MELBOURNE MORTGAGE FINANCE LENDING UPDATE – May 2026
- Barry Le Brocq
- May 22
- 2 min read
Melbourne Mortgage Finance are mortgage brokers who have specialised in Reverse Mortgage lending since 2006 … that’s all we do.
Please call if senior clients need assistance with a Reverse Mortgage loan. Referrer Agreement can be arranged.
Current Interest Rates
8.85% base rate with no interest payments
8.35% if half interest-only payments are made
7.85% if full interest-only payments are made
Eligibility Requirements
primary borrower must be over 60 / second borrower can be as young as 55
ownership of a suitable residential property in a postcode acceptable to lender
suitable securities: established homes, strata units, holiday homes, rental properties NOTE: vacant land, farms, commercial properties and retirement village units are unsuitable
lender takes normal 1st mortgage security / any existing mortgage debt must be paid out
Loans for Aged Care Accommodation
Reverse Mortgage loans may be used for this purpose
applications may be lodged by borrowers themselves, but usually by an authorised Power of Attorney
the Power of Attorney agreement must first be checked and approved by the lender
application forms and loan contract documents must all be signed by the Power of Attorney
lender correspondence is directed to the Power of Attorney
Paying Out Existing Debts
any existing mortgage debt must be cleared at settlement
other debts can also be cleared: cards, personal loans, council rates arrears, family debt, business debt
refinancing these debts substantially improves customer cash flow, especially in retirement
The Older You Are, the More You Can Borrow
the maximum loan is calculated on the age of the younger borrower
at age 60, the maximum loan is 20% of property value / this increases by 1% each year thereafter
at age 70, the maximum loan is 30% of property value
at age 90, the maximum loan is 50% of property value e.g. for Aged Care admission fees
Recent Lending Scenarios
$425,000 Credit Limit: $200,000 for renovations / $25,000 land taxes / $190,000 Cash Reserve
$365,000 Credit Limit: all funds used for the purchase of a newly built strata title property
$260,000 Credit Limit: $50,000 for renovations / $50,000 for vehicle / $40,000 medical / $120,000 Cash Reserve
$300,000 Credit Limit: $50,000 for travel / $50,000 for renovations / $200,000 Cash Reserve
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 May 2026)
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