Broker guide
Reverse Mortgage Providers: Australian Broker Guide
Compare current Australian reverse mortgage providers by eligibility, property rules, advance options, costs, protections and application evidence.
- Published
- Updated
Australian reverse mortgage providers worth assessing include Heartland Bank, Household Capital, Inviva, Brighten and P&N Bank. Age and property rules decide the initial shortlist, while drawdown terms and projected debt decide which structure fits the client.
A familiar bank name doesn’t establish a current reverse-mortgage offer. Some bank products are closed to new borrowers, while brokers and equity-sharing businesses do different jobs from reverse-mortgage lenders.
Confirm Which Providers Are Current
The compared offers below have current provider-owned product pages or guides, with availability checked on 3 October 2026. Inclusion requires an identifiable reverse-mortgage product and published terms for a new assessment. Historical brochures, customer reviews and existing-account rate tables alone don’t establish new lending.
| Provider | Current offer as at October 2026 | Evidence supporting inclusion |
|---|---|---|
| Heartland Bank | Equity Access Loan, described as a reverse mortgage | Current product guide and documents page, separating the new July 2026 product from Standard Reverse Mortgage documents |
| Household Capital | Household Loan reverse mortgage | Current reverse-mortgage page, eligibility information and rates-and-fees page |
| Inviva | Home Equity Release Loan; separate investment-property product | Current product page with age criteria, draw options and costs |
| Brighten | Brighten Life and Brighten Life Plus | Current product page and Retirement Equity Product Guide effective 15 May 2026 |
| P&N Bank | Reverse Mortgage Home Loan | Current product page and target market determination, with a Perth metropolitan restriction |
These are assessment candidates, not a claim that every reverse-mortgage lender appears here. A target market determination describes the intended customers and distribution conditions. It doesn’t approve an individual borrower.
Market Changes Affect the Shortlist
The Australian Securities and Investments Commission (ASIC) released its reverse-mortgage lending review on 28 August 2018. It found lenders could improve long-term outcomes and borrowers’ understanding of future financial needs. That historical report doesn’t identify today’s available offers.
Commonwealth Bank’s Equity Unlock for Seniors and Bankwest’s reverse mortgages closed to new lending from 1 January 2019. Brighten now publishes its own reverse-mortgage range, and Heartland’s documents identify an Equity Access Loan from July 2026. Those dated changes make an old provider list unreliable.
Bulma publishes this guide as a software provider for mortgage brokers. The lending comparison concerns the lenders’ products and written terms.
Compare Provider Eligibility and Products
Age, security location and occupancy can remove a provider before the interest rate becomes relevant. The loan-to-value ratio (LVR) is the loan amount divided by the lender’s accepted property value. Apply the provider’s age calculation and property rules to the same client.
| Provider and dated basis | Borrower and security | Amount and advance structure | Repayment and protection |
|---|---|---|---|
| Heartland, as at October 2026 | At least one applicant aged 55+. Limits use the youngest applicant. Aged Care Option starts at 60. Conventional residential property in good repair, minimum $200,000 subject to location. Retirement villages excluded | Initial advance normally at least $5,000. Regular advances and a Future Access Fund can accompany it. Investment-property option removes the security-occupancy requirement | Optional repayments and redraw. Standard exit generally follows the last borrower permanently leaving home. Aged Care Option has a five-year maximum term. No negative equity protection under loan conditions |
| Household Capital, as at October 2026 | Youngest borrower 60+. Minimum property value $600,000, eligible postcode and first mortgage. Primary residences, holiday homes and investment properties can be considered | Published age ceiling starts at 20% at 60, reaching 30% at 70. Lump sum or regular income, including combined access | Optional repayments without penalty. Guaranteed occupancy depends on property obligations. No negative equity guarantee. Independent legal advice required |
| Inviva, as at October 2026 | Borrowers 55+. Home Equity Release Loan uses the occupied home. Investment Property Equity Release Loan has a different occupancy and term structure | Published lending from $50,000. Age-based ceiling starts at 15% at 55 and rises one percentage point per year. Lump sum, monthly income or line of credit | Voluntary repayments and redraw. Home loan generally becomes payable when the last borrower permanently leaves or the property sells. Occupancy protection depends on obligations. No negative equity guarantee |
| Brighten, product guide effective 15 May 2026 | All owners must borrow and be 55+. Owner-occupied or holiday-home security, minimum value $200,000. Life uses postcode Categories 1 and 2; Plus extends to Category 3 | Minimum $50,000. Lump sum or drawdown account. Age and postcode determine LVR. Plus has broader debt-consolidation criteria | Optional repayments and redraw. Repayable on sale or when the last borrower ceases living in their owner-occupied home. No negative equity protection under loan terms. Independent legal advice mandatory |
| P&N Bank, as at October 2026 | Owner occupiers 65+ living in Perth metropolitan area. P&N transaction account held for at least three months with regular, ongoing use | Minimum $10,000, maximum $300,000. LVR depends on age and location, capped at 35%. Access funds when needed | Voluntary repayments and redraw. Exit on sale, aged care or death. Negative equity protection |
Illustrative Client Scenario
Suppose a 58-year-old sole owner lives in a conventional $800,000 home and wants $80,000 for repairs. The property is mortgage-free, in good repair and outside a retirement village. The example tests published entry rules, not credit approval.
As at October 2026, Heartland and Inviva warrant assessment because their published entry age starts at 55. Brighten’s 15 May 2026 guide also admits owners aged 55+. Household Capital’s age-60 entry and P&N Bank’s age-65 entry exclude them from this client’s immediate shortlist.
Brighten Life’s Category 1 or 2 age-58 ceiling is 18%, or $144,000 on that hypothetical valuation. In Category 3, Brighten Life Plus applies 70% of that age ceiling: 12.6%, or $100,800. The requested $80,000 fits either illustrated ceiling before fees and assessment conditions.
The postcode therefore changes which Brighten product warrants assessment. A lower valuation, another younger applicant or debt that needs repayment can change the result. Record those facts before giving the client an indicative amount.
Compare Costs and Drawdown Structures
Compare costs using the same net cash requirement and draw dates. An interest rate alone doesn’t show how much cash arrives at settlement or how fast the balance grows. The following fees are in Australian dollars and concern lending, not software subscriptions.
| Provider and dated basis | Published setup and other charges | Interest and draw treatment |
|---|---|---|
| Heartland, as at October 2026 | Application fee covers assessment and full valuation. Additional fees can apply. Independent solicitor and government charges are separate | Variable interest calculated daily and added monthly. Lump sum, regular advances or Future Access Fund. Interest applies to drawn funds |
| Household Capital, rates effective 28 May 2026, fees read October 2026 | $950 establishment includes conveyancing and standard valuation for property up to $2 million. Government and third-party fees at cost. Nil regular service, drawdown and early repayment fees. Special attendance, including discharge, $250 | Household Loan capitalises interest. Optional Retirement Interest Only products allow payment of all or half the interest. Drawn funds and financed charges accrue interest |
| Inviva, as at October 2026 | $995 establishment includes online valuation and documents. Complex loans can cost more. In-person valuation at cost. Nil monthly fee. $450 discharge administration plus applicable government costs | Variable interest capitalises. Initial cash, monthly income or line of credit. Interest applies only to amounts drawn |
| Brighten, rate card dated 15 May 2026 | Life settlement $700; Plus $800. Lender legal fees $395 plus goods and services tax (GST), or at cost, plus disbursements. Standard desktop or short-form valuation included. Discharge $550 plus lender legal costs | Variable interest on outstanding drawn balance. Nil account, reserve and early repayment fees. Online draws are free within the $9,750 weekly limit. Manual draws or setup cost $50 |
| P&N Bank, as at October 2026 | $300 document preparation. Nil monthly maintenance. Revaluation passed through at the bank’s cost. Other account charges can apply | Variable interest added monthly. Voluntary repayments reduce the balance and can be redrawn |
For each candidate, obtain the client-specific rate and complete fee schedule with the proposed loan offer. A quote must identify the net cash received after fees, any retained funds and the conditions for later draws. That is the application task after the shortlist, not a substitute for the comparison above.
Published comparison rates also use different assumptions.
As at October 2026, Heartland’s website uses a $150,000 loan over five years. Household Capital and Inviva use $150,000 over 25 years, as does Brighten’s 15 May 2026 rate card. Those percentages can’t support a like-for-like cheapest-provider ranking.
Draw Later When the Expense Occurs
Drawing unused cash early starts interest earlier. In a hypothetical loan charging 9% annually, $10,000 drawn a year before it is needed grows to about $10,938 with monthly compounding. Delaying that draw avoids about $938 of interest over that year, before fees and rate changes.
A reserve or line of credit also has access conditions. Heartland’s Equity Access Loan guide, as at October 2026, makes future access subject to the contract. Its older Standard Reverse Mortgage guide says a cash reserve can be reduced or cancelled.
Use the correct agreement when assessing an existing facility.
Check Named Provider Availability
Separate a lender accepting new applications from an existing product being serviced or a broker arranging another lender’s loan. The named-provider positions below are dated to October 2026 unless a source date is stated.
| Name | Status and provider-owned evidence | Practical route |
|---|---|---|
| Heartland; Heartland Seniors Finance | Current Heartland Bank reverse-mortgage range, including Equity Access Loan. Current bank guides govern new applications; legacy finance-brand references don’t establish current terms | Heartland’s broker portal has accreditation, application and post-settlement routes |
| Household Capital | Current Household Loan and related structures on its product and fee pages | Referral route or accredited origination through Household Capital’s broker programme |
| Inviva | Current Home Equity Release Loan and separate investment-property loan on its website | Apply through Inviva’s current product enquiry route |
| Brighten | Current Life and Life Plus, supported by its product page and dated guide | Brighten’s broker application channel with its reverse-mortgage checklist |
| P&N Bank | Current Perth-focused Reverse Mortgage Home Loan | Specialist or accredited broker route in its target market determination |
| Commonwealth Bank (CBA), also called CommBank | Equity Unlock for Seniors closed from 1 January 2019. Current closed-products page also says existing-account limit increases are unavailable | Existing borrowers use CommBank’s servicing channels and their facility terms |
| Bankwest | Home Loan Terms and Conditions state reverse mortgages were withdrawn from sale from 1 January 2019 | Existing-facility support through Bankwest, separately from new lending |
| Westpac | Current equity-access explainer explicitly says Westpac doesn’t offer reverse mortgages or home reversion | Its ordinary loan-increase route requires repayment capacity |
| NAB | Current home-loan catalogue, dated 2 October 2026, lists regular-repayment loans. It supplies no current reverse-mortgage offer for this comparison | NAB’s home-loan team on 13 78 79 handles new and existing loan enquiries. Use the existing facility’s lender and product name when requesting support |
| ANZ | Its August 2007 broker newsletter records the historical ANZ Equity Release launch. The current home-loan catalogue supplies no new reverse-mortgage offer for this comparison | Existing contract enquiries belong with ANZ’s home-loan support, using the precise product name |
| St.George | Its 2003 report names Seniors Access. The current home-loan catalogue supplies no new reverse-mortgage offer for this comparison | Distinguish servicing a historical contract from a new application |
| Suncorp Bank | Current bank site is the official product and support destination. Suncorp isn’t included among the verified new offers compared above | Existing borrowers use Suncorp Bank’s servicing route and contract details |
| IMB Bank | Current rates index has a Reverse Mortgage and Aged Care Loan category. A rates category alone doesn’t establish new applications or broker distribution | Separate an existing-account rate enquiry from a request for a new product offer |
| Gateway Bank | Heartland Group’s current sustainability page records Gateway’s participation in the March 2026 reverse-mortgage survey. Survey participation isn’t a product offer | Gateway isn’t included in the product-by-product shortlist above |
| Bendigo Bank | Its 21 December 2023 announcement documents restructuring of its Homesafe investment. Homesafe is a different equity-release structure | Use the actual Homesafe contract and provider, not an assumed Bendigo reverse mortgage |
| Homesafe, including “Home Safe” | Current Wealth Release exchanges a lump sum for a capped share of future sale proceeds | Assess the property contract separately from debt and compounding-interest products |
| LongView | Current HomeFlex FAQ describes funds in exchange for participation in future property growth | Compare the equity-sharing contract separately from reverse-mortgage debt |
| Seniors First | Its application page identifies Seniors First as a broker selecting lenders from a panel | Distinguish the broker’s service and remuneration from the chosen lender’s loan |
A NAB reverse mortgage loan reference doesn’t establish new availability. NAB’s current catalogue is the dated product evidence here. An existing loan’s statement and contract identify who must provide support, so don’t assume a new product or a servicing transfer from the bank name alone.
Assess Reviews and Suitability Evidence
A useful reverse-mortgage review connects the borrower’s circumstances to the contract. Star ratings can describe service, but they don’t establish an accepted postcode, borrowing limit or suitable repayment trigger.
For Heartland, Household Capital and Inviva reviews, identify the exact loan version and settlement date. For Seniors First reviews, separate the broker’s communication from the underlying lender’s valuation and credit decision. Review comments about a historical product don’t describe a current replacement automatically.
| Client situation | Candidate warranting assessment | Deciding benefit and drawback |
|---|---|---|
| Owner aged 55 to 59 | Heartland or Inviva, as at October 2026; Brighten under its 15 May 2026 guide | Published entry ages fit. Property and younger-applicant rules still decide the route |
| Owner aged 60+ wanting staged retirement income | Heartland, Household Capital or Inviva, as at October 2026 | Published regular-payment structures fit. Access duration and fees need matching to actual spending |
| Owner with a Category 3 property or tax debt | Brighten Life Plus under its 15 May 2026 guide | Wider postcode and debt criteria. Lower Category 3 LVR and valuation cost can reduce usable cash |
| Perth owner aged 65+ needing up to $300,000 | P&N Bank, as at October 2026 | Local product with voluntary repayment and redraw. Location, age-based LVR and dollar cap restrict eligibility. Requires a P&N transaction account held for at least three months with regular, ongoing use |
| Client releasing equity from an investment property | Heartland or Inviva, as at October 2026 | Separate investment-property structures. Occupancy and term rules differ from the home product |
These are conditional assessment routes, not a universal best reverse mortgage for seniors. For lenders serving New South Wales, the actual postcode and security decide eligibility. A state label alone doesn’t establish property acceptance.
Record written service commitments, the application channel and who will handle later draws or estate repayment. Avoid treating an advertised turnaround as a guaranteed settlement date. Retain identification, title and occupancy evidence alongside the valuation, intended use of funds and proposed exit.
Under ASIC’s reverse-mortgage calculator guidance, brokers must use the applicable lender inputs and explain the projected effect on home equity. Keep the projection report with the assessment. Compare the same draw pattern and future-care assumptions for each shortlisted product.
Choose the Next Assessment
For the illustrative 58-year-old homeowner, assess Heartland and Inviva’s current age-55 routes and Brighten’s appropriate postcode category. For a Perth homeowner aged 65+, add P&N when property and amount fit, with three months of regular, ongoing P&N transaction-account use. For staged income after 60, compare the regular-payment candidates against the client’s spending timetable.
These routes use the October 2026 provider information and Brighten’s 15 May 2026 documents described above. The deciding facts are the youngest applicant’s age, accepted valuation, postcode, other residents and cash needed after financed fees. Use the chosen provider’s current application checklist and arrange the required advice before signing.
For the full commercial-loan process, read reverse-mortgage requirements. Government-scheme enquiries belong with the Home Equity Access Scheme guide. The broader decision about future care and remaining equity belongs with reverse-mortgage benefits and risks.
Give the client a documented assessment of the suitable structure, net advance and projected remaining equity before seeking approval.
