With access to many Reverse Mortgage lenders, we’ll do the shopping around to find a great deal that could save you thousands.
Whether you want to update the car, do home improvements or just get extra cash for living costs, we’ll do all the legwork to get your Reverse Mortgage loan approved fast.
Reverse Mortgages loans are regulated by government. Our staff are trained, accredited & licensed and we only use recognised lenders.
Going into a reverse mortgage can be a challenging time for seniors, Don Murdoch was upfront with information and clearly set out paper work, showing costs and graphs.
It’s quite a daunting thing to do, Don was there to show me the way, so very helpful above and beyond, making phone calls for me as I am hearing impaired, he is respectful always answered my text messages and got me the answers to my questions.
I would gladly recommend Seniors first as a way to help ease financial situations and usingcollateral from your home. Thank you Don and Seniors first your help was first class
We would like to extend my appreciation for your patience in guiding us through the reverse mortgage process which is definitely a very different mortgage than we had ever encountered. Your professionalism, wisdom and knowledge in this field is beyond reproach. You made us feel like we were the only people in the world going through this process and you kept us informed of any and all progress.
I will certainly recommend you and Seniors First to anyone who may be interested in a reverse mortgage. Once again thank you so very much for your time and patience.
I would like to wish you all the very best in your future dealing with ‘us oldies’!
Thank you for this information and for your phone call yesterday, I am very pleased with the way things were handled as it made everything so clear and easy for me. Thank you very much for everything.
I would like to take this opportunity to thank you so much for your help in regards to mum gaining this Reverse Mortgage. I would highly recommend your professional and helpful service to anyone that required it, and your Area Manager for Western Sydney, Gavin Parkes, is a real asset to Seniors First.
We are both relieved at the successful settlement of this Reverse Mortgage process and are particularly grateful for the very supportive and informative role played by Don Murdoch.
Thanks for everything. I picked up a van today with the money -just what the doctor ordered, a 1999 model and we think at a good price. Mum’s well, we got her an Electric Chair (er reclining Electric chair) also at a good price.
Once again, thanks for everything.
Reverse Mortgages have been available in Australia since the early 1990’s. The Advance Bank was the first lender to offer a true Reverse Mortgage Loan (as opposed to a line of credit), but the product was only mildly popular due to limited demographic demand of the times.
When St George Bank took over Advance bank in 1998 it inherited their Reverse Mortgage loan product and this has since developed into the Senior’s Access Home Loan they continue to offer today. Around 2001 the Commonwealth Bank entered the Reverse Mortgage market with the release of what is now known as ‘Equity Unlock For Seniors’.
From 2002 there was a period of steep growth in the Australian Reverse Mortgage market. In 2004 the early product providers established ‘The Senior Australians Equity Release Association of Lenders’ (SEQUAL), as an industry body to represent their interests. SEQUAL established a code of conduct and an infrastructure of self-regulation which was very effective in protecting sometimes vulnerable pensioners and elderly borrowers.
Over the next few years a stream of new lenders emerged in anticipation of the retirement funding shortfall projected for the coming generation of retiring baby boomers.
By 2006 there were more than twenty banks, credit unions and non-bank lenders offering Reverse Mortgage loans including Macquarie, Bankwest, ABN Amro, Bluestone, Australian Senior’s Finance (ASF) and Over Fifty Group.
(This dizzying array of product choice had a ‘bewildering’ effect on pensioners, creating a demand for specialist Reverse Mortgage brokers who understand the needs of senior consumers.
It was during this period that brokers accounted for 50 per cent of all Reverse Mortgages originated in Australia, and that Seniors First grew to attain almost 5 per cent of that market share).
By 2008 some 40,000 Australian pensioners and self-funded retirees had taken a Reverse Mortgage loan, double from 20,000 just three years earlier.
Further exponential growth was predicted when the global financial crisis (GFC) struck, seizing up the capital markets that non-bank lenders in particular relied upon for funding.
Although no lenders went broker or collapsed, the GFC funding crisis was unsustainable for all but the largest of the domestic banks, and fifteen Reverse Mortgage lenders closed or stopped offering new Reverse Mortgages between 2008 and 2010. At the low point of the cycle, just four banks remained as viable Reverse Mortgage options to Australian seniors.
In 2011, the Federal Government under then minister Bill Shorten, officially regulated Reverse Mortgages as part of the ‘second phase’ of the National Consumer Credit Protection (NCCP) code. This law improved disclosure requirements by lenders and brokers, and enshrined in legislation key components of SEQUAL code of conduct such as the ‘No Negative Equity Guarantee.’
By 2014 the Reverse Mortgage market had begun to show signs of growth once again. Several lenders re-emerged to be active with new lending, and there are rumours other lenders will soon offer exciting new Reverse Mortgage loans for pensioners and retirees. In anticipation of this, Seniors First – Australia’s leading Reverse Mortgage broker – has re-launched.