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How the market changed
Why the major banks stopped offering reverse mortgages
If you have searched for which banks offer reverse mortgages in Australia, the answer is none of the major ones. The reasons are commercial, and the consumer protections did not change with them.
Phase 01
When the banks were in
CBA, Westpac, ANZ, and St George all ran reverse mortgage products. They were a tiny share of each bank's loan book, never a strategic priority.
Phase 02
Why they exited
Commercial decision, not a safety issue. The regulatory and operational burden was disproportionate to revenue, so the banks closed the product line and managed the existing book to completion.
Phase 03
Who serves the market today
Five specialist private lenders plus the government's HEAS. Each is regulated under Australian credit law, with the same protections that applied to the majors. Smaller market, same legal floor.
The No Negative Equity Guarantee is mandated by the National Consumer Credit Protection Act 2009 (Cth) for every reverse mortgage. It does not depend on which lender you choose.
The whole market
40+ lenders. One conversation.
Stryve compares 40+ lenders across every product we broker. The active reverse mortgage market in Australia is just six providers, and every one of them sits on this page. We map each lender's rate, drawdown structure, footprint, and LVR table to your situation in one consultation.
A closer look at each reverse mortgage provider
Here is the context to trust each name on the page. Each reverse mortgage provider has a different ownership model, footprint, and borrowing policy. The same borrower can receive different amounts depending on the lender's LVR table — that is the gap a broker closes.
Heartland
Largest private lender
Heartland is the largest private reverse mortgage lender in Australia, with over 27,500 customers. Part of Heartland Group Holdings (NZX/ASX-listed), it lends nationally with a variable rate, lump sum and line of credit options, and an age-based LVR table.
Household Capital
Retirement income specialist
Household Capital is an Australian-owned retirement income specialist. Its product design emphasises regular income streams alongside lump sums and lines of credit. It lends nationally and provides the mandatory No Negative Equity Guarantee.
Gateway Bank
Member-owned mutual
Gateway Bank is a member-owned mutual bank. Profits are returned to members through better rates and lower fees rather than paid as dividends. Its reverse mortgage offers a competitive variable rate but a more limited footprint, primarily NSW and VIC.
IMB Bank
NSW & ACT mutual
IMB Bank is a long-established mutual with a strong footprint in NSW and the ACT. Its reverse mortgage product has limited geographic availability compared to national lenders. Long track record, mutual ownership, regional focus.
P&N Bank
WA-only mutual
P&N Bank is a WA-based mutual lender. Its reverse mortgage is available to WA borrowers only. For homeowners in Perth and regional WA, P&N offers a local alternative to the national lenders. The geographic restriction is the key limitation.
Home Equity Access Scheme
Government-backed
HEAS is a government-backed scheme rather than a private lender. It charges 3.95% p.a. and pays fortnightly amounts only, with no lump sum option. Payments are capped at 150% of your maximum pension rate.
What to look for when comparing reverse mortgage lenders
The headline interest rate is only part of the picture. Two lenders can advertise similar rates and cost you very different amounts over the life of the loan.
Regardless of which lender you choose, get independent financial and legal advice. You deserve professionals in your corner who are not paid by the lender.
01
Comparison rate beats headline rate
Fees and charges are built into the comparison rate. A lower headline rate with high fees can be more expensive overall. Always ask for the comparison rate before you sign.
02
Fee transparency
Application fees, ongoing fees, and discharge fees vary between lenders. Some bundle fees into the loan balance. Others itemise them. Ask for a full fee schedule before you commit.
03
Drawdown flexibility
Do you need a lump sum, a line of credit, or a regular income stream? Not every lender offers every structure. Match the lender to how you actually want to use the money.
04
How interest compounds
Interest is charged on your loan balance, including previously charged interest. Over a long loan term, the total debt can grow significantly. The headline rate matters less than how long you intend to hold the loan.
05
Ongoing service quality
Who manages your loan after settlement? Some lenders assign a dedicated relationship manager. Others route you through a call centre. Ask about post-settlement service before you choose.
06
Independent advice
Independent financial and legal advice is strongly recommended for every reverse mortgage. It is a legal requirement before some lenders will progress your application, and a sensible step in every case.
Curious about current rates?
See variable rates and comparison rates across every active reverse mortgage lender.
See current reverse mortgage ratesShould you use a broker for a reverse mortgage?
The reverse mortgage market has five private lenders and one government scheme. Going direct means seeing one option. When the entire market fits on one page, having someone who can compare every lender neutrally for your situation is the logical approach.
Every lender, one conversation
Stryve has access to 40+ lenders across all product types, including every reverse mortgage provider in Australia. A single conversation covers the full market: rates, LVR tables, fees, and drawdown options for your specific property, age, and goals.
Full commission transparency
Stryve discloses lender commissions. Before you proceed with any recommendation, you will know exactly how the broker is paid and by which lender. The recommendation is based on fit, not on which lender pays the highest trail.
No cost to you
Our commission comes from the lender once your loan settles, not from you. We'll show you exactly how we're paid before you proceed. The lender pays the same commission whether you apply through a broker or walk into their office.
Specialist knowledge matters
Reverse mortgages are a niche product with age-based LVR tables, unique drawdown structures, and fee models that differ from standard home loans. A specialist broker can identify which lender gives you the highest borrowing power, not just the lowest rate.
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Compare every reverse mortgage lender in one conversation
Free, no-obligation consultation. Full commission transparency. Stryve's specialist brokers compare every reverse mortgage lender in Australia for your specific situation.