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Advest Home Equity Release Loan

 

Product Guide

This loan allows home owners over 60 years of age to access the equity in their home with the freedom to choose how they want to spend or invest the money. There is no income verification required for this loan and it is available in all states and territories of Australia.

Purpose To have the lifestyle choices you’ve always
dreamed about

Maximum % of Home Value that Can Be Borrowed
60 – 64 Years 15% LVR
70 – 74 Years 25% LVR
80 – 84 Years 35% LVR
90+ Years 45% LVR
65 – 69 Years 20% LVR
75 – 79 Years 30% LVR
85 – 89 Years 40% LVR

No Repayments Required You are not required to make any repayments until the home is either sold or title transferred into your estate.
• Entry into residential care is not a trigger for the repayment of the loan

Voluntary Repayments Partial or full repayments can be made at any time you wish

Payment Options There are two payment options available:
• One-off lump sum – minimum payment is $20,000.00 and maximum is $1,000,000
• Monthly payments of a minimum of $400 per month on variable interest rate option (not fixed)

Interest Rates There are options of variable or fixed interest rates:

Interest Only Automatic for the 6-month construction period only
• Variable for term of the loan
• Fixed Interest can be set at 2, 4 and 8 year terms

Monthly fees $8 per month. This is added to the outstanding loan balance

Loan Establishment A $680 application fee which can be paid with the application or rolled into the initial loan Costs balance as well as a $220 valuation fee that must be paid at the time application. This fee may vary where the property is not in metropolitan area and / or is valued over $1m.

Loan Statements Are issued every six months

Lenders Mortgage Insurance Paid by Funder where LVR is up to 80% for loan amounts up to $2m

Minimum Property Value Loans are available on homes where the property valuation is $150,000 or higher

Valuation Requirement An independent valuation of each property ir required both at the time of the application and subsequently.

Required Security Registered first mortgage over owner occupied or non-owner occupied residential property

Borrowers Owner- Occupied properties
– all residents must be borrowers, over 60 years of age and be on the title
Non Owner-Occupied Properties
– all borrowers must be over 60 years of age and be on the title

Professional Assurance Borrowers are required to consult a lawyer before the release of funds and are recommended to seek independent financial advice.

Fees: Please refer to our Fees and Charges


 


Interest Rate 6.95%

Comparison Rate 6.97% pa#

based upon a $300,000

mortgage over 30 years

Comparison Rate Schedule




Key Features

• No repayments required
• Flexible repayment options available on request
• Additional redraws on written request
• Inheritance protection option
• Title remains in homeowner’s name
• Loan repayable only on sale or transfer of property or 10 months after property passes into the estate of the last surviving borrower
• All borrowers must be over 60 years of age.
• If the sale value of your home does not cover the outstanding loan balance we will not ask you or your eatate to make up the difference.

Phone us on:

1300 851 353

or

request a consultant

Important notice: # Comparison rate is calculated based on a loan of $300,000 over 30 years based on monthly repayments. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. A Comparison Rate Schedule is available.

This information has been prepared without taking into account the objectives, financial situation or needs of any particular individual. For this reason any individual should, before acting on this information, seek appropriate professional, financial and taxation advice. Applications for any Advest Loan is subject to Advest’s normal loan approval process. Full terms and conditions will be included in any loan offer. Fees and charges are payable.

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