(Updated 2025)
Which Banks Offer Reverse Mortgages in Australia?
FREE Reverse Mortgage Australia guide from Seniors First. 30,000+ downloads since its first edition in 2008.
Have you decided to use a Reverse Mortgage to release home equity for cash, but can’t work out which bank to apply with? You're not alone.
According to industry data, the popularity of Reverse Mortgages among older Australians is growing faster than at any time since the mid 2,000’s:
It’s no wonder then that Google search volume for “which banks offer Reverse Mortgages” is at a record high.
The short answer though is that no major banks in Australia currently offer this product. Instead, most Reverse Mortgages today are provided by a select group of specialist lenders.
However, in response to the surging demand for equity release finance the supply of credit into this market is now expanding. There are new Reverse Mortgage lenders emerging on a regular basis. While this is great for consumer choice it adds yet another layer of complexity, further increasing the need for borrowers to use a specialist broker.
Table of Contents
A brief history of Reverse Mortgage in Australia
Reverse Mortgages first appeared in Australia in the early 1990s, when several major banks began experimenting with equity release loans for retirees.
At one point in 2008, there were 22 different banks and lenders offering Reverse Mortgage loans in Australia.
However the global financial crisis (GFC) saw most of the lenders exit the market, leaving just a handful of banks to offer the product.
Over time, however, most of these banks withdrew from the market due to increasing regulation, and the higher level of capital required for Reverse Mortgages (compared to home loans) under Basel III.
By the late-2010s, most major banks such as Commonwealth Bank, Westpac, ANZ, and NAB had stopped offering new Reverse Mortgages directly. Their exit created space for specialist non-bank lenders, who focus solely on this type of product and better understand the needs of older borrowers.
Which lenders offer Reverse Mortgages?
Today, Reverse Mortgages in Australia are primarily available through specialist non-bank lenders (what is now termed ‘private credit’) and a handful of small banks. They provide the loan products that enable the release of senior’s home equity. However the market is complex, and people over 55 years increasingly rely on specialist Reverse Mortgage brokers such as Seniors First for product comparison, application assistance and loan approval.
FACT #1
In just two years, the volume of Reverse Mortgage enquiries to Seniors First grew by over 300 per cent. In the year 2024, 15,468 older Australians expressed interest in using a specialist Reverse Mortgage broker to release home equity.
The most recognised lenders in senior’s home equity release, include:
Heartland Bank
The largest and most established Reverse Mortgage lender in Australia Heartland Bank (NZ) purchased Australian Seniors Finance (ASF) in 2014, and rebranded ASF as Heartland Seniors Finance shortly after. In 2024, the business merged with Challenger Bank and converted from a non-bank lender to a full banking license.
Police & Nurses Credit Union (P&N Bank)
Offers a Reverse Mortgage option for eligible members (in select states only), backed by strong consumer protections.
G&C Mutual Bank
Offers a Reverse Mortgage loan designed for homeowners aged 55 and over, with flexible drawdown options and lifetime occupancy rights.
Gateway Bank
Formerly known as the Commonwealth Bank Employees Credit Union, Gateway is a mutual bank that has become a leading player in the provision of Reverse Mortgage loans in recent years.
ASAG (Australian Seniors Advisory Group)
A specialist provider offering Reverse Mortgage solutions to seniors.
Household Capital
Provides a home equity access loan that combines the flexibility of a Reverse Mortgage with tailored retirement income options. Household Capital launched in 2018. It is known for product innovation and is a respected brand amongst brokers and financial planners.
Inviva
A newer entrant focused on providing a modern, customer-friendly Reverse Mortgage experience with competitive rates and online tools.
Unity Bank
Provides Reverse Mortgage products for its members, generally aimed at helping older Australians supplement retirement income or pay off debts.
Each of these lenders has its own eligibility criteria, loan features, and interest rates. Some allow flexible access to funds — such as lump sum, regular income payments, or a cash reserve facility — while others set stricter limits based on age, property value, and location.
NOTE: Some of these lenders do not offer their product via brokers, and therefore may not appear on the official Seniors First lender panel. This list may not be exhaustive, and is for general informational purposes only. Inclusion of lenders on this list does not necessarily convey endorsement, and is separate from any commercial relationships that may exist between Seniors First and its lender partners . To request a full, personalised Reverse Mortgage comparison of lenders on our panel, you are directed to 'check eligibility' on our site,
FACT #2
Reverse Mortgage loan comparison is extremely difficult because each lender operates differently, and most of their eligibility criteria is not publicly available. Seniors First research identified over 150 points of difference between just the top four lenders, across product features, credit policies and post-settlement loan procedures.
Check your eligibility to find the best lenders
If the prospect of finding the right Reverse Mortgage lender is overwhelming you, it’s important you seek help from a specialist Reverse Mortgage broker. Seniors First can compare options from our lender panel, and guide you toward the most suitable loan for your needs.
Why major banks no longer offer Reverse Mortgages to over 55's
Major Australian banks once saw Reverse Mortgages as a natural extension of their home loan business. Although they continue to service past borrowers, in 2018 there were several factors that caused them to cease offering new Reverse Mortgage loans:
Today, banks often refer customers to specialist brokers or third-party lenders that focus exclusively on home equity release finance.
The role of specialist Reverse Mortgage Brokers
Reverse Mortgage products can differ dramatically in interest rates, fees, eligibility criteria. For that reason, choosing the right lender is rarely straightforward.
Seniors First helps retirees understand eligibility, and find the best Reverse Mortgage options for their circumstances. With access to multiple providers (not just one), Seniors First can help you:
Learn more about how Reverse Mortgages work here.
KEY TAKEAWAY – Who Offers Reverse Mortgages in Australia Today
In 2025, no major banks offer Reverse Mortgages directly. Instead, most retirees access home equity through specialist non-bank lenders like — often with the help of a qualified Reverse Mortgage broker. While the market has changed, the opportunity remains the same: a Reverse Mortgage can provide financial freedom in retirement, if structured carefully.
Rated 4.9 stars on
“Sincere thanks to Andrew and Seniors First .. the loan has been life changing.”
Deborah Collett
Thank you Cheryl
Nothing was too difficult.
Always there to answer any questions or to give advice through this whole journey.
I would recommend Cheryl to anyone contemplating a reverse mortgage
Many thanks
Sue
Much appreciated Cheryl thank you 😊
There was an issue with my own mortgagee which threatened to delay the settlement but in the end it was completed in time to suit my own needs.
Throughout this relationship, Angela was always available and encouraging. We communicated and worked well together so I would recommend Angela to anyone seeking to engage Seniors First to provide a Reverse Mortgage.
5 stars all the way!
Highly recommend Cheryl
Roland and Shirley Lindenmayer
Tamborine Mountain, Queensland.
I chose Seniors First because they focus on everyday seniors, and I felt more comfortable reaching out to them.
I am very glad I made contact and was introduced to Angela. From our first phone call, she explained the ins and outs of reverse mortgages in a clear and reassuring way. She made sure I felt comfortable with everything we discussed before moving on to the next steps.
Once I confirmed that I wanted to proceed, Angela arranged for all the information to be emailed to me and then followed up to make sure I understood everything. At times, the process felt complicated and stressful, and I called her several times to check that everything was correct. Her friendly manner, patience, and ability to answer questions clearly made the experience much easier and helped ensure all the paperwork was ready for processing.
Angela was professional, knowledgeable, and extremely helpful. I particularly appreciated the breakdown she provided of the different banks’ interest rates and turnaround times. Once I decided which lender to go with, she shared examples of how easy they were to work with—and she was absolutely right.
An Inviva representative also contacted me to explain how the reverse mortgage worked and to ensure that I fully understood everything before moving forward. After that call, settlement was scheduled for two days later. Although one party was not ready and this could have delayed the process by a week or more, Angela worked closely with the solicitors and helped make sure the loan still settled within the original two-day timeframe.
The loan did settle, and I now know I made the right decision. I feel as though I can breathe again, knowing I have funds available if anything happens in the future.
Thank you, Angela. Speaking with you felt like speaking with an old friend, and I truly appreciated your support.
Anyone thinking of a Reverse Mortgage to use Seema from Seniors First would find it advantageous to do.
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
What truly sets Palka apart is her extraordinary depth of knowledge. She understands the full range of reverse mortgage products available better than virtually anyone — including, in our experience, the staff at the financial institutions offering those products themselves. She matched our specific circumstances to exactly the right option with confidence and precision.
On top of that, Palka is supremely organised, remarkably efficient, and an absolute pleasure to deal with. Her warm, personable manner made what can be a daunting process feel completely comfortable and straightforward.
If you or if a friend is considering a reverse mortgage, look no further than Palka Kumar at Seniors First. She is simply outstanding.
Thanks guys.
Bobby Yarbrough
Frequently asked questions (FAQs)
No. Commonwealth Bank, Bankwest, Westpac, St George ANZ, and NAB no longer offer new Reverse Mortgages loans to the public. Consequently, because the big banks have withdrawn form this market they are no longer concerned with offering competitive rates to existing borrowers. Older Reverse Mortgage customers with these banks are typically stuck on high 'legacy rates', and objectively pay a lot more in interest costs than they otherwise need to. These borrowers are should consider using a specialist broker to refinance their current Reverse Mortgage to a new lender, on a lower rate - the savings can be substantial.
Specialist brokers command a significant share of the Australian Reverse Mortgage market. There is also increasing competition between the lenders for borrowers introduced by specialist brokers. These two forces are driving more 'hidden' price-matching and fee-discounting. Specialist brokers such as Seniors First are best-placed to negotiate special interest rates for individual borrowers that are at a discount to the normal published lender rate. In addition, Seniors First often has access to discounted 'broker-only' interest rates that are otherwise not publicly available. If you are keen to find the perfect Reverse Mortgage product for your needs, whilst saving money on interest costs and fees, then utilising the services of a specialist Reverse Mortgage broker is a good option.
The amount you can borrow with a Reverse Mortgage essentially depends on your age and the property valuation. Generally, people aged 55 can borrow up to 15–20% of their home’s value, increasing with age. However, due to differences in application process, credit policy, and eligibility crieria between each of the lenders the maximum amount you can borrow with one lender may be very different from others. One key input that determines maximum Reverse Mortgage borrowing power is the lender's valuation on your home. This factor alone can vary wildly because of the different valuation firms used by each of the lenders, and their respective appetite for credit risk in certain geographic areas. It is highly complex, and opaque - the policies are not publicly available. Only a specialist broker with a deep knowledge of 'hidden' Reverse Mortgage lender credit policies is able to provide an accurate estimate of how much you can really borrow with a Reverse Mortgage loan.
It can, depending on how funds are used. Lump sums may count towards your assets test, while smaller drawdowns might not. Always check with Centrelink before applying.
The HEAS is run by Centrelink and lets eligible pensioners borrow against their home through fortnightly payments. A Reverse Mortgage, on the other hand, is offered by private lenders and gives more flexibility in how you receive funds. Learn more about these differences in our HEAS vs Reverse Mortgage Guide.
Most banks will refer you to a specialist broker or lender, as they no longer offer these loans themselves.
Final Thoughts
If you’re wondering which bank offers Reverse Mortgages in Australia, the real question is which lender best suits your needs. Since most banks no longer provide them, using an experienced Reverse Mortgage broker can save you time, stress, and potentially thousands in interest over the life of your loan. Speak to a Seniors First Reverse Mortgage Specialist today to compare your options and find a safe, flexible way to release the equity in your home.
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.
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