Existing Customer Resources

Some handy tools and information to assist once you have taken out your Heartland Loan.

If you have any other questions, or require further information regarding your Heartland Seniors Finance Reverse Mortgage, please do not hesitate to contact our friendly team on 1300 889 338 or enquiries@seniorsfinance.com.au. We are here to help you.

When do I receive loan statements?

Loan Statements for your Heartland Seniors Finance Reverse Mortgage are issued six monthly, in January and July each year. The statement details the transactions on your loan over the previous period, including interest, any applicable fees and charges, and whether you have any additional funds available.

How do I draw funds from my Cash Reserve Facility?

To draw funds out of your Cash Reserve, you will need to complete a request form. Please contact our friendly team to obtain this form to access your reverse mortgage's cash reserve facility.

There will be a cash reserve drawdown fee payable. Heartland's current fee schedule can be found here.

What is an Annual Questionnaire?

Heartland’s Annual Questionnaire is required to be completed to confirm that your rates and insurance are up to date, and that the property is being maintained, as required under your loan agreement. This is sent out on the anniversary of your loan commencement and needs to be returned within a month.

How is the Reverse Mortgage interest calculated and charged to my loan?

Reverse mortgage interest is calculated on the daily balance, and added to the loan monthly. At the end of the term of your loan, when you move permanently from your home, the total interest charged, together with the principle will be payable.

See our interest rate page for more information on our rates.

Am I required to make loan repayments?

No. There is no requirement to make any loan repayment until the end of the loan. Heartland does offer the flexibility to repay the loan partially, or in full, at any time without paying penalty charges.

If you are looking to make a repayment to your Heartland reverse mortgage, please contact our friendly team and we can provide you with the information you will need to make a repayment.

It is essential that you use your Loan Number and Name as a reference on any payment.

When is my Reverse Mortgage repayable?

For a standard reverse mortgage your loan is usually repayable within 12 months of when you move permanently from your home, or when the property is sold.

There will be a discharge fee payable. Heartland's current fee schedule can be found here.

What happens if my spouse passes away?

We understand that this is a stressful time.  While you will need to notify Heartland and provide us with a death certificate, provided you are a Nominated Borrower you will continue to have Lifetime Occupancy of your home. 

Am I able to take out an additional loan?

When your cash reserve facility (if any) is fully drawn you can apply to increase your total loan amount. Increases are based on the age of the youngest person applying, the current property value, and the total loan balance at the time of application.

Fees will apply and a new valuation of your home may be required. This will be confirmed at the time of application.

If you wish to take out a further loan, please contact our friendly team to discuss your situation and if there could be possible funds available.

Applications are subject to loan approval criteria. Terms, conditions, fees and charges apply. Heartland's current fee schedule can be found here. 

I am moving into Aged Care, can I keep my Reverse Mortgage loan?

Moving in to aged care can be an expensive and stressful process. There are often a number of things to consider, including how to pay for the care and if you are going to sell or keep your property.

Though the total loan is usually repayable when you move permanently from your home, you may be able to vary your Reverse Mortgage to our Aged Care Option.

More details regarding our Aged Care Option can be found here

Please contact us to discuss whether an Aged Care Option could be a solution, and your eligibility. Applications are subject to loan approval criteria. Terms, conditions, fees and charges apply. Heartland's current fee schedule can be found here. 

If I move home, am I able to take my Heartland loan with me?

If you move into another house, you can apply to transfer your Heartland Reverse Mortgage to your new home. The assessment of this application will be based on the age of the youngest person applying, the new property and its value, and the current loan amount outstanding. 

Please contact us to discuss whether taking your loan with you could be a solution, and your eligibility. 

Applications are subject to loan approval criteria. Terms, conditions, fees and charges apply. Heartland's current fee schedule can be found here. 

 

Do you offer Redraw?

Some of Heartland Seniors Finance's loans do offer redraw availability and this will be dependent on your loan agreement.

If you have available redraw, this will show on your six-monthly loan statement.  

To access your redraw, you will need to complete a request form. Please contact our friendly team to obtain this form to access your available redraw.

There will be a drawdown fee payable. Heartland's current fee schedule can be found here.