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How It Works
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You decide how much money you need
and whether you want a lump sum, a monthly income or a combination of the
two
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You select a Vision Equity Release plan to suit your needs
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You use the money to unlock your dream, whilst retaining
title and continuing to live in the comfort and security of your own home
for as long as you want
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No interest repayments are required during the lifetime
of the plan. Or, until you sell your home or no longer permanently live
there.
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Your outstanding balance and the accumulated interest only
become repayable when you sell your home, permanently move out, or on the
death of the last surviving borrower.
Table 1 How Much Can I Borrow?
|
Age of youngest
applicant |
Percentage of
agreed home value available |
Example of home
valued at $500,000 |
Age of youngest
applicant |
Percentage of
agreed home value available |
Example of home
valued at $500,000 |
|
60 |
10% |
$50,000 |
78 |
31% |
$155,000 |
|
61 |
11% |
$55,000 |
79 |
33% |
$165,000 |
|
62 |
12% |
$60,000 |
80 |
35% |
$175,000 |
|
63 |
13% |
$65,000 |
81 |
36% |
$180,000 |
|
64 |
14% |
$70,000 |
82 |
37% |
$185,000 |
|
65 |
15% |
$75,000 |
83 |
38% |
$190,000 |
|
66 |
16% |
$80,000 |
84 |
39% |
$195,000 |
|
67 |
17% |
$85,000 |
85 |
40% |
$200,000 |
|
68 |
18% |
$90,000 |
86 |
41% |
$205,000 |
|
69 |
19% |
$95,000 |
87 |
42% |
$210,000 |
|
70 |
20% |
$100,000 |
88 |
43% |
$215,000 |
|
71 |
21% |
$105,000 |
89 |
44% |
$220,000 |
|
72 |
22% |
$110,000 |
90 |
45% |
$225,000 |
|
73 |
23% |
$115,000 |
91 |
46% |
$230,000 |
|
74 |
24% |
$120,000 |
92 |
47% |
$235,000 |
|
75 |
25% |
$125,000 |
93 |
48% |
$240,000 |
|
76 |
27% |
$135,000 |
94 |
49% |
$245,000 |
|
77 |
29% |
$145,000 |
95+ |
50% |
$250,000 |
Am I eligible?
Yes, providing:
is
an existing
mortgage on your home, it is repaid by Vision Equity Living from the
proceeds of your plan, with the surplus being available for you to use as
you choose.
Flexible
Whether you want a lump sum, a monthly income, or a combination of the two – there’s a Vision Equity Release Plan to suit you. Vision Equity Release plans can be tailored to meet your needs
and offer many "best of breed features", including:
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Low establishment fees (see enclosed Fee Schedule)
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No ongoing monthly fees and charges
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No monthly payments required
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A full re-draw facility at no cost on variable rate loans
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One of the lowest fixed and variable interest rate options
available in Australia today.
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A split loan facility that allows you to select part fixed
and part variable, to suit your needs.
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