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Frequently Asked Questions Q: "Can the amount I owe under a Vision Equity Release plan ever exceed the value of my home?" A: No. Vision Equity Living provides a no negative equity guarantee so the amount you owe can never exceed the value of your home. Q: "Can I borrow more later on, if I need to?" A: Yes. Further advances are available subject to the original lending criteria and conditions. Q: "Does Vision Equity Living offer competitive interest rates?" A: Yes. Vision’s interest rates are always at or near the lowest in the market. For Vision’s current low rates, please ask your Advisor. Q: "Can I choose how I want my equity released?" A: Yes. You can take your equity release as a lump sum, as a monthly income supplement or as a combination of the two - whatever works best for you. Q: "Can I choose between fixed and variable interest?" A: Yes. You can choose fixed, variable or part fixed and part variable. The only proviso being that if you fix some, or all, of your plan; that portion must be taken as a lump sum payment. Q: "Are there any ongoing monthly fees or charges?" A: No. None. Q: "Can I be forced to leave my home?" A: No. The terms of your agreement strictly prohibit this. Q: "What happens if I decide to sell or move?" A: You can choose to move or sell your home at any time. If you meet our criteria you may be able to transfer your Vision Equity Release plan to your new home, but you must discuss this with Vision in advance. Otherwise, when your home is sold your Vision Equity Release plan is discharged at settlement with the balance of funds from the sale going to you. Q: "What if my spouse dies?" A: Providing your home is in joint names then this has no impact on your plan. You can continue to live in your home for the remainder of your life or until you decide to permanently move out. Q: "How and when is my Vision Equity Release plan repaid?" A: We deduct the balance owing after the sale of your property. Q: "Does that mean my family get nothing?" A: No. After the balance owing on your plan is settled, the remainder of the proceeds from the sale of your home goes to your beneficiaries. Q: "Are there restrictions on what I can do with this money?" A: No. The money is yours to spend as you see fit. However, if you are considering investing some or all of the equity you release we strongly recommend you seek independent financial advice. Q: "Are there any conditions I must adhere to?" A:Yes. During the life of your plan:
A:It need not, but might if you take too much as a lump sum. Please seek independent financial advice or contact Centre Link to clarify your situation. |
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Registered Address: Level 7, 8 Help Street, Chatswood, NSW 2067 |
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