Reverse Mortgage Loan Broker Australia

Rated 4.9 stars on

No Monthly Repayments

Easy loan approval

Retain Home Ownership

5,000+ Happy Customers

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Australia’s #1 Reverse Mortgage loan broker

Since launching in 2006, Seniors First has helped thousands of people over 60 release home equity for cash.

And it's no wonder, because there are good reasons why it’s better to use a broker when applying for a Reverse Mortgage loan:

Since launching in 2006, Seniors First has helped thousands of people over 60 release home equity for cash.

And it's no wonder, because there are good reasons why it’s better to use a broker when applying for a Reverse Mortgage loan:

Day-to-day living expenses
Home renovations
Medical or aged care expenses
Debt consolidation
Travel and leisure
Financial assistance for family
Supplementing retirement income

By using Seniors First, you also gain access to multiple lenders and expert advice to make the best financial decisions.

Rated 4.9 stars on

“Sincere thanks to Andrew and Seniors First .. the loan has been life changing.”

Deborah Collett

Robert K.

20:12 08 May 26

Seema was extremely helpful and explain the process with us every step of the way.
Anyone thinking of a Reverse Mortgage to use Seema from Seniors First would find it advantageous to do.

Paul V.

07:30 08 May 26

Thank you Seema

Bruce C.

02:00 08 May 26

Hi Angela

Thank you for all the help that you provided in this matter.

Your service was exemplary. You guided us in what could be a complicated and stressful process at our stage of life. Your assistance relieved us of those pressures.

We would recommend your service to anybody.

Thank you

Bruce & Judith

Colin B.

06:23 06 May 26

totally friendly and helpful through the whole process, thank you Angela

Karen J.

04:58 06 May 26

What initially felt like a daunting process, was made seamless and easy. My broker Palka ensured that I was well informed at every step of the application process and was always readily available to respond to my questions. I feel excited to be able to move forward with my plans now.

Lesley W.

10:09 08 Mar 26

We were very happy with the speedy and professional service from Seniors First. They helped us navigate all the options available and sorted out the paper work, making it a simple operation to find and apply for the most suitable reverse mortgage for our needs. Highly recommend!

David B.

22:22 07 Mar 26

I was very happy with Seniors First to organize my affairs. Seema was a nice person to deal with and great at getting my application approved, she persisted with my lack of Technology and sending documents. Her experience and knowledge will guarantee success.

barry T.

22:45 24 Feb 26

Understanding, deciding, facilitating and processing an application for a reverse mortgage is not a simple process, however having a Broker who works closely with you step by step is an absolute must have. We choose Seniors First based on peer and industry reviews coupled with the explanatory telecasts they provided explaining what was involved. Having decided to explore further we linked up with our Broker, Angela Giokaris via a lengthy phone discussion. Throughout the following weeks as the application process progressed we were confident that we were in good hands. Angela remained in contact every step of the way, openly ensuring we understood the pros and cons of a reverse mortgage and facilitated every step of the journey. Importantly, there were a couple of conditions from Heartland, our chosen bank, that we had issues with. Angela negotiated with Heartland on our behalf and secured the conditions we were chasing. We found Angela to be highly professional, very knowledgeable of the reverse mortgage product and banking generally. Importantly also, friendly, patient, considerate of our needs, thorough in detail and overall an absolute pleasure to work with. We are very happy with the end result and being able to convert our asset value to a cash value and opening the door to the rest of our lives. We would wholeheartedly recommend Seniors First, and in particular Angela to anyone who is considering going down this track. Barry.

Bobby Y.

08:57 16 Feb 26

I found the consultant from Senior first Richard Chapman, was extremely helpful and also very knowledgeable regarding reverse mortgages. He was always available to assist with any of out questions and or concerns. We found this process very smooth and seamless. My wife and I had many questions during this process, which were always handled with patience and understanding. I would recommend Senior First for anyone thinking about a reverse mortgage they make it easy.
Thanks guys.
Bobby Yarbrough

Ray and Carolyn D.

00:35 09 Dec 25

We were/are clients of Palka Kumar. We were impressed with her friendly nature and boundless knowledge of the industry. We had a number of Tele-conferences with her as she guided us through the process and let us know from the outset that she was with us the whole way through to conclusion. Palka was always available to answer any questions and kept us informed as the process went through the various stages. We have nothing but praise and appreciation for Palkas commitment to her clients. She always made us feel assured and relaxed about a sometimes daunting process. Outstanding.

What is a Reverse
Mortgage?

Reverse Mortgages are loans for pensioners and retirees designed specifically for older borrowers who are typical ‘asset rich’ but ‘cash poor’.

Known variously as ‘senior’s loans’, ‘reverse home loans’, and ‘senior’s finance’, Reverse Mortgages are the most popular form of home equity release in Australia.

Reverse Mortgages allow people from the age of 55 to convert the equity in their property into cash for any worthwhile purpose. No income is required to qualify. Although interest is charged like any loan, the borrower is not required to make repayments (although they can usually make voluntary payments if they wish).

What are the benefits of a Reverse Mortgage

Cash for Retirement

You can use the money for almost anything that will help you enjoy your golden years.

No Need to Move Out

Stay in your home for as long as you want.

Retain Ownership

Any potential increase in property value will still be in your name.

No Repayments Required

You may choose to pay the loan from the future sale of your home.

No Negative Equity Guarantee*

You and your home are protected subject to T&Cs.

Flexible Drawdown Options

You can access the loan as a lump sum, cash reserve, or regular income.

Why Choose Us?

Australia's leading Reverse Mortgage broker.
Access to multiple lenders for a better deal.
18 years experience helping seniors release home equity safely.
Expert guidance to minimise interest & save money.

Others Lenders & Brokers

General services, not Reverse Mortgage-focused.
Limited product options.
Basic or poor knowledge of senior’s equity release.
Lender with higher interest rate or ineligible credit policy.

Check eligibility

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The draw down options

Seniors First offers flexible drawdown options depending on your preferences and needs.

Lump Sum Payment

Our lenders can pay you a lump sum money at the start of your loan. Policies between lenders vary, but some have a minimum drawdown for this option is of $10,000, unless you are planning to use the money for in-home aged care.

This option is ideal for debt consolidation, home renovation, new car purchase, or even a holiday.

On top of the lump sum, you can receive the proceeds as needed through the other available options.

Regular 'Income'

Receiving regular advances is ideal if you are planning to draw on your loan gradually, to supplement your retirement income. It's great if you need help covering living expenses.

This option will allow you to set a regular drawdown payment (monthly, quarterly, or yearly) for up to 10 years.

The regular amount you receive feels like 'income' but it is actually a small portion of your home equity. You can set the amount you receive from hundreds, to thousands of dollars each month. The limit is determined by the value of your home, your age and the term schedule.

Cash Reserve

You can unlock your home equity to set up a cash reserve that you can easily access anytime you want.

The good thing about this option is that you will only pay interest on the drawn amount.

Depending on the lender, there may be no minimum drawdown amount on a cash reserve facility. Some lenders even allow you to access this money directly by debit card at ATM's.

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Answer a few short questions to find out if you qualify for a reverse mortgage.

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Frequently asked questions

How much can I borrow?

The amount of money you can borrow from a Reverse Mortgage loan depends on the property value and age.

Once the current market value of your property has been estimated by an independent valuer (appointed by the lender), a maximum percentage called the loan-to-value ratio (LVR) is applied to that value based on the applicant's age.

These ratios are very conservative by conventional standards, and this acts as an inbuilt protective mechanism for both the lender and the borrower.

The older you are, the higher the amount you can borrow. Some lenders will increase the Loan Value Ratio by 1% with each year lived. If you are a couple, the maximum amount you can borrow is usually based on the age of the youngest borrower.

For example, Bob is 71 and his wife Jane is 68, and both are receiving the full government pension. They've decided they want to buy a new car and take a holiday.

If possible, they also want an ongoing, additional income that won't reduce their pension.

Although they bought their home 30 years ago for $60,000, it is now worth $500,000. Based on Jane's age of 68, they can access a maximum of 18% of its current value, which means they can borrow a total of $90,000.

How much will it cost?

Allow about $1,500 – $2,000 in total to establish your Reverse Mortgage loan.

This amount includes the main costs such as the lender application fee, government charges, legal advice fees, and any broker fees.

This is an estimate only; you could pay more depending on the circumstances. If you are low on cash, you can usually pay these Reverse Mortgage costs from the loan proceeds.

What is a credit line growth feature?

Reverse Mortgage lenders now offer a ‘line of credit’ option.

This is a very positive development that empowers the borrower with complete control over when they take the funds and how much.

You can have all the funds available all of the time, but you attract ZERO interest until you need to use it, and then only on the money you draw. This is great for emergencies and unexpected costs.

What happens to my home when I pass away?

The Reverse Mortgage loan is due for payment when you pass away. If your estate or heirs cannot pay the loan, the lender may put the property on sale.

Interestingly, all Reverse Mortgage lenders are now required by law to provide a guarantee that should the debt grow to such level over time that it exceeds the value of the security property realised at the sale. Neither the borrower nor beneficiaries of the estate can be pursued for this shortfall after the sale has been concluded (as long as the borrower is not in default of the loan contract).

Put simply, if the sale of the security property is not enough to cover the debt, the lender wears the loss.

In addition, the lender cannot force the borrower from the property if they think the debt may have grown to a level where a shortfall may occur.

What are the alternatives to Reverse Mortgage?

If you wish to access the equity in your home, the main alternative to Reverse Mortgage is still to sell and downsize your home. However, such a transaction will necessarily incur substantial transfer costs such as stamp duty and agent fees, and you may be required to move away from your neighbourhood into a cheaper suburb.

Other product alternatives to Reverse Mortgages are emerging increasingly.One alternative is the ‘home reversion schemes’ where you can sell a share of your home in return for cash. This may allow you to stay in your home without selling or accumulating debt.Home reversion schemes in Australia are not yet widely available. To enquire about home reversion schemes and other alternatives to reverse mortgages, complete this form.

Will a Reverse Mortgage affect my Centrelink pension?

It is possible in many cases to structure your Reverse Mortgage or equity release plan so that it does not reduce the amount of pension income you currently receive. However, the outcome will depend on your individual circumstances and Seniors First is not permitted to advise you in this regard. ALL borrowers in receipt of government pension are directed to speak with a Financial Information Services officer at a Centrelink office before applying.

Will I be able to leave equity for my children?

Some lenders offer an option called ‘Protected Equity’, which guarantees that a requested proportion of equity is preserved for beneficiaries (it also means you can’t borrow as much). If you choose a loan without protected equity, then the amount of equity you will leave will be determined by the following factors:

The term of the loan/how long you live
Interest rate movements
Growth rates in the value of your property

Although the interest will accumulate and compound, based on the past trends, your property should also increase in value over time, offsetting the increasing loan balance.

Industry Awards & Recognition

Senior's First has developed a reputation as an award-winning Reverse Mortgage broker, and a trusted name among public policy organisations, the aged care industry, senior’s groups, older borrowers and their families.