Seniors Home Equity Release Home Loan

The loan designed for over 60's to give you access to the equity in your own home for you to use in any way you want, be it to supplement your income, pay medical expenses, finance a nursing home accommodation bond, financially assist your family or take a holiday - the choice is yours

Loan Amounts

Loan amounts can be a maximum of $1,000,000 (minimum $20,000) based on the age of the youngest borrower (all owners must be borrowers) and the valuation of the security property as follows:

Age of youngest borrower	60-64	60-64	60-64	60-64	60-64	60-64
Maximum % of property value that can be borrowed	15%	20%	25%	30%	35%	40%

The loan amount can be drawn down in one amount, taken as a monthly payment over a maximum of 15 years or a combination of a lump sum and monthly payments.

Income Requirement

No minimum income requirement although borrowers must obtain independent legal advice and are strongly encouraged to receive independent financial advice to confirm their understanding of the loan conditions and to ensure that borrowers are aware of any adverse affect on any CentreLink Benefit as a consequence of the loan arrangements.

Security

First registered mortgage over residential real estate with a minimum property valuation of $150,000 located in acceptable post code areas in all States and Territories except Western Australia.

Loan Term

No fixed maturity.

The outstanding loan balance becomes repayable on the earlier of the sale or transfer of the property or 10 months from the date of the property passing to the estate of the last surviving borrower (assuming no default of terms and conditions )

Repayments

Principal and interest repayments are not required on the loan. The loan must be repaid at the end of the loan term.

Partial or full repayments can be made at any time.

Early Repayment Charges may apply to repayments made on fixed rate loans if made during the fixed term

No Deferred Establishment Fees.

Inheritance Protection Option

Up to 20% of the property value can be protected at no additional cost to be passed to the heirs or set aside for future healthcare costs.

This is accomplished by reducing the property valuation at the time of application by the protected percentage (and thus reducing the maximum amount that can be borrowed at settlement)

Customer Benefits

Borrowed funds can be used for any personal or investment purpose (except business related purposes)s
Borrowers are not required to live in the home (we will lend against investment properties)
There is no income test to qualify for the loan
No repayments are required until sale or transfer of title (borrowers can protect up to 20% of the value of their property to pass on to heirs)
The no negative equity pledge incorporated in the loan agreement means that, assuming borrowers adhere to the loan terms and conditions, neither they nor their estate can never owe more then the sale value of the security property.
TO APPLY CALL 133 144