MELBOURNE MORTGAGE FINANCE LENDING UPDATE – April 2026
- Barry Le Brocq
- Apr 22
- 2 min read
Melbourne Mortgage Finance are mortgage brokers who specialise in assisting seniors with Reverse Mortgage loans…. that’s all we do. If we can assist your client on a direct referral basis, please call. Referrer Agreement and referral fee available.
Reduction in Interest Rates
both major reverse mortgage lenders have just reduced their loan variable rates
8.69% base rate if no interest payments are made
8.19% if regular half interest only payments are made
7.69% if regular full interest only payments are made
interest is charged only on drawn balance, but not on funds held in Cash Reserve
Acceptable Loan Purposes
loans must be for the direct benefit of the applicants, not 3rd parties
paying out existing debts, home repairs, travel, medical, access to aged care, cost of living, Cash Reserve funds
loans are also available for the purchase of normal residential property
loans for business, commercial or home construction purposes are not available
loans for gifting or investment require documentation from Centrelink or financial adviser
Acceptable Security Properties
general $600,000 minimum value in an acceptable postcode area
established residential property which has its own title or strata title
homes, units, rental properties, holiday homes are acceptable
commercial property, retirement village units, vacant land are not acceptable
titles must be held in the names of borrowers, not in company or trust names
Age Care Placement
applications for Age Care placements are permitted
applications are usually lodged by authorised Power of Attorney
lenders will check Power of Attorney document to ensure it is valid
Supporting Documents Normally Required
photographic ID
current council rates notice
current building insurance policy
bank statements showing transactions and income for last 3 months
credit card statements showing transactions for last 3 months
loan statements for last 3 months on debts being paid out
copy of discharge request form for any mortgage loan being paid out
Power of Attorney document, if applicable
Independent Legal Advice
government requirement is for legal advice when signing loan contract
loan contracts are usually signed at the family solicitor’s office
solicitor returns signed documents and a certificate that advice has been provided
Call on 0437417042 or email barry@mmfinance.com.au to discuss individual scenarios.
Referral fee (15% of normal up-front commission) is available
Barry Le Brocq (B. Ec. / Dip. Fin. Services)
Melbourne Mortgage Finance (Reverse Mortgage Loan Specialist)
Mobile 0437417042
(Information is correct as at April 2026)
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