What properties can be used as security?

by Darren Moffatt on April 22, 2008

  • Sumo

Reverse mortgage lenders in Australia require that the security property for a loan is a residential house. Although some lenders will accept investment properties and holiday houses, most only accept the main owner occupied residence of the borrower(s).

Rural properties greater than 10 hectares (25 acres) are usually not acceptable, nor are commercial or industrial premises.

One bank however will lend up to 50% of the property value against investment properties regardless of age. For more information go to Seniors First

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