|
Easy
Reference Guide |
Lifestyle Plan |
|
Lending
Guidelines |
Income Plan
(Variable interest rate only) |
Lump Sum
(Variable & Fixed Rates) |
|
Minimum and
Maximum advance |
$200 per
month to Unlimited |
$20,000 to
Unlimited |
|
Protected
Equity Option |
Up to 25% |
Up to 25% |
|
Maximum Loan
Percentage - at 60 years
|
10% of value
of property |
10% of value
of property |
|
Maximum Loan Percentage
|
50% of value
of property (Age 95 and above) |
50% of value
of property (Age 95 and above) |
|
Security
|
Residential
owner occupied |
Residential
owner occupied |
|
How you plan
to use your equity release? |
Any legal purpose |
Any legal purpose |
|
Key criteria |
Must be 60
years or over – no maximum age |
Must be 60
years or over – no maximum age |
|
Term
|
Until sale of property, permanent move out or death |
Until sale of property, permanent move out or death |
|
Key
Features |
|
|
|
Interest
rate option |
Variable
|
Variable or
fixed, or a combination of both |
|
Account
statements |
Every 6
months |
Every 6
months |
|
Lump sum
plan, Income plan OR combination of both |
Regular
monthly income over 5, 10, 15 or 20 years Level OR indexed |
Lump sum
|
|
Redraw of
available balance accessible |
YES |
YES for
Variable Rate only |
|
Principal
reductions possible
|
YES
|
YES. Economic break costs may apply to fixed rate repayments in excess
of 10% per annum.
No break costs on fixed for life rate on moving into aged care, & event
of death.
|
|
Required
repayments (during life of plan) |
None |
None |
|
Ability to
top up Equity Release Plan |
YES |
YES |
|
Loan
portability – ability to take your Equity Release plan with you from one
home to another |
YES |
YES |
|
Ability to
check on loan balance |
YES |
YES |
|
FEES |
|
|
