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Enjoy your retirement

Access your home equity when you need it.

No ongoing fees

No monthly or ongoing fees.

No repayments required

Repayments are voluntary, at any time.

Redraw option

Any voluntary repayments can be redrawn

Access what you’ve worked hard for

Retirement is a big life change - and it should be a great one! If you’ve worked hard to pay off your home and build equity, a reverse mortgage can help you live the lifestyle you want in your golden years.

Whether you want to fund a caravan, home improvements, medical expenses or even a round-the-world cruise, you can unlock the equity in your home when you need it.

Unlock your home equity

  • Access to funds when you need them in retirement.
  • Variable interest rate.
  • No ongoing monthly or annual fees.
  • No regular repayments are required, but you can make voluntary repayments at any time.
  • Redraw option so any payments you make to the loan can be accessed.

What is a reverse mortgage?

A P&N Bank Reverse Mortgage Home Loan is an option for those aged 65 and over, living in the Perth metro area. A reverse mortgage allows you to continue to own and live in your own home and access the equity in your home to live a more comfortable retirement. It’s a great option to benefit from your existing asset – your home – so you can live a little more comfortably.

How does a reverse mortgage work?

A reverse mortgage unlocks the equity in your home, allowing you to fund living or health expenses, travel plans and more. Interest payments will still be added to the loan each month, but there are no loan repayments required as the debt will be repaid when the property is sold. 

What are the benefits of a reverse mortgage?

  • Fund worthwhile costs – living expenses, travel, medical expenses, home improvements.
  • No need to make repayments – the debt will be repaid from the sale of the property at the end of the loan.
  • Flexibility to make voluntary repayments if you wish to reduce your balance and interest charged.
  • Negative equity protection – you’re protected from owing more than the value of your home.

Rates & fees

No ongoing fees to help keep the loan costs down.

The basics

Loan purpose Owner occupier
Minimum loan amount $10,000
Maximum loan amount Subject to borrower/s age and capped at $300,000.
Maximum LVR (includes LMI) 35%

Interest rates

Loan to Value Ratio (LVR) Variable rate

Comparison rate*

Up to 35% 9.00% p.a. 9.03% p.a.

Fee type
Monthly maintenance fee $0
Document preparation fee $300.00

Other fees & charges that apply to all of our accounts can be found on our fees and charges page.

Ready to speak with a home loan expert?

It’s easy to apply for a Reverse Mortgage Home Loan with P&N Bank. Make an appointment today with one of our reverse mortgage specialists, who will assist you with the application process.

  • In your nearest branch - remember to bring all your ID and supporting documentation.
  • Over the phonecall us on 13 25 77and one of our friendly loan consultants will help you with your home loan application.
  • At home  – our mobile lending team can come to you, or we can set up a video call.

Book an appointmentRequest a callback

To apply for a Reverse Mortgage with P&N Bank, you must be aged 65 or over and live in the Perth metro area. We have accredited loan experts to take you through the details and determine if the loan is right for you.

Applying for a P&N Bank Reverse Mortgage loan is easier and quicker when you've got what you need, so be prepared with your: 

  • Identity documents
    • primary photo ID (e.g. passport or driver's licence), or
    • primary ID without a photo (e.g. birth certificate or citizenship certificate) and a secondary ID (e.g. a utility bill with your name and address on it).
  • Regular expenses – such as food, rent, electricity, telcos, insurance & medical costs.
  • Assets – a rundown of any assets that you own (any cars, deposit accounts, home contents, properties, investments).
  • Liabilities – the details of any loans, credit cards, pay later or other debts you have.

Got everything? Let’s get your application started.

Book an appointment

We’re here to help

Drop us your details and a home loan specialist will get back to you.

Ready to apply?

Set up a phone, video or in-person appointment with one of our home loan specialists.

Talk to our friendly team

Got a question? Call us on 13 25 77 or pop into your nearest branch.

Your reverse mortgage questions answered

A Reverse Mortgage allows you to access the equity in your home to enjoy a more comfortable retirement. This can help you pay for a new car, medical expenses, travel or any other worthwhile purpose.

There are no regular repayments required on a Reverse Mortgage home loan, however you can make voluntary repayments at any time. It's important to note that interest will still be charged on your Reverse Mortgage loan, so your debt will increase if you don't make any repayments.

The loan only needs to be paid out when the borrower sells their home, moves into an aged care home, or passes away.

How much you can borrow against your home equity by taking out a Reverse Mortgage will depend on your individual circumstances and the value of your property.

Please call us on 13 25 77 to make an appointment with a Reverse Mortgage specialist. We can visit you at your home or even speak by video appointment, to help you work out your options. 

Important information

Banking and Credit products issued by Police & Nurses Limited (P&N Bank).

Any information on this website is general in nature and does not consider your personal needs, objectives or financial situation. Our rates are current as of today and can change at any time. Credit eligibility criteria, terms & conditions, fees & charges apply. 

Please consider the terms and conditions and whether a product is right for you. 

Comparison rate calculated on a loan amount of $150,000 over a term of 25 years based on monthly repayments. For variable Interest Only loans, comparison rates are based on an initial 3 year Interest Only period. For fixed Interest Only loans, comparison rates are based on an initial Interest Only period equal in length to the fixed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.

WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.