Australian Seniors Advantage Group reverse mortgages

Stay in your home but use the equity for a cash lump sum, line of credit or regular instalments for whatever you need with a reverse mortgage from Australian Seniors Advantage Group.

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Australian Seniors Advantage Group offers a reverse mortgage solution for Australian homeowners aged 60 and over.

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Australian Seniors Advantage Group Reverse Mortgage
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Interest Rate
8.74%
Comparison Rate
8.86%
Principal & InterestOwner-occupierInvestment
Monthly Payment
$1,180
per month
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How an Australian Seniors Advantage Group reverse mortgage works

If you're over 60 and own your home, you can borrow from that equity. The loan can be used for a number of reasons and you don't need to repay it until you permanently leave that property.

Once you've submitted your application a professional valuation of your property will be conducted. If approved for the reverse mortgage you can choose how to receive the funds. You'll continue to own and live in the property.

The interest on the loan will be calculated daily and added to the loan balance each month. Although the loan repayment is not due until you leave the property, you can make partial repayments or repay in full before that time with no penalty.

Australian Seniors Advantage Group reverse mortgage features

  • Flexible drawdown: You can choose to access the funds as either a lump sum payment, regular instalments or as a line of credit.
  • No ongoing payments: The loan is repayable when you permanently leave the home.
  • Stay in your home: You can continue to own and live in your home as long as you want.
  • No negative equity guarantee: You won't owe more than your home's value.
  • Repay early: You can repay the loan at any time without penalty.

What can a reverse mortgage be used for?

  • Aged care
  • Refinancing
  • Day-to-day expenses
  • Debt consolidation
  • Home care
  • Home improvements
  • Travel, including cruises
  • Gifting to family
  • Vehicle finance

How do I apply for a mortgage from A.S.A.G?

When applying for any home loan, you will need various documents to establish your identity, your financial situation, employment status and details about the property.

Eligibility

The following information is general in nature and applies to most home loans. There may be specific criteria that apply for this lender.

  • Age. You must be over 18 years of age.
  • Residency. You should be a resident of Australia.
  • Employment. You should have a regular source of income.

Documents required

When you apply for a mortgage with A.S.A.G you are required to provide certain information so make sure you have all your documents ready before you apply. The documents you will be expected to provide are:

📄 Property details. You can start a loan enquiry before you've bought a property. But to complete an application you need the address of the property and a signed contract of sale.

📄 Identification documents. You will need identification such as a driver's licence, passport or birth certificate.

📄 Proof of income documents. Recent payslips can establish your income.

📄 Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).

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Written by

Editor, Money

Rebecca Pike is Finder’s money editor, with over 7 years of experience in mortgages and personal finance. A frequent TV and radio commentator, she frequently appears on Sunrise and 7News, Today and 9News, as well as Sky News, Channel 10 and across radio and print. Rebecca previously served as Editor of Mortgage Professional Australia. She has a Master’s degree in Journalism as well as ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, which comply with ASIC guidelines. See full bio

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Rebecca has written 267 Finder guides across topics including:
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