 and 20 years. By law, a lender or broker must show you projections using ASIC's Moneysmart calculator before they assess you.

Should I go to a lender directly or use a broker?

You can do either. Going direct means dealing with one lender's products. A broker can help you compare options from more than one lender. At Fundd, we work with a range of lenders and can help you compare options from these lenders. Brokers are paid commission by lenders and, in some cases, a fee, and must tell you about this. Read how we make money.

Moneysmart also recommends getting independent legal or financial advice before you apply for any home equity release.

Frequently asked questions

Which banks offer reverse mortgages in Australia?

The big four banks don't. As at 2 November 2026, reverse mortgages are offered by smaller banks and specialist lenders, including Gateway Bank, Heartland Bank Australia, P&N Bank (Perth metro only) and Unity Bank, and specialist lenders such as A.S.A.G., Household Capital and Inviva.

Does CommBank still offer reverse mortgages?

No. The Commonwealth Bank stopped offering its Equity Unlock Loan for Seniors from 1 January 2019. Existing loans continue, but limit increases are no longer available.

I have an old reverse mortgage with a bank that's left the market. What happens to it?

The loan generally continues under its existing contract. You may not be able to borrow more on it. Some borrowers look at refinancing with a current lender. See Can you refinance a reverse mortgage?

Is the Home Equity Access Scheme a reverse mortgage?

It's a government loan that works in a similar way, secured against your property and usually repaid when the property is sold or from your estate. It's run by Services Australia, not a bank.

What is the minimum age for a reverse mortgage?

It depends on the lender. Among the lenders above, the youngest borrower must be at least 55, 60 or 65. The Home Equity Access Scheme requires you or your partner to be Age Pension age (67) or older.

Talk it through

We work with a range of lenders and can help you compare options from these lenders, with no obligation. A broker may tell you a reverse mortgage isn't right for you. Call 1300 038 633 or speak to a broker. Read how we make money.