Reverse mortgage interest rates

Flexibility is crucial when it comes to a reverse mortgage, so at Heartland we offer you a variable rate with the flexibility to repay your loan partially, or in full, at any time without paying penalty charges.

  • Our current Standard Reverse Mortgage interest rate is 9.75% p.a. (comparison rate 9.78% p.a.*)
  • Our current Aged Care Option Reverse Mortgage interest rate is 9.75% p.a. (comparison rate 9.92% p.a.^)

Further details can be found on the Heartland Reverse Mortgage fees and charges.

If you are a legacy client, please click here for applicable interest rates.

Reverse mortgage interest calculation

Reverse mortgage interest is calculated on the daily balance, compounded and debited monthly to your loan account. At the end of the term of your loan, when you move permanently from your home, the total interest charged, together with the principal will be payable.

Take note that the rate is subject to change, because it is a variable interest rate. If there are changes to your interest rate, we will publish these on our website and in a newspaper with nationwide circulation. We will also detail the new interest rate on your next loan account statement.

*Comparison rate is based on a loan of $150,000 over a term of 25 years. ^ Comparison rate is based on a loan of $150,000 over a term of 5 years. Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

Use ASIC's MoneySmart Reverse Mortgage Calculator to provide an illustration of the impact of your Heartland Reverse Mortgage on the equity in your home.

The reverse mortgage calculator helps you workb out:

  • how much your debt will increase over time and what this means for the equity in your home
  • how changes in interest rates and house prices could affect the equity in your home

MoneySmart Calculator

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application pack

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Reverse Mortgage application pack with the title: Live a more comfortable retirement with a reverse mortgage.