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Senior Loans to maintain your lifestyle | Formerly reverse mortgages

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When you need funds to maintain your lifestyle 

Today, many older Australians are asset rich and cash poor, relying on the limited income of a part or full pension to survive. This limited income means they can’t borrow to fund things like:

  • updating their car
  • making repairs to their family home
  • having a holiday
  • topping up their living income, or
  • even being able to go into an aged care facility.

While many are quick to suggest they ‘downsize’, this is not only a difficult decision but also sometimes not even a financially viable option.

Is there an answer? Yes, there is. Home equity.

As locals ourselves, we understand the emotional and economic needs of elders in our communities. With our offices all over regional Australia, we have the local knowledge to offer regional solutions. 

Why choose us to help you access equity in your home?

Free up the equity in your home to live the life you worked so hard for 

Debt consolidation

Fund major renovations or expenses such as a new roof or car

How can older Australians access much needed funds?

There’s a range of products known as seniors loans. You might recall, back in the ‘90’s and early 2000’s, they were known as  ‘reverse mortgages’. They got a bit of a bad wrap, and rightly so.

However, as with many other things, the finance industry has evolved. We learned from our mistakes and, rather than using one product as a kind of ‘one size fits all’, we can now sit down and discuss highly personalised, tailored loans to suit the needs of every individual.

How these seniors loans work

What you can borrow will depend on your age. The younger you are, the less you can borrow. As you get older, this amount will increase. The maximum loan is a mix of the value of your home and a percentage determined by your age.

But don’t worry, you’ll never be able to borrow more than the value of your property.

What’s ‘no negative equity’ mean?

Most lenders have a ‘no negative equity’ clause. This means you’ll never owe more than the property is worth. 

What’s ‘equity protection’?

Some lenders will also offer ‘equity protection’. This means you’ll always have an agreed minimum equity in your home.

How is interest charged?

Interest is charged based on the outstanding balance each month. Once the interest is added to the loan, you can choose to pay all of it, a portion or none at all. Any unpaid interest is simply added to the loan balance.

What type of seniors loans are available?

Living Allowance

The lender will deposit funds into your day to day bank account. You can choose to have the funds made available monthly, quarterly or even annually. You decide what works best for you.

The good news is, you can use these funds for anything you like! You may decide to have the funds released when your insurances or car rego are due. Or perhaps just before Christmas, so you can spoil your kids and grandkids.

Major expenses

Need a new car? Does your roof need to be replaced or the bathroom given a fancy new makeover? You can borrow to meet any of these one-off, major expenses.


Dreaming of Paris, Rome or a round the world cruise? Once you’ve retired, you have all the time in the world. And now you have the funds to fly or sail away on the adventure of a lifetime.

Debt Consolidation

If you’ve retired and still have a mortgage or other debts, such as personal loans or credit cards, you can consolidate your debts into a single senior’s loan.

Aged Care Costs

Should the time come and you need to move into an aged care facility, it’s an emotional and stressful time for you and your family. And making major decisions, like selling the family home, is just another added stress.

A senior’s loan allows you to use home equity to pay the accommodation bond, meaning you can move into aged care when you need to. Once settled and enjoying your new life and routine, you can sell your home. It's your home and now you can sell it on your terms.

The fine print

Taking out a senior’s loan is a big decision and we’ll ask you to seek independent financial and legal advice.

For many people, the family home is their legacy, so we’ll spend time explaining everything to you and your family, if you’d like to include them. We discuss and explain things like:

  • what it means to have reduced equity in your home
  • the risks
  • protecting some equity, and;
  • what you want to leave your family.

If you’re taking out a senior’s loan and you’re in your 70’s, we’ll talk to you about making the funds available to you if and when you need to go into an aged care facility. 

If you’re taking the loan for discretionary expenses, such as a holiday or a gift to a family member, we’ll ensure you understand the long-term risks of spending now and possibly needing funds later. 

Basically, we’ll look after you like we would our own family. Because once you’re part of the RFS family, that’s how we see you.

How do I access a seniors loan?

If you’re ready to talk about your current financial needs, we have Lending Specialists who’ve been specifically trained to help understand your needs and situation. You’ll be treated with respect, dignity, compassion and understanding.

Chat to a lending specialist

Before applying for a loan online, you need to read our Credit Guide