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Fund your next step with a Well-Life Loan

Wherever life is taking you next, we could help you get there.

What is a Well-Life Loan?

A Well-Life Loan is an unsecured loan designed for people 55 and over. Whether you want to remodel your home, refinance existing debt or treat yourself to that brand-new car you’ve been dreaming of, a Well-Life Loan could help you fund that next step without the need to make regular payments right away.

Calculate how much you could borrow and apply now


Enter your age

Minimum age is 55 years

Enter your postcode

Enter your home value

Minimum property value ranges from $300,000 to $400,000 depending on location.


You may be able to borrow up to*:

*This calculation does not constitute an approval but provides an indicator of how much you could possibly borrow. Applications for a Well-Life Loan are subject to our normal lending criteria, which includes location and property value. Full terms and conditions will be included in any loan offer.

Start Application

Minimum is $5,000

Well-Life Loan benefits

No need to register a mortgage against your property

Access a lump sum

No set loan term

Regular loan repayments are not required right away

Flexibility on when you make interest payments

Borrow from $5,000 to $40,000

Lending criteria, fees and charges apply.

How does a Well-Life Loan work?

Heartland’s Well-Life Loan allows Australian residential property owners aged 55 and over to borrow up to $40,000 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 $65,000. 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.

Common questions

  • To be eligible for a Well-Life Loan, you must be 55 years or older and the registered owner of your residential property.
  • We will also need to determine whether your property meets our criteria in terms of size, building materials and location – we’ll discuss this after you apply.
  • We’ll need to check your credit and be satisfied you can meet interest payments on the loan, if you’re required to do so to remain under the agreed loan limit.
A Well-Life Loan is only available for people who own their homes outright, or who will use the loan to fully repay an existing mortgage.
No – this is an unsecured loan. However, your property will need to be kept mortgage-free, as your Well-Life Loan may need to be repaid from the proceeds when it’s sold.

Our current Well-Life Loan variable interest rate is 7.50% p.a. (comparison rate 7.58% p.a.*). A variable interest rate gives you the flexibility to repay your loan partially, or in full, at any time without paying penalty charges.

Further details can be found in the fee schedule, which you can download below.

*The comparison rate is based on a loan of $65,000 for a term of 5 years. Interest is calculated daily and debited monthly. 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.

If your total loan amount exceeds the $65,000 limit, you’ll need to either make repayments to ensure your loan limit is not exceeded or consider applying for a Heartland Reverse Mortgage (subject to terms, conditions and loan approval criteria).
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