Commonwealth Bank Equity Unlock Home Loan

A flexible home loan designed for seniors aged 65 and over

The Equity Unlock home loan lets borrowers access the equity in their property for personal purposes. It's also available for refinancing with any existing loan, but the original loan purpose was for personal use only. Unfortunately this loan is not available for business purposes, personal investments or for construction purposes.

Product NameCommonwealth Bank Equity Unlock for Seniors
Interest Rate TypeVariable
Interest Rate (p.a.)6.52%
Comp Rate^ (p.a.)6.59%
Minimum Loan Amount$20,000
Maximum Loan Amount$425,000
Maximum LVR40%
Maximum Insured LVR40%
Loan Redraw FacilityYes
Split Loan FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Available as equity loan/line of creditYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$950
Lender's Legal Fee$0
Ongoing Fees$12 monthly ($144 p.a.)
Settlement Fee$200
Discharge Fee$350


  • No need to verify income
  • No regular repayments required
  • You don't have to repay the loan until the property is sold or until both borrowers have passed away


  • There is a $950 application fee
  • There is a $200 settlement fee
  • There is a $12 monthly account fee

Features and benefits of the Commonwealth Bank Equity Unlock Home Loan

The nature of the Equity Unlock means you won't have to set limits on your budget or adopt other critical strategies like selling your house. With this financial product, everything will be simpler and faster for you and you'll be provided with the comfort you have always dreamed of.

  • No liability. You will also be able to avoid leaving your family in debt because of the ‘no negative equity guarantee’, meaning you won't be able to borrow more than the value of your home. There will be regular checks on the value of your property in order for you to stay constantly informed about your financial situation and the investments that are recommended for you.
  • Loan amount. Depending on your age, you will be able to borrow up to 40% of the total value of your home or the fixed sum of $425,000, depending on which one is the greatest. Not to mention the fact that you will have complete freedom when it comes to the repayments, since you will be able to schedule them exactly how you want them to be and add funds or withdraw them along the way.
  • No regular repayments.You can refer your repayments until you no longer in the property. However, the interest, fees and charges will still accumulate until the loan is repaid.
  • Repayment options. You can choose form a variety of repayment options. You can take one lump sum or draw down funds through NetBank, phone, ATMs, EFTPOS, Australia Post or through a branch.
  • Top-up. You can increase your loan amount, this should be requested by getting in touch with Commonwealth Bank.
  • Excluded loan options. Please note that this loan is not available as a package, property share, guarantor support or as a low doc loan.


Fees you can avoid

  • At this current point in time there are no fees that you can avoid with this loan.

Fees you can't avoid

  • Establishment fee, $950. This is charged when you establish the account for your home loan, is an upfront fee.
  • Service fee, $12 per month. This is to cover the maintenance costs of your home loan.

How to apply for the Equity Unlock

If you feel the Equity Unlock from the Commonwealth Bank may be the right loan for you, you can find out more information and get on the path to applying by clicking the enquire button on the right side of the page, or alternatively on the bottom of the page. Before you apply, you may want to check the following criteria.

Eligibility criteria

  • You're aged 65 or over and you're the owner that resides in the property being put up for security. This applies to joint accounts too.
  • You've sought independent legal advice regarding this decision and you have a Statutory Declaration signed.
  • Commonwealth Bank highly recommends that you've sought independent financial advice and that you have an Estate Planning and Financial Advice Certificate signed.

Enquire about this home loan
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13 Responses

  1. Default Gravatar
    chrissyJuly 12, 2018

    can i give the money to my son if i use the equity unlock home loan

    • Default Gravatar
      ArnoldJuly 13, 2018

      Hi Chrissy,

      Thanks for your inquiry

      According to the terms and conditions of the loan. The loan should be used on personal purposes only.

      Examples of personal purposes are, but not limited to: To fund your retirement. travel, buying a car, home improvements. paying a medical bill or to refinance of an existing loan where the original purpose was for personal use. Giving the fund as a gift to a family member.

      Excluded purposes: Any business purpose: refinance of any existing loan where the original purpose was for business, bridging or investment: personal investments such as buying an investment property or shares: building or construction: or land loan.

      For the full terms and conditions, you may want to visit Commonwealths’s website.

      Hope this information helps


  2. Default Gravatar
    LynMarch 15, 2018

    My partner and I own a home together. My partner has decided to move therefore I need to pay him his share [200,000] so I was thinking about an equity loan with flexible repayments. I am working full time and 67 years old I have enquired about a loan but repayments would be 2500 per month and I feel ill when I think about having a debt like that over my head. I do not want to tie up that sort of payment as the home will require maintenance etc thats why a flexible repayment would be great. I have looked at selling with no avail as I would still require a loan to buy another property so I feel it is smarter to stay and use the equity in the home. I am beside myself as I had no idea this sort of dilema would occur in my later years. Thanks heaps for taking the time to read my Email.


    • Default Gravatar
      LiezlMarch 27, 2018

      Hi Lyn,

      Thanks for reaching out to us at finder! We understand how distressing this could be and we hope our reverse mortgage comparison page can help you find the right loan. There’s a calculator on that page that you can use to compute the amount you can borrow as well as your monthly repayments.

      These home loan offer flexible repayment, that is, if you’re unable to make a monthly payment, the interest charges will be capitalised onto the loan amount each month for as long as you stay living in the home. As for the the amount of equity you’re able to access, it will determined by the bank after considering your age and the value of your home.

      If you’re unsure which option will work best for you, you can speak to a mortgage broker who can help you find a suitable loan. You can either click the ‘Enquire Now’ button on that page or click this link.

      Feel free to drop us a note anytime if you have other question and we’ll be happy to help.

      Best regards,

  3. Default Gravatar
    DavidNovember 30, 2017

    what happens If the property is in Joint husband and wife name and one dies what happens to the equity loan is the surving partner forced to sell

    • finder Customer Care
      MayNovember 30, 2017Staff

      Hi David,

      Thank you for your inquiry. As we are a comparison website and are not mortgage experts, we can only offer a general advice.

      In the joint tenancy type of ownership, if the first person dies, the share of the property owned by one party (who died) is automatically transferred to the other owner (survivor). Usually, the surviving owner will carry on the mortgage and continue with the loan as normal (unless the loan is only in the name of the deceased person). You would need to speak to your lender directly in this case to discuss the options available for you whether you’d want to sell off your property while on mortgage or would need refinancing to reduce your periodic repayments, access equity or restructure your mortgage. You can also speak to a mortgage broker who can best advise about your lending options.

      On another note, just for your additional reading and reference, in terms of property ownership, we have here an article that discusses the steps you can do when a property owner dies, which you might find useful. You may also like to read this page if you’d like to learn more about mortgage protection. This page also talks about mortgage insurance.

      Hope this helps.


  4. Default Gravatar
    July 6, 2017

    How is my home valued please?

    • Default Gravatar
      JonathanJuly 6, 2017

      Hi Joan!

      Thanks for the comment! :)

      You can inquire to a qualified valuation service and request an experienced valuer to come to your property. Alternatively, you can also talk to mortgage brokers about this process.

      Hope this helps.


  5. Default Gravatar
    JoanJuly 4, 2017

    Can I have a reverse mortgage on a home unit or apartment which will be my permanent place of residence? Thank you.

    • Default Gravatar
      LiezlJuly 4, 2017

      Hi Joan,

      Thanks for your question.

      Yes, you can, if you will be residing in the property being offered as security. Moreover, you must own this property outright and the purpose of the loan is solely personal. Please check the eligibility criteria above and make sure you meet them before submitting your application. Alternatively, you may click the “Enquire” button to get more information about this loan.


  6. Default Gravatar
    JohnNovember 5, 2014

    Hi, I have had a viridian line of credit, but now called equity unlock for seniors for several years. At the bottom of my statement it says ‘your limit is $70,000. Does that mean that I can now use that to buy a new car or bathroom reno? I am 81 years old. Kind regards from John.

    • Default Gravatar
      JanAugust 3, 2016

      Please advise percentage of property valued at $365,000 can be borrowed at age 78 years. Thank you

    • finder Customer Care
      MarcNovember 6, 2014Staff

      Hi John,
      thanks for the question.

      The credit limit refers to the maximum amount you can borrow using this facility at any one time. Line of credit facility funds can generally be used for whatever you wish, although I strongly recommend you contact the Commonwealth Bank to find out if there are any changes to your account as it’s now an Equity Unlock for Seniors. Also, you might want to read up on reverse mortgages and how they work, as this account differs from a regular line of credit facility.

      I hope this helps,

Commonwealth Bank Equity Unlock for Seniors

  • Interest Rate

    6.52% p.a.

  • Comparison Rate

    6.59% p.a.

  • App Fee / Annual Service Fee

    $950 / $12

  • Max LVR


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