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Household Capital Refinance Variable Home Loan

If you're over 60 and have a mortgage but want to refinance to a reverse mortgage for your retirement, check out the Household Capital Refinance Variable Home Loan.

It's hard for older borrowers to refinance a mortgage, especially when they want to use some of their equity to retire. The Refinance Variable Home Loan from Household Capital allows older borrowers to do just that: switch from a traditional mortgage to a reverse mortgage.

Read on to learn more about the product and find out if it's right for you.

Product NameHousehold Capital Refinance Variable Home Loan
Interest Rate TypeVariable
Interest Rate (p.a.)5.15%
Comp Rate^ (p.a.)5.21%
Minimum Loan Amount$50,000
Maximum Loan Amount$1,000,000
Maximum LVR50%
Maximum Insured LVR50%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityNo
Split Loan FacilityNo
Loan PortableYes
Extra RepaymentYes
Repayment TypePrincipal & Interest and Interest Only Options

Application Fee1.5 percent on drawn amount
Lender's Legal Fee$0
Valuation Fee$0
Ongoing Fees$0 p.a.
Settlement Fee$0
Discharge Fee$0


  • Finance option for older borrowers
  • Flexible repayment structure


  • Borrowing limited to 50% of your equity
  • Application fee can be high depending on how much you draw down

What do I need to know about this loan?

If you're an older borrower and you've built up a fair amount of equity, you can use the Refinance Variable Home Loan to cover your retirement costs while still paying off your existing mortgage.

It's a reverse mortgage you can refinance into. The lender receives its full payment plus interest when you pass away or sell the property. But you can choose to make regular repayments as well.

How do reverse mortgages work?

Before taking out any reverse mortgage, it's important to seek independent financial advice on your retirement objectives and needs.

What are the features and benefits of the Household Capital Refinance Variable Home Loan?

  • Loan amount. The Household Capital Refinance Variable Home Loan has a minimum loan amount of $50,000. There is a maximum loan amount of $1,000,000.
  • Loan-to-value ratio. You can borrow up to 50% of the equity in your home.
  • Eligibility. You must be at least 60 years of age to qualify for this loan.
  • Repayment flexibility. The Household Capital Refinance Variable Home Loan has flexible repayment options. You can repay the loan earlier if you wish.

What fees and charges come with this loan?

  • Application fee. 1.5 percent on drawn amount. This fee is charged at application and is a percentage of the amount you draw down.

How do I apply for this loan?

If you think the Household Capital Refinance Variable Home Loan is right for you or wish to learn more, click the green button above. You'll be directed to the Household Capital website, where you can talk to a finance specialist.

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Household Capital Refinance Variable Home Loan

  • Interest Rate

    5.15% p.a.

  • Comparison Rate

    5.21% p.a.

  • App Fee / Annual Service Fee

    1.5 percent on drawn amount / $0

  • Max LVR


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