The minimum age for a Reverse Mortgage is 60, at which we would lend a maximum of 15% of the value of the property (LVR). This amount would increase by 1% for every year thereafter, meaning a 75-year-old could borrow up to 30% of the property value.
Our Reverse Mortgage can be used for a wide range of purposes, whether it be living costs, renovations, holidays, medical costs, refinance and/or consolidation of multiple debts.
Gateway reserves the right to vary these interest rates at any time. Applications for finance are subject to our standard credit assessment criteria. Full terms and conditions are included in the loan offer. Fees and charges apply.
For the first five years of your loan term, the introductory interest rate applied to your loan will be a variable interest rate with a discount of 0.90% p.a. to the ongoing variable rate applicable to reverse mortgages. After the 5-year introductory period the interest rate reverts to the ongoing variable rate applicable to reverse mortgages. Rates are subject to change.
Comparison rates are calculated based on a loan amount of $150,000 over a 25-year term. WARNING: Comparison rates are true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
Negative equity protection will not apply if we determine, acting reasonably, that you engaged in fraud, or made a material misrepresentation, relating to your loan before, at, or after the time your loan contract was made.
Refer to our General Fees, Charges and Transaction limits. You should consider if a; Visa Debit Card, Online Banking, or Reverse Mortgage is right for you.
If property valued at under $1m in metro locations and $500k in regional locations with a maximum land area of 2.2ha/5 acres. Any additional valuation costs incurred for a non-standard property are payable in addition to the Settlement Fee.
Loan variation fees may apply when changing the structure of an existing Gateway Loan, such as a top up.
A Discharge fee is payable when discharging your mortgage with Gateway.