St.George Seniors Access Home Loan

Enjoy your retirement years in comfort with the help of the Seniors Access Home Loan

For Australians over the age of 63, St.George offers the Seniors Access Home Loan. This is a reverse mortgage that allows you to use the equity that you worked to build into your home to help finance your retirement.

St.George offers a wide range of home loan products that can meet the needs of just about anyone. This includes a comprehensive package loan that combines your home loan with transaction account and credit card. This award winning Advantage Package will save you money on both interest rates and fees.

St.George Seniors Access Home Loan.

This loan is no longer available. Please check out this page for more St.George home loans here.

Things to consider about the St.George Seniors Access Home Loan

The Senior Access Home Loan offered by St.George is only available to seniors aged 63 and over. The amount borrowed will depend on the age of all of the applicants and the value of the home.

This loan is classified as a reverse mortgage. This means it allows you to borrow funds using the equity built in your home, and requires no repayments until the property is sold, you no longer live in the home, or all borrowers pass away.

Borrowers will be allowed to access the equity of their home at an interest rate of so long as they own it outright. Loan amounts start at $10,000 and increase to $250,000 depending on how old the applicants are and the assessed value of the home.

The funds obtained from this loan will be issued as a lump sum and can finance whatever you wish. It can be used to pay for a vacation, medical expenses or just as an addition to your retirement income.

Features of the St.George Seniors Access Home Loan

  • Loan to value ratio (LVR). The specifications for the amount you can borrow with this loan depend on both your age and the LVR which St.George will determine. Seniors aged 63 to 69 may borrow up to 15% of their home's value or $150,000, whichever is lower. Those aged 70 to 79 may borrow the lesser of $200,000 or 20% of the home's value. Seniors who have reached 80 will be allowed the lesser of 25% of the home's value or $250,000.
  • Loan term. As with the LVR, the loan terms are structured differently in this type of reverse home loan. Deferred payments are allowed and the loan will continue to accrue interest and fees monthly until the property is sold, the borrowers have vacated the home or all borrowers named on the home loan documentation have passed away.
  • Repayment frequency. Repayments are optional. Instead, the interest and fees are added to the loan balance each month. This means that the principal in your loan will increase over time.


Fees you can avoid

  • Lender’s Mortgage Insurance (LMI). The low LVR makes this extra insurance to the lender unnecessary.

Fees you can’t avoid

  • Establishment fee. The borrower will be responsible for paying $950 to St.George for the establishment of this loan.
  • Monthly fee. Your account will be charged a $10 monthly fee to maintain your account.
  • Valuation fee. You will be responsible for paying for the valuation of your property. The cost will vary depending on the location and size of your home.

Find out what your repayments will be in a few seconds

How to apply for the St.George Seniors Access Home Loan

This loan is no longer offered by St.George. You can compare and apply for other St.George home loans here.

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10 Responses

  1. Default Gravatar
    AnnJune 29, 2017

    Hello, I’ve already had two Seniors home loans, the last was early 2016 and i’m wondering if I may apply for another loan, I have no family and no one to leave my home to so if you could please let me know if i’m able to apply for another seniors loan.
    Thank you.

    • Default Gravatar
      JonathanJune 29, 2017

      Hi Ann!

      You can speak directly to St. George to know if you can top-up on your existing home loans. They will assess your ability to pay based on your existing assets and accountabilities.

      Hope this clarifies.


    • Default Gravatar
      August 6, 2017

      Hello, I was trying to reply to Jonathon, so, I went to the bank and asked for a top up, the manger wasn’t there, yet the lady said they don’t do top ups anymore and neither do they allow for additional loans on my reverse mortgage which seems odd to me as the manager who approved my loan said I may apply for another loan when i’m 70. Thank you.

    • Default Gravatar
      JonathanAugust 7, 2017

      Hello Ann,

      Thank you for responding to our message.

      If that has been previously advised to you, it may be possible that the lender has changed some lending guidelines. You may check other options on this page.

      Alternatively, you may seek some professional help from a mortgage broker.

      Hope this helps.


  2. Default Gravatar
    billJune 15, 2017

    What is the current interest rate on seniors access home loan?

    • Default Gravatar
      LiezlJune 15, 2017

      Hi Bill,

      The annual rate for this owner-occupier loan is 6.30%. Please note that when it comes to saving money on your home loan, you should also consider the cost of monthly fees and the benefit of offset facilities. You can learn more about your senior access loan options on this page.

      I hope this helps.


  3. Default Gravatar
    ellenApril 15, 2016

    Hi my mum had one of theses loans. Can you tell me if it has an insurance on it because it is a mortgage would she be insured for death?

    • finder Customer Care
      MarcApril 22, 2016Staff

      Hi Ellen,
      thanks for the question.

      The Seniors Access Home Loan does not come with any life insurance products.

      I hope this helps,

  4. Default Gravatar
    DLJanuary 6, 2015

    We already have a reverse mortgage loan of $100,000 which has been drawn down in full.
    Our question is can we apply to increase the loan?. We are both 79 years old and the loan amount would be well within 25% of the LVR

    • finder Customer Care
      MarcJanuary 8, 2015Staff

      Hi there DL,
      thanks for the question.

      The best way to find out if you’d be able to borrow more is to speak to St.George directly. They’ll be able to let you know if you’d be able to top up your loan.

      I hope this helps,

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