SENIORS HOME EQUITY RELEASE LOAN

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:

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.

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.

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.

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.

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 )

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)