Important information about equity release.

Before you decide

This page provides important information about reverse mortgages and equity release. Please read it carefully and discuss it with your family before making any decision.

What is a reverse mortgage?

A reverse mortgage is a loan that allows you to access equity in your home. You are borrowing money secured against your property. As with all loans, interest is charged and added to the loan balance each month. This is called compound interest. It means the amount you owe grows over time.

The loan is typically repaid when you sell your home, move to aged care, or pass away. Because of the No Negative Equity Guarantee (for regulated contracts), you will never owe more than your home is worth at the time of repayment.

You do not have to make regular repayments while you live in your home. However, interest continues to accrue.

Important things you need to understand

1. Your equity reduces

As the loan grows due to compound interest, your equity in your home reduces. This may mean less inheritance for your family.

2. Impact on government benefits

Depending on how you use the loan proceeds, a reverse mortgage may affect your eligibility for the Age Pension or other government benefits. We strongly encourage you to contact Centrelink or speak to a financial adviser to understand this impact before proceeding.

3. You can stay in your home

You have a right to remain in your home for as long as you meet the loan conditions. These conditions include maintaining your property, keeping it insured, and paying rates and other property-related expenses. If you move to aged care or long-term residential care, the loan may become due.

4. When a reverse mortgage may not be suitable

A reverse mortgage is not appropriate for everyone. It may not suit you if:

• You plan to move house soon
• You need funds for essential living expenses
• You have significant debts that should be paid first
• You want to leave your home as an inheritance and cannot accept reduced equity
• You cannot meet the property maintenance and cost obligations
• You do not fully understand how compound interest works

If any of these apply to you, please discuss alternative options with us or seek independent financial advice.

5. Family involvement is important

We encourage you to discuss this decision with your family or a trusted person before proceeding. Reverse mortgages can have long-term effects on your estate and family finances.

If you plan to help family members (for example, with education costs, home deposits, or weddings) using loan proceeds, understand that you are taking on debt that will cost more due to compound interest. We recommend seeking independent financial advice.

Our commitment to you

We are a credit representative, not a lender. We are paid commissions by lenders on our panel if your loan is approved and settles. This commission is paid by the lender, not by you.

We compare reverse mortgage products from multiple lenders. We will only recommend a product if we believe it is suitable for your circumstances.

We will give you a Credit Guide before we provide any credit assistance. This guide explains our services, how we are paid, and your rights.

Credit Guide

The Credit Guide below provides full details about our services, obligations, complaints process, and how we protect your information. Please read it carefully.

Vulnerable consumers can request a printed Credit Guide by calling 07 7500 3060 or emailing admin@moneyat60.com.au.

Complaints and dispute resolution

If you are not satisfied with our service, we want to hear about it. We are committed to resolving complaints fairly and promptly.

Full details of our complaints handling procedure are available on request.

Privacy and your information

We collect personal information to provide credit assistance and assess suitability for a reverse mortgage. We may share your information with lenders on our panel, our licensee, our aggregator, and other professionals involved in your loan application.

Your information may be stored or processed overseas, including in the Philippines and the United States, by cloud service providers.

You have the right to request access to the personal information we hold about you, or to ask us to correct it.

For full details, including how we collect, use, store, and disclose your personal information, see our Privacy Policy. A PDF version is available on that page for download.

Website terms and conditions

This website policy applies to this website, which is operated on behalf of Money at 60 Pty Ltd (ABN 23694415337) and its related bodies corporate.

We are committed to protecting your privacy. This policy explains how your personal information will be treated as you access and interact with this website. Our website privacy policy may change from time to time.

Collection and use of information

We may collect personal information from you directly or via your use of our services. We will only collect personal information which is reasonably necessary for, or directly related to, our functions or activities.

Sensitive information

Sensitive information is any information about a person's racial or ethnic origin, political opinion, membership of a political association, religious beliefs or affiliations, philosophical beliefs, membership of a professional or trade association, membership of a trade union, sexual preferences or practices, criminal record, or health information.

We will not ask you to disclose sensitive information, but if you elect to provide sensitive information it will also be captured and stored.

Information from third parties

Our website also contains links to the websites of third party providers of goods and services (Third Party websites). If you have accessed Third Party websites through our website and if those third parties collect information about you, we may also collect or have access to that information as part of our arrangements with those third parties.

Where you access a Third Party website from our website, cookie information, information about your preferences, or other information you have provided about yourself may be shared between us and the third party.

Advertising and tracking

When you view our advertisements on a Third Party website, the advertising company uses cookies, and in some cases web beacons, to collect information such as:

• The server your computer is logged onto
• Your browser type
• The date and time of your visit
• The performance of their marketing efforts

When you access our website after viewing one of our advertisements on a Third Party website, the advertising company collects information on how you utilise our website (for example, which pages you view) and whether you complete an online application.

Cookies

We use cookies to provide you with better and more customised service and with a more effective website.

A cookie is a small text file placed on your computer by our web page server. A cookie can later be retrieved by our web page servers. Cookies are frequently used on websites and you can choose if and how a cookie will be accepted by configuring your preferences and options in your internet browser.

We use cookies for different purposes such as:

• To allocate a unique number to your internet browsers
• To customise our website for you
• For statistical purposes
• To identify if you have accessed a Third Party website
• For security purposes

IP addresses

Your IP address is the identifier for your computer when you are using the internet. It may be necessary for us to collect your IP address for your interaction with various parts of our website.

Online applications

When you send a completed online application to us, we retain the information contained in that application. We are able to then use that information to provide any financial services that you require.

You can also suspend and save online applications, so you can complete and send the applications at a later time. If you suspend or save your application, the information that you have entered will be retained in our systems so that you may recover the information when you resume your application. Online applications that have been suspended or saved may be viewed by us.

Security of information

The security of your information is very important to us. We regularly review developments in security and encryption technologies. Unfortunately, no data transmission over the internet can be guaranteed as totally secure.

We take all reasonable steps to protect the information in our systems from misuse, interference, loss, and any unauthorised access, modification, or disclosure.

If we no longer require your information, and we are legally permitted to, we will take all reasonable steps to destroy or de-identify the information.

We take reasonable steps to preserve the security of cookie and personal information in accordance with this policy. If your browser is suitably configured, it will advise you whether the information you are sending us will be secure (encrypted) or not secure (unencrypted).

Direct marketing

We will not use or disclose sensitive information about you for direct marketing purposes unless you have consented to that kind of use or disclosure.

We may use your personal information for direct marketing purposes. If you do not wish to receive direct marketing communications from us or from other organisations, or wish to know the source of the information being used, you may submit a request by emailing admin@moneyat60.com.au. We will respond to your request as soon as practicable.

Disclosure to overseas entities

We do not generally disclose personal information obtained from cookies to overseas entities in the course of our activities.

Contact us

Please contact us on 07 7500 3060 or email us at admin@moneyat60.com.au if you would like further information about these terms.

Important disclaimer

The information provided on this site is on the understanding that it is for illustrative and discussion purposes only. Whilst all care and attention is taken in its preparation, any party seeking to rely on its content or otherwise should make their own enquiries and research to ensure its relevance to their specific personal and business requirements and circumstances. Terms, conditions, fees and charges may apply. Normal lending criteria apply. Rates subject to change. Approved applicants only.