Equity Unlock for Seniors

Access the equity in your home

If you're aged 65 or over and own your home, you could use the equity in that home to help you in retirement. This loan allows you to access funds without changing your lifestyle or selling. You can use the money to purchase a new car, take a holiday, improve your home or supplement your income.

With Equity Unlock for Seniors, you can:

• Borrow up to 45% of the value of your property, subject to a maximum limit of $425,000 depending on your age and the value of the property
• No monthly repayments are required. Interest, fees and charges are capitalised to the loan so you can either delay or make voluntary repayments at any time
• Choose how to receive funds. You can receive funds in one lump sum or draw a set amount each week or fortnight, or even a combination of both¹
• Elect to defer repayment of the loan until the property is sold, or you no longer live in the home
• Rest assured you won't be leaving a debt for your family. With our ‘no negative equity guarantee’, if at the time of the loan being repaid, the loan amount exceeds the value of the property, the difference will be covered by the bank²
• Benefit from improvements in the value of your home. We can regularly check your property's value to help you make informed decisions about your finances

 

Important information

Applications for finance are subject to the Bank's normal credit approval. Full terms and conditions will be included in the Bank's loan offer. Fees and charges are payable.

• 1. If you choose to draw funds on a periodical basis, the full amount of the credit limit may not be available due to the capitalised effect of interest and fees.
• 2. The borrower's liability is limited to the value of their interest in the property provided they have not breached any terms of, nor any warranty or representation in connection with, the loan contract.
• View the User Terms & Conditions

 

The Commonwealth Bank is a voluntary member of Sequal and agrees to adhere to the Sequal Code of Conduct. Senior Australians Equity Release Association of Lenders (Sequal) was formed in January 2005 by a number of leading institutions. This is a not for profit association.