Heartland’s Well-Life Loan allows Australian residential property owners aged 60 and over to borrow up to $20,000 without needing to secure it over their property, as long as the property is kept mortgage-free.

The funds are accessed as one lump sum paid at the start of the loan, and you can choose to make loan repayments at any time without penalty. Unlike a normal term loan, however, you won’t need to make regular repayments right away, and full repayment is only required when your property is sold, or all borrowers move out of the property (such as into aged care or when they pass away).

Interest will be added to the loan up to a limit of $30,000. Once your total loan amount, including interest, has reached the limit, you’ll need to make a payment to bring it below the limit again.

Alternatively, you can apply to transition your Well-Life Loan to a Heartland Reverse Mortgage (subject to terms, conditions, and loan approval criteria). If your reverse mortgage application is approved, this loan would be secured against your property by a mortgage, but no repayments of the loan amount or interest would be required until you ultimately sell your house, move into aged care or pass away.