Australia's Home Equity Release Blog

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Pressure on government to match super-backed reverse mortgage

By initiating the review, the government is signalling a small rate reduction for the 1100 pensioners who have reverse mortgages with the scheme. Industry superannuation funds are the underwriters of the most competitive reverse mortgage on the market, which is offered by newcomer Household Capital at an interest rate of 5.15 per cent. The government is reviewing the 5.25 per cent rate of interest charged on reverse mortgages offered through the Pension Loans Scheme. The 5.25 per cent rate is unchanged despite successive cuts to official rates. "Our rates are lower than other providers, and lower than the rate offered by banks before they withdrew from the market, because our wholesale fundi