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.

No reviews yet. Write a review

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206) and a Tier 1 Generic Knowledge certification (RG 146).

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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.


    Default Gravatar
    July 30, 2022

    can you apply for a reverse loan if you own an over 55 lifestle village home

      August 5, 2022

      Hi Therese,

      In some cases, you would be able to apply. It typically depends on the specific structure of ownership that you have within that village, such as whether you own it outright or if you pay management fees.

      It is best to speak directly to a reverse mortgage lender about your specific circumstances to see whether they would offer a reverse mortgage for your property.

      Alternatively, you can speak to a mortgage broker who should be able to talk you through options for your circumstances.

      Kind regards,

Go to site