The no monthly payments loan for responsible homeowners
Unlock your equity, reduce your monthly outgoings, or boost your buying power.
Your Midkey Journey
Everything you need to know, in just 4 steps.
*Subject to terms and conditions. Additional repayment triggers may apply.
What our borrowers have to say
"Midkey's entry has provided a truly innovative product, that not only allows homeowners to tap into their home equity but with no monthly payments. For me, Midkey helped me to pay off outstanding debts, improve cashflow at a time of rising rates and attend to much needed home renovation. Without hesitation, I highly recommend Midkey for its innovative home loan products and incredible customer service."
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Daniel - Balmain East, NSW
12 October 2023
"Midkey and Amanda are an amazing company to deal with, from start to finish. Amanda was professional. She explained everything about the product. If you are an older person nearing retirement and have equity in your home that you can’t access because the banks don’t want to know you, then this product could be for you. They worked with us from the beginning to achieve the end result we were after. Thank you Midkey for making our life so much better."
Denise D - Kirkham, NSW
12 September 2024
“Midkey and Amanda were superb. Midkey is meeting a gap in the market for home finance which the banks ignore older people with home equity. It is a national tragedy that people over 55 struggle to get housing finance, especially those that are self-employed including in the professions. Amanda was supremely helpful and pleasant and knowledgeable to deal with.”
Dr David Millhouse - Spring Hill, QLD
10 July 2024
"Amanda Hall, as the rep for Midkey, was nothing other than amazing to deal with. Not only is the product Midkey offers amazingly suitable for homeowners who have built up equity in their home, but their customer service is also incredible. Amanda listened to what we wanted to achieve from the process; clear debt and prepare for our upcoming wedding, and she made it happen in a seamless manner. I can't speak highly enough of Amanda and the product Midkey offer."
David - Labrador, QLD
17 June 2024
"My wife and I were at a loss as to how to afford our dream home, in a high-interest rate environment, being somewhat equity rich but cash poor. When a close friend introduced us to Midkey, we were delighted when Richard Young and Amanda Hall outlined how we could comfortably afford our dream home. Better still, without regular, ongoing repayments, but by accessing our home’s future equity uplift. It’s a modern, win-win product from a group of genuinely good people at a small, financially innovative company - Midkey. We’re sincerely grateful."
Stuart - Clontarf, NSW
2 December 2023
"Midkey provided an amazing financing solution that enabled us to use equity in our home to help improve our cashflow. Their process was easy and turnaround time amazing! Amanda Hall needs special mention."
Raja Ratnam - Cooks Hill, NSW
15 Jan 2024
Why Midkey is different
Traditional Home Mortgage
Reverse Mortgage
Unregulated Loans
Bridging
Loans
No monthly payments
Looks at more than just your income
Long/no loan term
Available in addition to an existing mortgage
Welcomes a broad range of borrowers (18+)
Simple* accruing interest
Cheaper loan option
*Click here to learn more about ‘simple vs compounding’ interest.
Availability depends on lender and loan terms.
How much can I unlock?
Add your financial details into the calculator to see how much cash you may be able to unlock with a Midkey loan.
Learn more
Explore our borrower stories
It certainly gives you peace of mind because you control when you pay back.
It's a wonderful way of addressing a short to mid-term need, leveraging the biggest asset that you own.”
– Chris, Advertising Executive (Mosman)
Without Midkey, I would've had to sell my home and uproot my life and my kids.
For me, this product has come at a perfect time. Wages aren't going up and I don't want to be working 70 hours a week as a single mum.”
– Cheryl, Banker (Coogee)
Dive
deeper
into Midkey
What you’ll pay, and when you’ll pay it
Start of the loan
Valuation fees
Establishment and setup fees
During the loan
Nothing
Payments may be required if you either default on your Midkey loan, default on any priority debt, or your Midkey loan exceeds 100% LVR – see our FAQs for more details.
End of the loan
Principal
Amount borrowed from Midkey.
Deferral Fee
Instead of monthly payments*, at the end of your loan you will pay a Midkey Deferral Fee, along with your principal loan amount, your accrued simple interest and other minor fees. The Midkey Deferral Fee is an innovative fee that is calculated as an agreed percentage of any increase in your home’s value over the life of your loan. This percentage is determined by the value of your Midkey loan as a percentage of your home’s value at the start of the loan. Additionally, we apply a 5% discount to your home’s value to determine an Agreed Initial Value. As an example of how the Deferral Fee works, if your Midkey loan is 20% of your home's Agreed Initial Value at the start of your loan, the Midkey Deferral Fee will be 20% of the increase in your home’s Agreed Initial Value at the time you repay your loan. The Midkey Deferral Fee is only payable if your property’s value increases above the Agreed Initial Value, so if there is no increase in your property’s value over the term of the loan, there is no Midkey Deferral Fee. Your simple accrued interest will always be payable at the end of your loan.
*Provided (i) you are not in default under your Midkey loan, (ii) the loan-to-value ratio of your mortgaged property has not exceeded 100% during the life of your Midkey loan, or iii) you are not in default of any priority loan.
*Provided (i) you are not in default under your Midkey loan, (ii) the loan-to-value ratio of your mortgaged property has not exceeded 100% during the life of your Midkey loan, or iii) you are not in default of any priority loan.
Valuation and Discharge Fees
Simple interest
Owner-occupied House
Simple interest rate1
6.85%
Comparison Rate2
4.22%
Investment House
Simple interest rate1
7.35%
Comparison Rate2
4.41%
Apartment
Simple interest rate1
7.85%
Comparison Rate2
4.59%
Interest details
1. Midkey’s simple interest rates are set at a margin above the RBA cash rate. Midkey’s interest rates typically change soon after the RBA cash rate changes.
2. Comparison rates are calculated based on a secured loan amount of $150,000 over a 25-year term. Comparison rates are true only for the example given and do not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate does not include the Midkey Deferral Fee and may not include other fees. For example, if your home is an owner-occupied house with simple interest charged at the rate of 6.85% p.a. and the value of the home increases by 6% per year each year over 25 years above the Agreed Initial Value, then if the Deferral Fee is included in the calculation of the comparison rate, the comparison rate will be 7.58% p.a. To fully understand the cost impacts of the Deferral Fee on your Midkey loan, we suggest you refer to our calculator.
2. Comparison rates are calculated based on a secured loan amount of $150,000 over a 25-year term. Comparison rates are true only for the example given and do not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rate does not include the Midkey Deferral Fee and may not include other fees. For example, if your home is an owner-occupied house with simple interest charged at the rate of 6.85% p.a. and the value of the home increases by 6% per year each year over 25 years above the Agreed Initial Value, then if the Deferral Fee is included in the calculation of the comparison rate, the comparison rate will be 7.58% p.a. To fully understand the cost impacts of the Deferral Fee on your Midkey loan, we suggest you refer to our calculator.
Calculating a Midkey
‘No Monthly Payments’ Loan
Explaining your property valuation and the 5% Reduction
See if Midkey is right for you
1
2
3
Property Type
Owner-occupied house
Investment house
Apartments
Apartments/units must be in a complex of no greater than 20, be more than 12 months old, and have a minimum internal floor space of 50sqm.
Sufficient Equity
You must have at least 20% usable equity in your owner-occupied house, or 25% for an investment house or apartment.
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5
6
Type of Home Loan
If you have an existing mortgage, it must be a standard ‘principal plus interest’ home loan.
Australian Citizenship
You are an Australian citizen over the age of 18.
Final Approval
Your application is subject to Midkey’s loan assessment and final approval.
It’s simple. We’re here to help, whenever you’re ready.
Take your time, we’ll be here with helpful tools whenever you’re ready to act.
Or call us on 1300 643 539. No pressure, just help.
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