This page explains exactly how it works: what you exchange, what you keep, the steps involved, and what happens at the end.
What is Unlocked Equity?
An Unlocked Equity Agreement is an equity sharing agreement — not a loan. You do not borrow money, you do not pay interest, and no debt is created.
You agree that when your home eventually sells, Unlocked Equity will receive a fixed percentage of the sale price. In exchange, Unlocked Equity pays you a pre-agreed amount in regular cash payments — and an optional upfront lump sum — over the life of the agreement.
You remain the sole legal owner of your home throughout. Your name stays on the title. You can continue to live there, renovate, and make all decisions about your property as you always have.
The Unlocked Equity Agreement ends when you sell your home, move into aged care, or pass away. At that point, Unlocked Equity receives the agreed percentage from the sale proceeds. You — or your estate — receive the rest.
How does Unlocked Equity work, step by step?
- 1
Get an estimate
Use our online tool to get a cash payment estimate based on your property’s estimated value and your age. You can enter your own estimate of your property’s value — we confirm it properly later in the process. This takes a few minutes and has no impact on your credit file.
- 2
Book a Free Property Review
Book a Free Property Review with one of our team. This is a no-obligation conversation to walk through your situation, confirm your eligibility, and understand what you are looking for. There is no cost and no commitment at this stage.
- 3
Receive your indicative quote
We produce an indicative quote using an automated property valuation of your home. Your quote sets out the cash payments you could receive, at what frequency, and the fixed percentage of your home’s future sale price that would apply. The percentage is agreed upfront and does not change — there is no hidden compounding.
- 4
Accept your quote and arrange a property valuation
If you are happy with your indicative quote and want to proceed, we arrange a formal on-site property valuation carried out by an independent valuer. This is arranged and paid for by Unlocked Equity — there is no cost to you. The valuation confirms your property’s value before your quote is finalised.
- 5
Receive your finalised quote
Once the on-site valuation is complete, your quote is finalised using the confirmed property value. In most cases this will be consistent with your indicative quote. You review the final terms before proceeding.
- 6
Complete identity verification and provide your details
We carry out standard identity verification and collect your bank account details so payments can be made directly to you. This is completed online and is straightforward.
- 7
Obtain independent legal advice
Before signing, you are required to obtain independent legal advice from a solicitor acting solely in your interests. We can help you arrange this. This step exists to protect you and ensure you fully understand what you are entering into before any commitment is made.
- 8
Receive your cash payments
Once the Unlocked Equity Agreement is in place, your cash payments begin. Payments are made monthly directly into your nominated bank account.
- 9
Live in your home
Nothing about your day-to-day life in your home changes. You continue to live there on exactly the same basis as before, and are responsible for rates, insurance, and maintenance — as any homeowner would be.
- 10
The agreement ends
When you sell your home, move permanently into aged care, or pass away, the Unlocked Equity Agreement concludes. Unlocked Equity receives the agreed percentage of the sale proceeds. You or your estate receive everything that remains — in addition to all cash payments already received over the life of the agreement.
What do you exchange, and what do you keep?
What you exchange
You agree that when your home eventually sells, Unlocked Equity receives a fixed percentage of the sale price. This percentage is agreed upfront, set out clearly in your quote, and does not change over time. It is not a debt and is not subject to interest. Because it is a percentage of the actual sale price — not a fixed dollar figure — if your property value falls, Unlocked Equity receives less.
What you keep
You keep full legal ownership of your home, the right to live in it for as long as you choose, and the sale proceeds remaining after Unlocked Equity’s agreed percentage is paid. All decisions about your property — when to sell, whether to renovate, how to maintain it — remain entirely yours. The percentage of your home’s future sale price that Unlocked Equity receives is fixed and agreed upfront — it will never exceed the maximum percentage you agree to at the outset, whether that is 10%, 30%, or any figure up to the product maximum of 55%.¹ For example, if you agree to a maximum of 30%, Unlocked Equity will never receive more than 30% of your sale price, regardless of how long the agreement runs or how much your property grows in value.¹
Does Unlocked Equity affect the Age Pension?
Unlocked Equity is designed to complement the Age Pension. According to Services Australia, your principal home is exempt from the assets test regardless of its value, so home equity does not count against your pension entitlements while you are living there.²
Cash payments you receive through the Unlocked Equity Agreement may affect your Centrelink position depending on how you hold and spend those funds. According to Services Australia’s assets test guidelines, unspent cash held as a bank balance can become an assessable asset and be counted toward your assets test threshold.³ This is something Unlocked Equity walks through carefully during the Free Property Review, so you understand the specific implications for your situation before making any decisions.
If you are currently receiving or approaching the Age Pension, we recommend discussing the Centrelink implications with a professional independent adviser before proceeding.
Who is eligible for Unlocked Equity?
Unlocked Equity is currently available to Australian homeowners who meet all of the following criteria: aged 60 and over; own a house outright; live in the property as their principal place of residence; located in eligible metropolitan or inner regional areas of NSW, VIC, ACT, or QLD; and with a property valued at $500,000 or above.¹ These eligibility criteria are set out in full in Unlocked Equity’s terms.
The Free Property Review is the right place to confirm whether your property qualifies.
How much can I access with Unlocked Equity?
The amount you receive through the Unlocked Equity Agreement is pre-agreed and set out in your finalised quote before you sign.¹ Customers can access an initial lump sum of up to 10% of their property’s current value — on a $1,000,000 property, that’s up to $100,000 as a lump sum as part of your first payment.¹ Regular cash payments continue from there over the life of the agreement.
Based on Unlocked Equity’s data, most customers receive between $150,000 and $400,000 in total cash payments over the life of their agreement.¹ In exchange, Unlocked Equity receives up to a pre-agreed percentage of the home’s eventual sale price — the exact percentage is fixed and disclosed in your quote before you sign and depends on the total amount received, the property value, and timing.¹ The Unlocked Equity product maximum is 55%.
How is Unlocked Equity different from a reverse mortgage?
Unlocked Equity is not a loan. A reverse mortgage is. That is the fundamental difference.
With a reverse mortgage, you borrow against your home and pay compound interest on the outstanding balance. The debt grows over time — often substantially — and the total amount owed at settlement is unknown from the outset because it depends on how long you hold the loan and prevailing interest rates. According to ASIC’s MoneySmart, a reverse mortgage of $100,000 at a typical interest rate of 8% per annum compounds to approximately $493,000 over 20 years — almost five times the original amount borrowed.⁴
With the Unlocked Equity Agreement, there is no debt and no interest. The percentage of your home’s sale price that Unlocked Equity receives is fixed from day one. You know exactly what Unlocked Equity will receive at settlement regardless of how long the agreement runs.¹
The practical difference can be significant at the point of sale. A reverse mortgage held for 15 years or more at a typical rate can consume a much larger proportion of your home’s sale proceeds than initially anticipated, leaving less for your estate.⁴ With Unlocked Equity, the outcome for your estate is known from the beginning.¹
What happens to my estate if I use Unlocked Equity?
Your home remains in your name throughout the Unlocked Equity Agreement, so it passes to your estate in the normal way when you pass away. The estate sells the property, and from the proceeds, the agreed percentage is paid to Unlocked Equity. Your beneficiaries receive everything that remains — in addition to all cash payments you received during your lifetime.¹
Because the percentage is fixed from day one, your beneficiaries know exactly what to expect — there is no uncertainty from accumulating debt or compounding interest charges eroding the estate over time.¹
Many customers discuss the Unlocked Equity Agreement with their adult children or beneficiaries before proceeding, so everyone understands the terms.
Can I sell my home if I have an Unlocked Equity Agreement?
Yes. You can sell your home at any time. The sale brings the Unlocked Equity Agreement to a close — from settlement proceeds, Unlocked Equity receives the agreed percentage of the sale price that has accrued up to that point, and you receive the rest. There is no penalty for selling and no minimum period you are required to remain in the agreement.¹
Is Unlocked Equity regulated?
Yes. Unlocked Equity operates under Australian financial services regulation and is registered with ASIC.⁵ The Unlocked Equity Agreement is governed by a formal legal contract, and independent legal advice is required before signing.¹
Frequently asked questions
Is Unlocked Equity a loan?
No — it is an equity sharing agreement. No money is borrowed, no interest is charged, and no debt is created.
Who owns my home during the Unlocked Equity Agreement?
You do. Your name remains on the title throughout. You retain full legal ownership and all normal rights as a homeowner — including the right to renovate, rent a room, or decide when to sell.
What if my property value falls?
Unlocked Equity shares in both the upside and downside of property market movements. If your home sells for less than anticipated, the agreed percentage applies to that lower sale price — Unlocked Equity receives a smaller amount. The cash payments you have already received are yours to keep regardless of what the property sells for.
Can I exit the Unlocked Equity Agreement early?
Yes. You can exit at any time by paying out the agreed equity at current market value. You can also sell your home at any time — the sale itself brings the agreement to a natural close.
What if I need to move into aged care?
Moving permanently into aged care ends the Unlocked Equity Agreement. Your home is sold in the normal way, and from the proceeds, the agreed percentage of the sale price is paid to Unlocked Equity. This process runs alongside normal aged care planning.
Are the cash payments taxable?
According to Unlocked Equity, amounts received under an equity sharing agreement are generally not treated as assessable income for income tax purposes. We recommend confirming your individual tax position with a registered tax accountant, as personal circumstances vary.
How long does the process take?
From initial estimate to first payment typically takes four to six weeks, depending on the time required to complete the on-site property valuation, independent legal advice, and identity verification.
What is the difference between Unlocked Equity and a home reversion scheme?
A home reversion scheme involves selling a share of your property’s legal ownership to a provider upfront — the provider becomes a co-owner at the point of the transaction. The Unlocked Equity Agreement does not transfer any ownership stake in your home. You remain the sole legal owner throughout. The percentage Unlocked Equity receives at sale represents a contractual claim on future sale proceeds, not a present ownership share.