A word from Heartland Bank
Heartland Bank is Australia’s leading reverse mortgage provider, helping older Australians access the equity they have built in their homes while continuing to live where they feel most comfortable.
For more than 20 years, over 27,000 Australians have chosen Heartland Bank to help access the value of their home and create greater financial flexibility in retirement.
At Heartland Bank, we believe home equity represents a lifetime of hard work, sacrifice, and financial discipline. This belief underpins our approach to helping customers access their wealth on their terms through our Equity Access Loan. Put it simply: you built it, you’ve earned it.
We are also committed to ensuring our accredited broker partners have the knowledge, tools, and support they need to help customers make informed decisions with confidence. Heartland Bank’s customer-first approach is reflected in an 85 per cent customer satisfaction score and an NPS of +49, based on feedback from more than 1,000 active reverse mortgage customers.
Brokers who want to support older clients can speak with Heartland Bank Australia about accreditation, product education, and reverse mortgage scenarios.
From funding travel plans to managing retirement expenses, Australians are increasingly looking to their home equity to help finance the next stage of their lives.
As borrowers look beyond traditional lending options, reverse mortgages are providing a way to access wealth tied up in the home without having to sell.
For brokers, understanding why borrowers are turning to reverse mortgages and how these products can fit into different financial circumstances could become increasingly important as Australia’s borrower base continues to age.
Medina Cicak, chief commercial officer, Heartland Bank Australia, says the product can give suitable borrowers more control over how they use the wealth built up in their home over a lifetime.
“There is that asset that the borrower is sitting on today that they otherwise wouldn’t get to use financially in any way, shape or form,” she says.
“Having the ability to do that is really, really powerful.”
Cicak says Heartland Bank has seen an increase in demand for its reverse mortgage and equity release products, a trend she expects to continue in the years ahead.
“Every year, over 250,000 Australians turn 552 and need options and control over their retirement,” she says.
“We just announced our results, with Heartland Bank Australia's reverse mortgage receivables increasing by 19.7 per cent3 in FY2026.
“We see the total opportunity in the market sitting at about $600 billion. We've only, as an industry, hit about 1 per cent of that market1.
“There’s likely to be more volume, more interest, and more customers looking to understand how reverse mortgages can play a part in retirement planning.”
Cicak also notes the role brokers can play in enabling access to these funds, with 60 per cent of Heartland Bank’s reverse mortgages coming through the broker channel.
“Our brokers are a really important part of what we do,” she says.
“We’ve got over 3,000 brokers in Australia that are selling our products. That means there are 3,000 voices out there being able to convey the message and bring that awareness and that consideration and give customers control. It’s a really important factor for us.”
The evolving borrower
Sridhar Tummalapalli, owner and director of Victoria-based brokerage Affluence Financials, says he has also observed an increase in reverse mortgage demand as awareness grows.
He says today’s reverse mortgage borrower is becoming more diverse, with clients ranging from their mid-50s through to their 90s.
“I used to deal with reverse mortgages while I was with a major bank about a decade ago, but not many people knew about reverse mortgages at the time. I was doing one or two reverse mortgages in six months, maybe a year,” he says.
“But I’ve already done six to eight loans this year. And I’ve spoken to multiple people and attended so many seminars and webinars about reverse mortgages.
“There’s so much more awareness and knowledge around them now.”
Cicak also says the use cases are evolving, noting demand from a younger cohort.
“Previously, we would see the average customer sitting around the age of 74,” she says.
“To be eligible for a reverse mortgage, you have to be over the age of 55. And if you think about it, 74 is quite a long time after that.
“We are starting to see a lot more customers come in at 55 and use it as a bridge to retirement and function the way that they want to in those years when they’ve got the ability to travel, renovate their property, or get that kitchen that they have been dreaming about.”
More lenders entering the market have also raised awareness, according to Cicak.
“If you look at just the amount of new entrants in this market, you can tell that lenders are really looking at this as a consideration piece,” she says.
“There are so many different layers to the mortgage market. Fundamentally, what we’re doing is giving people at 55 the same opportunities that people have at 30, but doing it in a way that’s sustainable and allows them to retain control over their property and their choices.”
Positioning the product
As demand grows, brokers who wish to work in this space will need to be able to assess when a reverse mortgage is appropriate and when another option may be better suited. For example, a reverse mortgage may not always be the right fit for clients with a short-term cash need or those planning to sell or downsize within the next few years.
Brokers considering these products should also understand lender eligibility and accreditation requirements before recommending or writing a reverse mortgage, according to Cicak.
“One of the really important parts is understanding the customer’s needs,” Cicak says.
“Is the customer in the right capacity to be able to make the right choices? When you look at how these products are built, we need to understand the property value, the customer age, and the purpose for the use of the funds.”
Brokers should also discuss the longer-term implications of accessing home equity, including how it could affect future borrowing, downsizing plans, and the equity passed to beneficiaries.
“Our key factor is always giving customers the ability to have control, but also to make sure that the customer is in no way, shape, or form being given any undue influence,” Cicak says.
For Tummalapalli, that process starts with taking the time to listen to clients and understand their individual circumstances.
“I sincerely would advise brokers to listen to them, hear them out, rather than jumping to conclusions. Take it slowly, because they’re 50, 60 years old – they’ve already seen more of the world than us, to be honest,” he says.
“They’re much older than us, so what it means is you’ve got to listen to them rather than provoke them or put them into a corner and say, ‘Hey, here is the wall, and you’ve got to hit the wall now. You’ve got to choose something.’ Rather than that, take it easy, take it slow.
“Slow and steady is good – we all know that. So it’s all about educating them, guiding them and nurturing them.”
Cicak highlights the need for greater understanding of the products.
“I can never say that anyone understands enough about equity release products, but I think there is significant work to do. We’re sitting with brokers and spending a lot of time with aggregators, and the aggregators are really attuned to the need,” she says.
“There are very large broker cohorts that have older books, and they’re starting to see these customers hitting their 50s and asking, ‘What do we do for them? What are our choices? What are our options?’
“I think it will continue to grow, and it needs to continue to grow. More of these conversations and more of these types of things are the only way we can keep telling people how much opportunity there is to give people choice.”
With Australia’s population ageing and more borrowers entering retirement with wealth tied up in their homes, reverse mortgages seem likely to become an increasingly important option.
Cicak encourages brokers to help clients understand their options, noting the difference access to home equity can make in people’s lives.
“One of our customers called up to thank us because we’d funded their loan, so they were able to go out and have breakfast together as a husband and wife and buy two meals,” she says. “It’s more than just, ‘Oh, I’m going to go on holiday.’ It’s actually just that freedom. I think people in retirement need freedom.”
Case study #1: Saving a property portfolio
When an 80- to 90-year-old Victorian farmer approached Sridhar Tummalapalli, he was facing the prospect of losing several properties after struggling to refinance his existing loans.
The client had spent decades building a portfolio including hundreds of acres of land, but was unable to secure the finance he needed through traditional lending.
As customers move into the next chapter of life, many are having conversations with the brokers they’ve trusted for years about retirement, and what that looks like for them.
– Medina Cicak, chief commercial officer, Heartland Bank Australia
Tummalapalli says it was a complex case and his first reverse mortgage application, so he contacted Heartland Bank for support.
Within a month, three of the client’s loans had been cleared and the required funds provided through a reverse mortgage, allowing him to retain his properties.
Case study #2: Funding the next chapter
A Melbourne couple in their mid-60s turned to a reverse mortgage after paying off their property and facing several upcoming expenses.
The couple needed funds for solar installation, medical costs, and travel for their son’s destination wedding, but did not want to take the full amount upfront.
Tummalapalli says he worked with the couple to arrange for between $6,500 and $10,000 to be released each month for six months, with the remaining funds held in reserve.
The approach meant the couple could access the money as needed without paying interest on funds they had not yet used.
1 Deloitte Australian Reverse Mortgage Survey (March 2026). Market opportunity and industry utilisation figures.
2 Australian Bureau of Statistics population estimates.
3Heartland Group Holdings FY2026 Results (20 August 2026). Heartland Bank Australia reverse mortgage receivables increased 19.7% in FY2026.
Disclaimer: Applications for credit are subject to eligibility and assessment criteria. Terms, conditions, fees, and charges apply. Any advice is general in nature and does not take into account your personal circumstances, financial situation, or needs. Please consider whether it is appropriate for you. Credit is provided by Heartland Bank Australia Limited ABN 54 087 651 750 (Australian Credit Licence 245606) or ASF Custodians Pty Ltd ABN 49 106 822 780 (Australian Credit Licence 386781). This information is current as at 14/09/2026 and is subject to change.
