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"Midkey became the key to my future and gave me options otherwise not available to me. ”

Cheryl

Banker, Coogee NSW

“We got quick access to cash which didn’t impact our monthly outgoings. It’s so straightforward…"

Chris

Ad executive, Mosman, Sydney

“My only other option was to sell and downsize, but I hadn’t planned to do that for another five to ten years.”

Dianna

Contractor, Mittagong, NSW

“Our dream of giving our eldest daughter a lump sum towards her deposit has come true."

Cheryl

Part-time Carer, Brisbane

How can we help you?

Our Australian-based loan specialists are ready to answer your enquiries.

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Visit our FAQs

See the answers to a full list of frequently asked questions.

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(Mon-Fri, 9am-5pm)

1300 64 35 39

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Yes, and I’m eligible

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Have you checked your eligibility yet?

Yes, and I’m eligible

No, I haven’t

Have you checked your eligibility yet?

Yes, and I’m eligible

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Frequently asked questions

Take a look at the most commonly asked questions.

What is a Midkey “No Monthly Payments” Home Loan?

A Midkey “No Monthly Payments” Home Loan (called a “Midkey”) is different from any other kind of home loan or mortgage in Australia. Our borrowers do not make any regular, monthly payments. Instead, at the end of the loan, they pay the loan amount and simple interest (not compound interest), plus a new innovative Midkey Deferral Fee. There is no fixed timeframe for repayment. However, you must repay when you sell your home, or if you die, or at other specific events agreed upfront. The Midkey Deferral Fee is a proportion of any increase in your home’s value so, for example, if at the start of your loan your Midkey home loan is 10% of your home’s value, then your Midkey Deferral Fee will be 10% of any increase in your property’s value at the end of the loan, if your Midkey home loan is 20% of your home’s value, your Midkey Deferral Fee will be 20% of any increase in its value at the end of the loan. If the value of your home does not increase, you do not have to pay a Midkey Deferral Fee.

^{We provide first and second mortgages - if you already have a mortgage over your home your Midkey home loan can be secured by a second mortgage.}

How much can I borrow using a “No Monthly Payments” Home Loan?

A Midkey loan can be a minimum of:

$100,000
up to 35% of your home’s current value for a first mortgage (i.e., you don’t have or plan to have a traditional mortgage), or
Up to 30% of your home’s current value for a second mortgage (you have or will have a traditional mortgage on your home).

In either situation, the Loan to Value Ratio for your property cannot exceed 80% (including the first mortgage if your Midkey loan is a second mortgage).

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How is a Midkey “No Monthly Payments” Home Loan different from a traditional home loan?

The main differences are:

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Timing of payments: A traditional home loan typically requires principal and interest payments on a monthly basis. In contrast, with a Midkey loan, there are no regular, monthly payments, as they are paid at the end of the loan.

Assessment flexibility: Traditional lenders are more sensitive to your ability to service their debt. They are required to assess your income, expenses, and assets to determine your ability to make regular payments. Although Midkey assesses similar criteria, we don’t need to determine your ability to make regular, monthly payments on our loans.

Unlocking home equity: Due to our assessment flexibility, even if you can’t meet the serviceability requirements of a traditional lender, you may still be able to unlock the useable equity in your home with a Midkey loan to increase your borrowing capacity.
Reduce your monthly debt payments: If you want to reduce your monthly debt payments, you can use a Midkey loan to decrease the amount of your traditional home loan.
Simple interest: A Midkey home loan charges simple interest (not compound interest). Simple interest does not compound, i.e. the interest that is accumulated this year is not charged interest next year. The simple interest rate is roughly 1% to 2% higher than a traditional home loan.
Repayment date: A traditional home loan typically specifies a date by which you must repay your loan, whereas a Midkey doesn’t. A Midkey loan is only repayable on certain events, like if you sell your property or you decide you want to repay.
Innovative fee: It has a new, innovative Midkey Deferral Fee that is a proportion of any increase in your home’s value, where the agreed proportion is your Midkey loan amount to your home’s value at the start of your loan. For example, if your Midkey loan is 10% of your home’s value at the start of the loan, your Midkey Deferral Fee at the end of the loan will be 10% of any increase in your property's value; if your Midkey loan at the start is 20% of your home’s value, then your fee will be 20% of any increase in its value at the end of the loan. If your property does not go up in value or, in fact it decreases, you will not pay the Midkey Deferral Fee.

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Note: There are other differences, such as the amount of the establishment fee, transaction-related costs (eg. valuation fees, documentation preparation costs and out-of-pocket expenses), a settlement rescheduling fee, and eligibility criteria.

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Will my credit score be affected when I check my eligibility on your website?

Definitely not. When you check your eligibility on this website, you will be asked several questions, such as the suburb you live in, the amount of equity (approximately) you hold in your property, the value of your home, and the size of the loan you are seeking.

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If they fall within Midkey’s lending criteria, you may proceed to the next step and apply for a loan either online, or you can book a call or phone us. Checking your eligibility is separate from making a formal application. Think of it as a conversation over the phone with one of our loan specialists.

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A phone enquiry does not affect your credit score either. A completed application, once all your documents have been uploaded, will appear on your credit record.

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What is a Midkey Deferral Fee?

Think of the Midkey Deferral Fee as "the fee you pay for the benefit of deferring all your principal and interest payments to the end of your Midkey home loan”. Importantly, you are only charged a Midkey Deferral Fee if your property increases in value.

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The Midkey Deferral Fee is a proportion of any increase in your home’s value during the term of your Midkey "No Monthly Payments" Home Loan. The proportion is calculated by dividing your Midkey home loan amount by your home’s value, and the proportion is agreed at the start of your Midkey loan. The more your property increases in value, the larger the Midkey Deferral Fee will be at the end of your home loan.
For example, if your Midkey home loan is 10% of your home’s value at the start of the loan, your Midkey Deferral Fee at the end of the loan will be 10% of any increase in your property's value; if your Midkey home loan at the start is 20% of your home’s value, then your Midkey Deferral Fee will be 20% of any increase in its value at the end of the loan. If your property’s value does not increase (or it decreases) during the term of your Midkey home loan, you won’t need to pay us a Midkey Deferral Fee. No property value increase means no Midkey Deferral Fee. But, for your sake and ours, we hope the value of your property appreciates through the roof, so we can all celebrate at the end. We love a win/win arrangement, and we hope you do too.

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Calculate how much you can unlock here.

Can I trust Midkey?

Yes, and here are some good reasons why:

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We are an Australian Credit Representative (539174) of Allied Financial Consulting Pty Ltd, which holds Australian Credit Licence 393845 issued by ASIC. Midkey Funds Management Pty Ltd is also a Corporate Authorised Representative (CAR No. 1297360) of Sandford Capital Pty Limited (ABN 82 600 590 887) (AFSL 461981).
We use bank level security and encryption across our digital platform to protect you and us from cyber threats.
Our management team members have strong track records holding leadership and strategy roles in investment banking, asset management, healthcare, technology, and media start-ups as well as ASX and Asia listed companies, including board member positions.

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Click here to learn more about our founders.

41.4%

of an average Australian borrowers’ income is needed to service a mortgage

Source: ANZ Corelogic Housing Affordability Report (March 2022)