When considering whether a reverse mortgage is right for you, it’s important to think about the amount of money you’ll need both now and in the future.

Use the MoneySmart calculator to see how a reverse mortgage changes the equity in your home over time.  

The calculator illustrates:

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

Seeing how a reverse mortgage changes the equity in your home over time will help you understand whether the remaining equity may meet your future needs. 

MoneySmart Calculator

The Department of Human Services Ageing website provides information on payments and services for people retiring or accessing aged care.

The Australian Government’s My Aged Care website provides information on aged care.  

If you’re struggling to pay your bills, the following options could be available.  

• Contact your provider
  Many companies have hardship procedures in place to support their customers. Reach out to them to see how they could assist you, such as switching you to an instalment plan, smoothing out your bill payments, or issuing you with a voucher.  
• Check out the MoneySmart website 
  The MoneySmart website provides some simple steps on how manage your bill payments, including where to get help in applying for a utility rebate or voucher. 

If you receive a Centrelink payment, you could use Centrepay to allocate a portion of your payment towards utility and other bills. You find out more about Centrepay here.

Losing your partner changes your life. Though money matters may seem unimportant, it’s important to take steps to help prepare for the future. Provided you meet certain criteria, bereavement services may be available through the Department of Human Services.

Depending on your circumstances, this could include:

• an allowance payable after your partner’s death
• a pension bonus bereavement payment 
• a widow allowance, or 
• other payment and support services. 

Contact Centrelink to find out more on 132 300.

ASIC offers a free National Debt Hotline, available 9.30am to 4.30pm Monday to Friday.

Financial counsellors can manage financial difficulties by: 

• assisting with budgeting and government entitlements 
• negotiating with debtors on your behalf, or  
• referring you to other specialist service providers. 

You can reach the National Debit Helpline by calling 1800 007 007.

We have a range of hardship procedures in place. If you’re an existing customer and are having difficulty meeting your loan obligations, contact us on 1300 889 338 between 8.30am – 4.30pm, Monday to Friday.