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G&C Mutual Bank Retirees Access Home Loan

G&C Mutual Bank’s Retirees Access home loan lets older Australians access some of the equity in their homes.

If you own a home, are aged 60 or older and want to borrow some of the equity in your home to spend, a reverse mortgage can help. G&C Mutual Bank's Retirees Access loan is a form of reverse mortgage. The older you are, the more of your home equity you can borrow. The loan has a few fees and you will have to pay interest on the money you borrow.

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Review by

Richard Whitten is an editor at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.

Expert review

Reverse mortgages can help older borrowers pay for some of their retirement costs. The catch is that you're using the value (equity) in your home now and will pay it off later. The lender anticipates that you will sell the property at some point or that your heirs will. If you only borrow a small amount of your equity, then you won't lose too much when it comes time to sell – especially if your property's value increases. But the more you borrow, the less of your home you actually own.

Consider getting legal and financial advice before taking out a reverse mortgage.

About this loan

What are the features and benefits of the G&C Mutual Bank Retirees Access home loan?

  • Borrowing amount. The amount you can borrow with this loan depends on the age of the youngest borrower and the amount of equity you have in the property. If you are 60-64 years old, you can borrow up to 15% of your property's value or $200,000 (whichever is lower). If you are 65-69 years old, you can borrow up to 20% of your property's value or $250,000 (whichever is lower). If you are 70-74 years old, you can borrow up to 25% of your property's value or $300,000 (whichever is lower). If you are 75-80 years old, you can borrow up to 35% of your property's value or $350,000 (whichever is lower). Anyone over 80 can borrow 40% or up to $400,000 (whichever is lower).
  • Repayments. You do not need to make regular repayments with this loan. You can repay the loan when you sell the property, but you are free to make voluntary repayments if you wish to.
  • Redraw If you do make voluntary repayments, you can redraw them to spend if needed, but there is a fee for doing so.

How to apply

To apply for this home loan or to learn more about it, click the green button and follow the steps to speak to a lending specialist from G&C Mutual Bank. They'll explain any eligibility requirements and help you get started with your application.

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