Bankwest Seniors Equity Release Home Loan

Take out a loan for your dream vacation or your ideal car without worrying about looming repayments with the Seniors Equity Release Home Loan from Bankwest.

You can unlock extra funds during retirement with the Seniors Equity Release Home Loan from Bankwest. This is where you put the equity that you have built up in your home against the loan without having to make any repayments for the life of your loan.

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This product is no longer on the market. The information on this page may no longer be accurate or up to date. To see the current mortgage offers from Bankwest please visit this page.

Things to consider about the Bankwest Seniors Equity Release Home Loan.

The loan is based on the determined value of your home, and will be paid once your home has been sold or your estate settlement is complete.

You can borrow 25% or less of the value of your home with Bankwest’s Seniors Equity Release Home Loan. This loan is to be used for personal use, and can be taken all at once as a complete payment, or can be withdrawn as you require it.

You will not have to prove your income for this loan; the amount of your loan depends solely on the value of your home.

Features of the Bankwest Seniors Equity Release Home Loan

  • Maximum loan amount. The maximum amount of your loan will depend on the value of, or the equity that you have built up in, your home. As you can borrow up to 25% of the value of your home, the maximum amount you can borrow will depend on that value as determined by Bankwest.
  • Repayments. You will not be required to make any repayments for the duration of your loan, as it will be repaid when you sell your home or after your estate is settled.
  • Withdrawal capabilities. You can withdraw funds in any amount at any time that you’d like for your loan, as long as you did not take the entire loan as a lump sum.
  • No negative equity guarantee. This guarantee from Bankwest protects your estate from being charged for any extra costs that may ordinarily incur if the value of your home decreases.
  • Combination discount. When you purchase insurance with Bankwest’s insurance partner, you will get a 5% discount on your home loan.


There are no ongoing fees with this loan however below are the fees that will be charged:

  • Application fee : $695. This includes the administrative and legal costs that apply for the documentation that’s required when you first take out the loan
  • Home loan access fee: $10. This is a one-time fee that Bankwest will take so that you can make as many withdrawals as you wish, or take the funds all at once
  • Security assessment progress inspection fee: $118.50. This fee is charged for the valuation of your property when you take out this loan.

How to apply for the Bankwest Seniors Equity Release Home Loan

When you’ve thoroughly looked through the fine print on the Bankwest Seniors Equity Release Home Loan, and determined that it’s the loan for you, click ‘Go to Site’ to get started.

  • Age requirements. You must be over the age of 65 to submit an application for this loan. Contact Bankwest for further details about age specifics.
  • Residency. You must be an Australian citizen, or permanent Australian resident to borrow with Bankwest.

Bankwest will require that you have the following information handy when you fill out your application online or in person:

  • Income and living expenses details: You will need to provide details on your income and assets and liabilities, debts, and your current ongoing living expenses.
  • Personal details: Bankwest will need your name, date of birth, current address and contact information for yourself and any other person that will also be applying for the loan.

Having additional funds to supplement your retirement and help you to take care of loose ends, take a holiday, or just spend time spoiling your family is where the Seniors Equity Release Home Loan from Bankwest comes in. With this loan, you will be required to put your house up against your balance, so be sure to compare all options from Bankwest and other lenders to ensure that you get the absolute best loan for what you need.

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12 Responses

  1. Default Gravatar
    johnMay 22, 2018

    My mother had a reverse mortgage and passed away recently. My question is how long have I got to sell her house before the bank takes control?

    • finder Customer Care
      JoshuaMay 22, 2018Staff

      Hi John,

      Thanks for getting in touch with finder. I hope all is well for you. :)

      I can’t give you a straightforward answer, John. Generally, you need to discuss this with your bank. If your bank doesn’t get any payment after your mother’s death, they will most likely send you notice and specify how much time you have left.

      Please note that if you’re an heir to the property, you have the option to continue paying the loan to prevent the bank from getting your property. Failure to do so would mean that you have to move out from the house.

      You may also want to read this post entitled, “What happens to my home loan if I die?

      I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

      Have a wonderful day!


  2. Default Gravatar
    GeorginaSeptember 19, 2017

    Can I pay into my account the interest only per fortnight? Thank you.

    • Default Gravatar
      JonathanSeptember 19, 2017

      Hello Georgina,

      Thank you for your inquiry.

      Yes, you can. :)

      Please be advised that for this type of loan, repayments can be either Principal & Interest and Interest Only.

      You can contact your lender directly to get a thorough advice on the process and other terms needed to be disclosed.

      Hope this helps.


  3. Default Gravatar
    PaulAugust 28, 2017

    Can a reverse mortgage be used to pay out an existing mortgage?

    • Default Gravatar
      JonathanAugust 28, 2017

      Hello Paul,

      Thank you for your question.

      Yes, as it is your determination where to use your funds once it has been released from the home equity. Please take note, that although reverse mortgage doesn’t require you to make repayments, the borrowed amount is still subject to interest which will be compounded towards the debt balance.

      It is recommended that you talk to a real estate professional or attorney about its repercussions to your estate and pension entitlements if necessary. Should you continue with the said loan, you may check our list of lenders who can offer this arrangement to you.

      Hope this helps.


  4. Default Gravatar
    LaurieMay 18, 2017

    Is it possible to project the likely interest rises or are there too many variables?

    • finder Customer Care
      LouMay 22, 2017Staff

      Hi Laurie,

      Thanks for your question.

      Unfortunately, we are unable to project future changes in interest rate that will be used by banks. While banks don’t base their interest rates completely around what the RBA board do with the official cash rate, many of them generally respond to the RBA rate changes and this is one of the reasons why bank rates tend to also change from time to time.


  5. Default Gravatar
    LaurieMay 18, 2017

    What is the interest history on a reverse mortgage for the past 20 years?

    • finder Customer Care
      LouMay 22, 2017Staff

      Hi Laurie,

      Thanks for your question.

      Unfortunately, we don’t have that information.

      You may have to directly contact the bank or lender to get this information.


  6. Default Gravatar
    SandraAugust 6, 2016

    Security assessment progress inspection fee: $118.50.
    What is this about? I already have a reverse mort to assess the care and maintenance and Bank West’s investment in being co-owner?

    • Default Gravatar
      JodieSeptember 7, 2016

      Hi Sandra,

      Thank you for contacting we are a financial comparison website and general information service, we are not directly affiliated with any of the providers we feature on our website.

      The Security assessment progress inspection fee is for the valuation of the property when you are taking out this loan, if you would like any further information please contact Bankwest directly.


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