Which banks offer reverse mortgages in Australia?
The major banks no longer offer [reverse mortgages](/services/reverse-mortgage) in Australia. CBA, Westpac, ANZ, and St George have all exited the market. Today, five specialist reverse mortgage lenders and one government scheme serve Australian homeowners: Heartland, Household Capital, Gateway Bank, IMB Bank, P&N Bank, and the Home Equity Access Scheme. This page compares every current reverse mortgage provider side by side so you can build a shortlist that fits your situation.
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 exit of CBA, Westpac, ANZ, and St George was a commercial decision. It was not a product safety issue.
Reverse mortgages made up a tiny fraction of each bank's loan book. The regulatory burden was disproportionate. The cost of compliance outweighed the revenue.
None of this changed the legal protections available to borrowers. The No Negative Equity Guarantee remains mandatory for all reverse mortgage lenders in Australia. According to Moneysmart (ASIC), you cannot owe more than the value of your home at the time of sale. It is law, not a lender policy.
The specialist lenders who now serve this market are regulated by ASIC and APRA. They must comply with the same National Consumer Credit Protection Act that governed the banks.
Their exit left the market smaller. It did not leave it unprotected.
Every reverse mortgage lender in Australia compared
Finding the best reverse mortgage in Australia starts with seeing all your options in one place. This table covers every active reverse mortgage lender. Rates are variable and subject to change. For the latest detailed breakdown, [compare current rates](/services/reverse-mortgage/rates). The [Home Equity Access Scheme](/services/reverse-mortgage/home-equity-access-scheme) is included as a government alternative. Heartland has assisted over 27,500 Australians with reverse mortgages and is the largest private lender in the Australian market (source: Heartland Bank).
| Services | Heartland | Household Capital | Gateway Bank | IMB Bank | P&N Bank | HEAS (Govt) |
|---|---|---|---|---|---|---|
| Variable interest rate available | ||||||
| Fixed interest rate available | ||||||
| Lump sum drawdown | ||||||
| Line of credit drawdown | ||||||
| Income stream / regular payments | ||||||
| Available nationally | ||||||
| Available in NSW | ||||||
| Available in VIC | ||||||
| Available in QLD | ||||||
| Available in WA | ||||||
| No Negative Equity Guarantee | ||||||
| Government-backed scheme | ||||||
| Rate at or below 3.95% p.a. |
A closer look at each reverse mortgage provider
The comparison table shows the structure. This section adds the context you need to trust these names. Each reverse mortgage provider has a different ownership model, geographic footprint, and product philosophy. The lender you choose also affects how much you can borrow: LVR tables (loan-to-value ratio, the percentage of your home's value you can access) vary between providers, so the same borrower can receive different amounts depending on the lender.
Heartland
Heartland is the largest private reverse mortgage lender in Australia. It is part of Heartland Group Holdings, headquartered in New Zealand and listed on the NZX and ASX. With over 27,500 Australian customers, the Heartland reverse mortgage is the most widely held in the country. Heartland offers a variable rate with lump sum and line of credit drawdown options. It lends nationally across metropolitan and many regional areas. As a publicly listed entity regulated by APRA (in New Zealand) and subject to Australian credit law, its financial reporting is transparent and audited. Heartland's LVR table is age-based: the older you are, the higher the percentage of your home's value you can access.
Household Capital
Household Capital is an Australian-owned company focused on funding retirement through home equity. It positions itself as a retirement income specialist rather than a traditional lender. Its product design emphasises regular income streams alongside lump sum and line of credit options. Household Capital lends nationally and has built its brand around the idea that your home is your largest retirement asset. It is regulated under Australian credit law and provides the mandatory No Negative Equity Guarantee. For borrowers who want an income-stream structure rather than a single drawdown, Household Capital's product design is worth examining closely.
Gateway Bank
Gateway Bank is a mutual bank, meaning it is owned by its members rather than shareholders. This ownership structure means profits are returned to members through better rates and lower fees rather than paid as dividends. Gateway offers a reverse mortgage with a competitive variable rate, though its geographic availability is more limited than Heartland or Household Capital. It primarily serves borrowers in NSW and VIC. Its reverse mortgage book is smaller, but the mutual model is a genuine trust signal for borrowers who value member-owned institutions.
IMB Bank
IMB Bank is an Illawarra-based mutual with over 140 years of operating history. It has a strong regional presence in NSW, particularly in the Illawarra, Sydney, and ACT regions. Its reverse mortgage product has limited geographic availability compared to national lenders. IMB's long track record and mutual ownership provide stability, but borrowers outside its service area will not be eligible. If you are in IMB's footprint, it is worth including in your comparison.
P&N Bank
P&N Bank is a Western Australian mutual bank. Its reverse mortgage product is available to WA borrowers only. For homeowners in Perth and regional WA, P&N offers a local alternative to the national lenders. Its mutual ownership means member interests come first. The geographic restriction is the key limitation: if you are outside WA, P&N is not an option.
Home Equity Access Scheme (HEAS)
The HEAS is a government-administered scheme, not a private loan. It charges 3.95% per annum and pays fortnightly income stream payments only. There is no lump sum option. Payments are capped at 150% of your maximum pension rate, and eligibility is tied to Age Pension age. The HEAS is government-backed, which removes lender credit risk entirely. It suits borrowers who want a regular income top-up rather than a large upfront sum. For a full breakdown of how it compares to private lenders, read the [HEAS vs private reverse mortgage](/blog/heas-vs-private-reverse-mortgage) comparison.
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.
Comparison rate vs 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. You can compare current rates across all lenders on our rates page.
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.
Drawdown flexibility. Do you need a lump sum, a line of credit, or a regular income stream? Not every lender offers every structure.
Compounding interest. Interest is charged on your loan balance, including previously charged interest. Over a long loan term, the total debt can grow significantly. As Moneysmart (ASIC) states, independent financial and legal advice is strongly recommended.
Ongoing service quality. Who manages your loan after settlement? Some lenders assign a dedicated relationship manager. Others route you through a call centre.
Independent advice. 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.
Should you use a broker for a reverse mortgage?
Every lender, one conversation
Stryve has access to 40+ lenders across all product types, including every reverse mortgage provider in Australia. Instead of contacting each lender separately and comparing offers yourself, a single conversation covers the full market. Your broker compares 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. This removes the conflict-of-interest question entirely. You can verify that the recommendation is based on fit, not on which lender pays the highest trail.
No cost to you
Broker fees for reverse mortgages are paid by the lender, not by you. Using a broker does not add to your loan costs compared to going direct. Stryve charges no hidden fees. The lender pays the same commission regardless of 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 understands these differences and can identify which lender gives you the highest borrowing power, not just the lowest rate. A generalist adviser may not have this depth of experience.
Reverse mortgage lender questions answered
Compare every reverse mortgage lender in one conversation
Free, no-obligation consultation. Full commission transparency. No hidden fees. Stryve's specialist brokers compare all reverse mortgage lenders in Australia for your specific situation.
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