Reverse Mortgage

Overview
Equity release products allow a person aged over 60 to use the equity they have built up in their home.
• They can use the proceeds to gift money to children, grandchildren or elsewhere, renovate the house, buy a new car, take a holiday or provide extra money for living expenses.
• With reverse mortgage products the loan does not have to be repaid while the borrower remains in the house. This means that the amount borrowed and the interest on that amount, as well as any fees levied compounds.
• For example, suppose a person borrowed $100,000 at 8.2% then the amount outstanding increases in the following way Loans

Target	Aged over 60 to use the equity they have built up in their home.
Loan Purpose	Equity release products allow a person aged over 60 to use the equity they have built up in their home. Residential vacant land and rural residential being occupier \ investment
Loan Features	Split Loans available up to four (4) accounts to a minimum of 10K
Loan Products	All facility included line of credit
Minimum Loan Size	$30k (Subject to the loan scenario and to the LVR) Double security
Maximum Loan size	$1,000,000 per applicant (Subject to the loan scenario and to the LVR) Single security
Loan to Value Ratio	15% up to 45% scaling with age and the nominated Funds Advance option.
Minimum Loan Terms	Interest only from 1year to 20 years Variable interest rate Fixed Rates from 1year to 20 years Fixed Interest rate
Maximum Loan Terms	Up to 20 years
Loan Repayment Frequency	Whilst not required, repayments can be made at anytime You may choose
Security Type	Residential vacant land and rural residential being occupier \ investment
Redraw Available	Yes Minimum of $1,000 (variable rate options only)
Split Loan Available	No
Dynamic Repayment	No
Additional Repayment	Not Required
Loan statements	Issued Half Yearly (But you can ask us when required we will mail them to you charges apply).
Documentation Required	Subject to the loan purpose, please call 1300 790 909 for more details
Financial Information	Borrowers who can demonstrate serviceability with up to date detailed financial statements covering the last 12 months
Qualifying Interest Rate	Please call our consultant on 1300 790 909 for more details
Other Conditions	Security Property must be the Borrower(s) principal place of residence or a residential investment property (including holiday home). • If the Security Property is an investment property, Borrower(s) must own and occupy their own home. • If the Security Property changes tenancy (e.g. Owner-occupied to investment) the Borrower(s) must advise Firm finance in writing. • A maximum of 2 security properties will be considered (PEO on investment property to be ‘factored in’ to overall LVR calculation). • Vacant land is acceptable as collateral security only. The land value is not to exceed 50% of the total security value, Population density must be 75,000 within 10km.