Calculate my loan amount

We have provided a calculator to give you an illustration of the impact of your Heartland Reverse Mortgage on the equity in your home.

The reverse mortgage calculator helps you work out:

Step 1. Work out how much you could borrow.

Step 2. Decide how much you would like to borrow.

Step 3. View the loan projection table and if you’re ready to find out more, make an enquiry.

Heartland Bank Reverse Mortgage Calculator

Step 1. How much could you borrow?

Use our Reverse Mortgage Calculator to work out how much you could be eligible to borrow.

Minimum age is 60 years
Minimum property value is $250,000

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

Step 2. How much would you like to borrow

You may be able to borrow up to a maximum of $45,000 based on your age and home value as per your calculations on Step 1.

An initial drawdown fee of $1,050 will be deducted from this amount.
3.0% is the assumed property growth rate. If you believe a different rate is applicable you may update this percentage.
5.95% p.a is the current variable interest rate and is subject to change. If you want to view a higher/different rate you may update this percentage.

Step 3. Loan Projection Table

Based on the information you provided, you will be able to see,

  • How much your loan will increase over time and what this means for the equity in your home
  • How changes in interest rates and house prices could affect the equity in your home

Notes for the table illustrations

Please note that these examples are for illustrative purposes only and give no guarantees as to any future equity that you may have in your property.

Equity Remaining is based on the estimated property value less loan balance including interest. This figure does not allow for any costs that may be incurred during the sale of the property.

The current Heartland Reverse Mortgage variable interest rate is 5.95% p.a. and is subject to change. An interest rate of 5.95% p.a. compounded monthly, including applicable fees or charges and no repayments being made has been used in this example. Different interest rates may apply. Different loan amounts, interest rates, terms and conditions, and fees and charges, will result in different repayment amounts.

The value of your home may not increase over the term of the loan and could even fall. This may mean that the amount of equity remaining in your home (the difference between the home’s value and the outstanding loan balance) may be substantially less at the end of the loan than it was at the outset. However, Heartland Bank offers you the No Negative Equity Guarantee which means that you will not have to pay us back more than the net sale proceeds of the property, even if this amount is less than the outstanding loan balance.

Fees and charges will apply and will be deducted from your loan drawdown, including an Arrangement Fee of $1,050 and applicable valuation fee.

Heartland Bank's lending criteria, terms and conditions, fees and charges apply.

Next steps:

Give us a call or request a call back to discuss your loan needs and what to do next.

Call Free: 0800 488 740

What is the interest rate and fees?

In addition to the interest on your loan, there will be fees and charges for setting up the loan, which are dependent on what options you select. These can be paid out of your loan at settlement.

It is a requirement that you seek and receive independent legal advice on the loan agreement issued by Heartland from a solicitor of your choice. The cost for this could also be paid out of your loan.

There are no ongoing servicing fees

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Your reverse mortgage journey

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Let’s chat

A specialist will explain what a reverse mortgage is and take you through the application process. There’s no commitment, you can change your mind at any time.

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Property valuation

After you’ve completed your application, we’ll request a valuation of your property, unless it meets our Reverse Mortgage - Streamline Application criteria. This will help us determine how much you can borrow.

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We’ll review the valuation and your application. Provided they meet our criteria, we’ll make you a loan offer.

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We will send your loan documents to your solicitor who must provide you with independent legal advice. If you proceed, the documents can be signed and returned for settlement.

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