Seniors Loan
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You can borrow up
to 40% of the value of your property.
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Minimum Loan Amount $10,000
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Maximum
Loan Amount is $500,000 |
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Special Conditions
Apply |
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We will require a
valuation of the property you are purchasing, the cost of which you
will be required to meet. However, if you proceed to settlement the
cost will be refunded to you.
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Special Conditions
This product has been designed for home owners 60 years
of age and over who wish to access cash from the equity in their
home for any worthwhile purpose. Applicants do not have to make any
repayments on this loan until he property is sold or all applicants
are deceased. Age relates to youngest applicant.
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60 to 69
years - up to 15% of the value of the property. |
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69 to 79
years - up to 20% of the value of the property. |
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80 to 85
years - up to 30% of the value of the property. |
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over 85 years - up to
40% of the value of the property. |
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Miscellaneous
You can receive the funds in one lump sum or you can
request the advance periodically, as you require, and you can use
the money for any purpose.
The Australian Government has set up specific information about the effects of a
reverse mortgage on your equity. This calculator wants to know about
the value of your home as well, so you might need some help from a
trusted friend or family member.
More info...
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Building
Insurance
Prior to settlement
of your loan you will need to provide evidence that the property you is suitably insured. In the case of a unit this will
usually be insurance taken out by the Strata Plan. We can help you get
these details.
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What to do
now |
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You need to talk this over
with your family to ensure this kind of loan is good for you. |
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2. |
Contact us on 02 4385
5515 to arrange a time for our consultant to contact you to go
through the loan requirements. |
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When the loan application is
completed, we want you to discuss what this all means with you
accountant or a friendly lawyer. We can help you find a suitable
professional if you or your family don't already know of one. |
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4. |
When you feel OK that this is
suitable for you, we will submit the loan application with all
the supporting documents to assist in verifying and completing the
loan. |
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What you will need
when you are applying for a loan. |
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When you apply, make sure you
have the following items (we may ask for a few other things
depending on your individual circumstances): |
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Details about your assets -
their value and any income you get |
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Details about your ongoing
expenses and regular payments |
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The amount you want to borrow.
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Copies of your identification
eg drivers licence, passport, medicare card etc |
