BankSA Seniors Access Home Loan

The Seniors Access Home Loan allows senior citizens to get access to the equity in their homes for various reasons.

The Seniors Access Home Loan is a reverse mortgage home loan, meaning it allows you to borrow against your equity while you continue to live in your home. Funds can be used for anything a borrower desires and can come in handy to help with home renovations, purchasing a new car, taking some much needed time off to travel or even as an additional source of income.

You can make payments voluntarily at any time. You can also defer making payments until the property is sold, you stop living in the home or you pass away.

Things to consider about this loan

As mentioned, to be eligible for this loan you must be aged 63 years or older. Your eligibility will also depend on your property value and its location. You must also be the direct owner of the property to be used as equity and own the property outright.

This loan has a "No Negative Equity Guarantee", meaning that at no stage will you be liable to pay more than the value of your home.

Borrowers get to choose from two options when it comes to receiving their funds. One is the Seniors Access Home Loan which gives you the funds as a lump sum at once. The second one is the Seniors Access Plus Home Loan which allows you to draw cash according to your needs.

Features of the Seniors Home Access Home Loan

  • Loan amounts. Homeowners can borrow as much as $250,000, with the minimum loan amount being $10,000. However, the loan amount you can qualify for depends on your age and the value of the property. The value of the property is determined by BankSA. For example, applicants aged between 63 and 64 can borrow 15% of the property value or $150,000, whichever is lower. Persons aged 80 and above can borrow as much as $255,000 or 25% of the property’s value, whichever is lower.
  • Flexibility with repayments. This loan gives borrowers two options for making repayments. They can be made as regular payments or as a lump sum payment.
  • Loan increment. You can apply to increase the loan amount by calling BankSA.
  • Interest offset. You can use the Mortgage Equaliser offset facility to save on interest by offsetting the interest payable on your loan. For example, if you borrowed $80,000, but had $10,000 in this offset facility, you’d only pay interest on $70,000.


The Seniors Access Home Loan has some fees which you’ll have to pay and others which you can avoid.

Fees you can avoid
  • Renegotiation fees $500. This may be payable if you change the conditions on a loan.
  • Repayment pause. This if you pause your repayments (this requires approval from BankSA) you’ll be charged $500 per request.
Fees you can’t avoid
  • Account keeping fees. A monthly service fee of $10, totalling $10 per year, applies on the Senior Access account and $15 per month is charged for the Senior Access Plus account.
  • Establishment fee $950. These are charged for both the Senior Access Plus Home Loan and the Seniors Access Home Loan.
  • Valuation fees apply. These fees may be higher depending on where your property is located.

Documents you need to apply for the Seniors Access Home Loan

Below are some of the documents you will need to successfully apply for a Seniors Access Home Loan:

  • Australian passport/Government-issued ID card/proof of age card/ birth card
  • Birth certificate/ foreign birth certificate/ citizenship certificate/ current pension concession card
  • Notice of financial benefit/notice issued by a state, territory or commonwealth country, local government body or the Australian taxation office.
  • Medicare card/student ID issued by an institution (secondary/tertiary)
  • If you’re classified as a "Remote Indigenous Individual", you’ll need to supply verification details signed by Elders, leaders of Aboriginal council members
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