Seniors Equity Loan

Enjoy the lifestyle you want sooner. Unlock the value of your home and improve your lifestyle with our Seniors Equity Loan. Available when you own or nearly own your home in South Australia, for residential use only. Eligibility criteria apply.

If you’re 60 or over and own your own home, you could be eligible for a Seniors Equity Loan.

Your home is a valuable asset and with our Seniors Equity Loan, you can free up some of that value and use it to achieve some of the things you want to today. Our Seniors Equity Loan gives you access to extra funds as a single lump sum to do things like renovate your home or go on a holiday. Or, you can access funds more regularly to supplement your day-to-day lifestyle.

Seniors Equity Loan

No account keeping fees
As with a personal loan or a credit card, our Seniors Equity Loan gives you access to extra funds when you need them. But the big difference is that you won’t be charged account keeping fees. 

Repayments to your Seniors Equity Loan are voluntary. You can choose to make repayments or defer repaying the loan until the house is sold or the last co-borrower moves out or passes away. And with our ‘No Negative Equity Guarantee’, you’ll never owe more than the value of your home. 

How much can I borrow?
Just how much you can borrow depends on the value of your home and your age. The good news is that the older you are, the more you can borrow. If you’re 60 years old you can borrow 10% of your home’s value. If you’re 85 or older, it’s 35%.

E.g. If you’re 60 and your home’s value is $350,000, you can borrow up to $35,000.

If you’re 85 or more, with a home valued at $350,000, you can borrow up to $122,500.

So, if you’d like to find out more about using the value of your home to improve your lifestyle, talk to us today.

To make sure this loan is a good choice for you, we suggest that you seek independent financial and legal advice about your situation. If you receive benefits from Centrelink please contact them to discuss your options.


Drawdown options Receive your home loan as a lump sum or on an ad hoc basis.
No negative equity guarantee The ‘no negative equity guarantee’ means you’ll never owe more than the value of your home.
Loan repayment options Choose to make loan repayments, or defer repaying the loan until the house is sold or the last co-borrower moves out or passes away.
Loan amount Loan amounts depend on how old you are, and the value of your property. The amount you can borrow increases each year from age 60 to 85.
No monthly account keeping fees HomeStart home loans have no account keeping fees.

Seniors Equity Loan fact sheet Reverse Mortgage Information Statement

Eligibility criteria, terms and conditions apply. Fees and charges are payable.

Listen to Cheryl and Allen, who chose to use the Seniors Equity Loan to carry out a long awaited extension to the family home. They had been thinking of selling and downsizing, but eventually decided to stay and renovate. Cheryl approached BankSA for a personal loan, who recommended the Seniors Equity Loan. The flexible repayment structure of the loan gave them peace of mind as they can still make regular payments every fortnight but won’t be penalised if they miss a payment. Cheryl and Allen have now started their plans to build an enclosed outdoor room at the back of their house, complete with a pizza oven, where they can entertain the family and grandchildren.


Get into your own home sooner

Subscribe to our Newsletter

Receive home buying tips

Want to find out more?

Call us on 1300 636 878 or request a call back

Enter security code:
 Security code
Privacy statement
Are you an existing customer? Contact us

Connect with us


Level 5, 169 Pirie St, Adelaide SA 5000