MELBOURNE MORTGAGE FINANCE LENDING UPDATE – March 2026
- Barry Le Brocq
- Mar 26
- 2 min read
Melbourne Mortgage Finance specialises in assisting seniors with Reverse Mortgage loan applications.
Most brokers and financial planners don’t offer this loan type, so I can assist your client on a direct referral basis….referrer agreement and referral fee available.
Features of Reverse Mortgage Loans
minimum loan $50,000 / maximum $5m
interest payments not required on normal loan at 8.60%
if monthly interest payments are made, lower interest rates are available
borrowers should be at least 60 years of age
at 60, maximum loan is 20% LVR / this increases by 1% each year thereafter e.gat 70, maximum loan is 30% LVR
flat lender establishment fee of $950 for loans on properties valued up to $2m
interest is charged only on drawn funds / interest not charged on funds held in Cash Reserve
drawdown from Cash Reserve fund can be arranged at any time without charge
acceptable securities: residences, strata units, holiday homes, rental properties (not retirement village units)
Benefits of Reverse Mortgage Loans
customers can remain in their current home and still fund their immediate and future needs
customers are not forced to downgrade and will save selling costs and buying costs
peace of mind knowing that existing loan repayments can be eliminated
peace of mind knowing that a Cash Reserve fund can be established for future needs
earlier retirement can be considered if existing debts are paid out
Applications can be Lodged by Approved “Power of Attorney”
lenders do allow applications to be lodged by an authorised Power of Attorney
these applications are usually lodged by family members on behalf of their parent(s) seeking Aged Care
the P/A document must be certified by family solicitor and checked by lender Legal Department
P/As sign the loan application and mortgage documents for and on behalf of their parent(s)
Acceptable Loan Purposes
Reverse Mortgage loans are monitored by ASIC and must be for the direct benefit of applicants
funds are available for any normal consumer purpose, but not for business/commercial purposes
loan funds cannot be arranged for use by a third party or by another family member
customers must obtain Centrelink advice if a loan purpose is gifting / strict Centrelink gifting rules apply
Independent Legal Advice
ASIC regulations call for borrowers to receive solicitor advice before signing loan contract
solicitor provides a signed certificate that legal advice has been provided
solicitor returns all documents to the lender after signing
Customer Safeguards
customers receive lender Product Guide and ASIC Key Information guide at time of initial enquiry
customers should obtain Centrelink advice if required
independent legal advice is mandatory
family members are encouraged to attend loan application meeting
lender must contact customer prior to approval to ensure correct understanding of loan product
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 March 2026)
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