Application Process

• 1

  Step 1

  1

  Talk to our team Get in touch

  One of our Reverse Mortgage NSW specialists will help you figure out if this is the right option for you and work out which is the lender most suited to your situation. To be eligible, you’ll need to meet certain criteria, including your age, and the location, construction and value of your property.
• 2

  Step 2

  2

  Application Interview and completion

  Reverse Mortgage loans are the most regulated in the Australian market and involve a lot of information that must be prepared and explained to you. When we have prepared the application and associated compliance documents, we then have a meeting to go through and complete the application and collect the required supporting documents.
• 3

  Step 3

  3

  Lodge completed application and supporting documents

  Once we have completed the application and collected copies of the required supporting documents (ID documents, Bank statements, rates notice, strata levy notice) we compile these with the application and lodge it with the lender.
  Sometimes the lender will want clarification of some issues or more information. We may have to ask you for extra information in some circumstances.
• 4

  Step 4

  4

  Compliance Call

  The lender will ring you to go through the loan to make sure you understand how the loan works, when it needs to be repaid and that you are not under undue pressure to do the loan. Some lenders do this before the valuation and some lenders do it after the valuation. After your meeting with us you will be ready and prepared to complete this call.
• 5

  Step 5

  5

  Property valuation

  The amount you can borrow depends on the value of your home. When the lender has completed their initial review of your application they will organise a valuation of your property. If a property inspection is required, (usually but not always), the valuer will call you to make an appointment at a time that suits you.
• 6

  Step 6

  6

  Approval After valuation

  The lender reviews the report and your application. If this all meets the lenders responsible lending criteria they will approve your loan and make you a loan offer.
• 7

  Step 7

  7

  Loan documents

  Loan documents will be sent to you
• 8

  Step 8

  8

  Solicitor

  You must take the loan documents to your solicitor for signing. The solicitor will explain the legal implications of the reverse mortgage. Your solicitor will send the completed documents to the lenders lawyers
• 9

  Step 9

  9

  Settlement

  The banks lawyers will arrange the registration of mortgage and payout of any amounts required. Then you can access any excess funds.

We support our client from the beginning of the first enquiry right through the whole life of the loan, if you have any questions throughout the application stage or the life of the loan we are more than happy to assist.