Accommodation Bond Loans

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Accommodation Bond Loans"

Transcription

1 Accommodation Bond Loans Banksia Mortgages Limited ABN Australian Credit Licence Number Investments & Loans

2 About the Fund Manager Banksia Mortgages Limited (BML) ABN AFSL is a member of The Banksia Financial Group which was formed in 1999 through the amalgamation of a number of long established and successful Victorian based debenture companies and contributory mortgage funds. Banksia offers a substantial business offering investments to the public, mortgage fund management and mortgage origination and servicing. Staff are employed in its offices in Melbourne, Adelaide and in a number of regional centres in Victoria and New South Wales. The Administration Centre for the group is located in Kyabram, Victoria. Introduction The move into residential aged care for older people who feel they can no longer manage at home is often an overwhelming experience not only for the care recipient but also for their families. While making the move will ensure you get the care you need, entry into a residential care facility can involve a significant rearranging of your financial affairs. Perhaps the largest financial issue to consider is how to fund the accommodation bond payable on entry to your preferred aged care home. In the past, the funding of the accommodation bond has been achieved through either selling of the family home or by relying on the financial support of family members. This can be a stressful and emotional experience particularly if you need to make quick decisions about moving into care and don t want to be rushed into selling the family home. Banksia Mortgages Limited is pleased to offer its Accommodation Bond Loan specifically designed to give you the power to access some of the equity locked up in your home, releasing the funds you need to meet the cost of the bond and giving you more time to better arrange your financial affairs. Accommodation bond funding can be very complex, which is why we insist that all customers get both financial and legal advice to ensure the best outcome for their circumstances is achieved. If you do not have a financial advisor specialising in this area please contact us and we can help identify a suitable independent representative for you. Investments & Loans

3 Accommodation Bond Loans page 2

4 Features that make our Accommodation Bond Loan unique. An accommodation bond loan is designed to cover the cost of moving into aged care. The key features of the Banksia product are: It Is Not Age Dependent Unlike most equity release products our Accommodation Bond Loan is not age dependent. As long as you are over 70 years of age you can borrow up to 50% of the agreed value of your home over a three year term or 40% of the agreed value of your home over a five year term. Flexibility We know that for many people the family home is their single largest asset. To enable you to access the portion of your equity in the home that best suits your needs we offer two options. No Ongoing Monthly Fees Or Charges Our Accommodation Bond Loan has no ongoing monthly fees or charges. Competitive Rates Our interest rates are very competitive. Interest rates rise and fall over time in line with markets. Your adviser will have a copy of our current interest rates for your information, or you can visit our website accommodationbondloan for the latest information. No Negative Equity Guarantee Even though you can borrow up to 50% of the value of the property you will receive a no negative equity guarantee. This means that whatever happens to interest rates or house prices the amount you owe on your loan can never exceed the value of the property as long as you comply with the loan s standard terms. Minimum Borrower Age Maximum Initial Loan To Valuation Ratio* Option % Option % *The agreed value of your property is based on an independent valuation. Loan Term 3 years from date of initial drawing 5 years from date of initial drawing For example if you choose option 1 and your home were valued at $500,000 you could borrow up to $250,000 over a three year term. If you preferred more time, option two may be more suitable and you could borrow up to $200,000 over a five year term. The loan principal and accrued interest and fees are due for repayment either three or five years from the original drawdown date depending on the option you choose, or earlier if the property securing the loan is sold or its ownership otherwise changes. Investments & Loans

5 Key criteria that must be met You must be aged 70 or over. There is no maximum age limit. You must own the property. You may be the sole owner or share ownership with your partner. You must not still reside in the home. You may, however, rent the house out or have family or friends live in it in your absence. If rented, any formal lease agreement must be for no more than 12 months in duration and may not take the tenant over the expiry date of the agreed 3 or 5 year term. The location of your home is also important. Check with your advisor or visit our website to see if your home sits within our standard postcode areas. If your home is not within our standard list please give us a call and we can calculate the amount you can borrow. Accommodation Bond Loans page 4

6 Property Equity and Accommodation Bond Loan Illustration The graph and table below is based on an 80 year old borrowing $250,000 (50% of the value of their house) over three years and a constant interest of 8.95%pa over the term. Additionally it assumes that the property value will increase at a rate of 3% per annum. For a personal illustration of your own situation please speak to your advisor or visit our website and use the calculator provided. 600, , , , , ,000 $ House Value Loan Value Equity Value Term Age Projected Property Value Projected Loan Balance Projected Equity 0 80 $500,000 $250,000 $250, $546,363 $326,675 $219,688 The graph and table below is based on an 80 year old borrowing $200,000 (40% of the value of their house) over five years and a constant interest of 8.95%pa over the term. Additionally it assumes that the property value will increase at a rate of 3% per annum. For a personal illustration of your own situation please speak to your advisor or visit our website and use the calculator provided. 600, , , , , , Value of Property Total Repayments Total Equity Term Age Projected Property Value Projected Loan Balance Projected Equity 0 80 $500,000 $200,000 $300, $579,637 $312,360 $267,277 Investments & Loans

7 Accommodation Bond Loan Matrix The Basics Minimum loan amount $100,000 Maximum loan amount $500,000 Terms available Loan Value ratios (LVRs) Property restrictions Negative equity guarantee Insurance requirements Pension impact 3 years or 5 years 50% - 3 year term or 40% - 5 year term No retirement villages/resorts or transportable homes. Some postcode restrictions apply. Neither the borrower nor their estate will owe more than the value of the property unless the borrower breaches the loan terms. Current owner s replacement insurance policy and landlord s insurance if tenanted. Refer to Centrelink. The Set Up Costs* Application fee Independent legal advice Stamp duty Once the loan is in place Redraw of special repayments Monthly fee or charge $1,000 per application where the security property is valued less than $1m. $1,250 per application where the security property is valued more than $1m. Application fee to be quoted where the security property is valued more than $2m. Costs borne by applicant. Payable in some states. Minimum of $5,000. (fee applies) Nil Repaying or changing the loan Repayments None required until the end of the term, sale of the property or upon death. Optional repayments Minimum of $500. Early Repayment Fee Nil Discharge Fee $300 Post settlement variations $300 *All set up fees may be paid out of the loan proceeds rather than upfront Please note fees and charges are subject to change. Please refer to our website or call on Accommodation Bond Loans page 6

8 About Banksia The Banksia Financial Group is an established independent national financier and Mortgage Fund Manager. Positioned as a prime non-bank financial institution, which has an established national distribution network, Banksia provides clients with a real alternative to the banks. Competitive rates, friendly service and finance solutions at your convenience. Banksia commenced operations in 1999 following the amalgamation of a number of long established and successful Victorian based debenture companies and contributory mortgage funds, some of which have been operating since the early 1900 s. Banksia is a substantial commercial mortgage lender. Today it has under management some $800 million* of retail investor funds derived from branch and agency networks. The Group plans to add wholesale funds from institutional sources over the course of the ensuing year. Banksia principally operates through Banksia Mortgages Limited (BML) and Banksia Securities Limited (BSL). BML is the licensed responsible entity for the Banksia Mortgage Fund and mortgage administration manager for the group, while BSL is a licensed unsecured note issuing company with the purpose of raising funds for mortgage lending. Visit our website at *This figure is current as at 1 July Investments & Loans

9 Questions about the Accommodation Bond Loan How can I have a loan and not be required to make regular repayments? The principle is that you are not required to make any repayments until the end of the term (3 years or 5 years as selected), or if you move back in to your home, sell the property or upon death. Do I still own my home after taking out an Accommodation Bond Loan? Yes. We will register a first mortgage over the property to secure the loan but the house remains in your name. Decisions about tenancy, property maintenance and the timing of any sale are yours to make. What happens if I die? Will Banksia want its money back immediately? Under the terms of the loan your estate will have a 12 month period to repay the loan. Your estate may choose to retain the home and is free to repay the loan from any source. What if I move out of aged care back into my home? The loan needs to be repaid as soon as practicable but strictly within 12 months. This would most likely be achieved by the return of your bond by the aged care facility. Can I repay my Accommodation Bond Loan at any time? Yes. Full or partial repayments are permitted at any time without penalty. Partial repayments made prior to the loan maturity date are able to be redrawn at a later time if you require them. A small fee will apply to any redraw requests. Why are there three year or five year limits to the term of the loan? We know that the biggest issue people faced when entering aged care was how to raise sufficient funds to cover the bond. By limiting the term to either 3 years or 5 years we are able to offer the 50% LVR limit (for three years) or 40% LVR limit (for five years) as compared to most equity release products that offer much lower LVRs aligned with the borrowers age. Can the loan be accepted if signed under a Power of Attorney? Yes. Please submit a copy of the Power of Attorney with the loan application. Who is in charge of selling my home? As long as the proceeds are sufficient to repay the loan, the sale is left entirely in your hands or that of the executor of your will. Once the property is sold, the loan and any accrued interest are repaid to us and the balance is divided up according to the terms of your will. Accommodation Bond Loans page 8

10 Our Customer Code of Conduct We adhere to the highest ethical standards in dealings with our customers, their families and their advisors. To that end we have incorporated the following consumer safeguards into our standard business practices. Our commitment is further demonstrated through membership of the Senior Australians Equity Release Association of Lenders (SEQUAL) At a minimum we shall: Treat all borrowers with respect and dignity; Participate in an ASIC approved External Dispute Resolution Scheme; Ensure our Accommodation Bond Loan product carries a clear and transparent no negative equity or non-recourse guarantee. That is, the Borrower(s) will never owe more than the net realisable value of their property, provided the terms and conditions of the loan have been met; Strongly encourage Borrower(s) to discuss the transaction with family members and to ensure independent financial and legal advice from qualified professional advisors; Strongly encourage Borrower(s) to discuss the transaction with Centrelink to ensure they fully understand the impact, if any, on their Centrelink entitlements; Ensure that the Borrower(s) obtain independent legal advice performed by the solicitor of their choice. Prior to completion of the transaction, the borrower(s) or their solicitor will be provided with full details of the benefits the Borrower(s) will receive, and the obligations they are entering into; Clearly and accurately identify all costs to the borrower that are associated with the transaction; Not assert or imply that the Borrower(s) is obligated to purchase any other product or service offered by Banksia or any other company, in order to enter into an equity release product; Provide in writing, a fair and complete package of equity release documents, covering the benefit and obligations of the product. This will include making available to Borrower(s) and advisors a tool illustrating the potential effect of future house values, interest rates and the capitalisation of interest on the loan; and Ensure all loans are written under the National Consumer Credit Protection laws. Additionally Banksia will comply with the Privacy Act and Trade Practices Act. Investments & Loans

11 Before you decide Before you make any decisions about applying for the loan we suggest you talk through your circumstances with family and trusted advisors as well as read all our available information. If your application for a loan is accepted previously made inheritance plans may be affected. We require that you seek the independent professional advice of a financial advisor. Your financial advisor will be able to weigh up the various options available to you, the pros and cons of each and whether this loan is right for you. If you do not have a financial advisor, please contact us and we can help you locate one locally. You will also need to consult your own solicitor or legal advisor. If you are receiving any Government Income Support payments you should check with Centrelink as to how taking out a loan may affect your payments. You may also wish to visit the Senior Australians Equity Release Association of Lenders website. SEQUAL is the self-regulatory body of the equity release industry, dedicated to the protection of borrowers and the promotion of responsible lending options. The products promoted by SEQUAL members are required to adhere to the strict SEQUAL Code of Conduct. Banksia is pleased to offer a product that not only meets but exceeds these requirements. Accommodation Bond Loans page 10

12 Disclaimer The information contained in this brochure has been prepared by Banksia Mortgages Limited (ABN ) ( BML ), part of the Banksia Group of companies. It is provided as general information only, without taking into account the objectives, financial situation and needs of any particular individual. For this reason, any individual should, before acting on any of the information contained in this brochure, consider the appropriateness of the information with regards to their individual objectives, financial situation or needs. This brochure is not to be taken as a substitute for the recipient exercising their own judgement and seeking their own advice. We recommend that all applicants seek appropriate professional, financial, legal and taxation advice. BML is not authorised to provide personal financial advice. While the information contained in this brochure is believed to be reliable, no representation, warranty or assurance of any kind expressed or implied is made as to the accuracy or completeness of the information and may be subject to change without notice. BML, its officers, directors, employees and agents accept no liability or responsibility whatsoever for any loss arising from any use of this document or its contents. BML accepts no obligation to any recipient to update or correct any information contained in this brochure. This brochure does not purport to identify or suggest all the risks (direct or indirect) or material considerations which may be associated with this product and does not purport to be personal financial advice. Any examples shown in this brochure are used to demonstrate how features of the Accommodation Bond Loan work. The examples used are for illustrative purposes only and are not an estimate or guarantee of future interest rates or property growth rates. For further information contact your local Banksia Branch or freecall

Reverse Mortgage. That s what we re here for. Financial freedom to do the things you ve always wanted. Here for good.

Reverse Mortgage. That s what we re here for. Financial freedom to do the things you ve always wanted. Here for good. Reverse Mortgage Financial freedom to do the things you ve always wanted That s what we re here for. Here for good. Contents 2 The freedom of a Reverse Mortgage 3 Product overview 4 About Reverse Mortgages

More information

Reverse Mortgage Investment Property Mortgage Accommodation Bond Loan

Reverse Mortgage Investment Property Mortgage Accommodation Bond Loan Reverse Mortgage Investment Property Mortgage Accommodation Bond Loan Maintain your freedom, feel secure and look forward to the future Provided by Reverse Mortgage Services Pty Ltd, a subsidiary of ABN

More information

IT S MORTGAGE REVERSE A SIGN OF THE TIMES

IT S MORTGAGE REVERSE A SIGN OF THE TIMES IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.

More information

IT S LIFETIME LOAN A SIGN OF THE TIMES AUSTRALIAN SENIORS FINANCE. The Home Equity Release Specialist

IT S LIFETIME LOAN A SIGN OF THE TIMES AUSTRALIAN SENIORS FINANCE. The Home Equity Release Specialist IT S A SIGN OF THE TIMES LIFETIME LOAN AUSTRALIAN SENIORS FINANCE The Home Equity Release Specialist UNLOCK THE IN YOUR EQUITY HOME If you want the financial freedom to spend your retirement how you choose,

More information

IT S MORTGAGE REVERSE A SIGN OF THE TIMES

IT S MORTGAGE REVERSE A SIGN OF THE TIMES IT S A SIGN OF THE TIMES REVERSE MORTGAGE UNLOCK THE EQUITY IN YOUR HOME If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us.

More information

Reverse Mortgages Policy

Reverse Mortgages Policy Reverse Mortgages Policy March 2014 Version Date 2 November 2012 3 March 2014 Document owner Professional Standards Professional Standards Approved by RI Compliance Committee Date of approval 22/11/2012

More information

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage

Proposed Information Statement Reverse Mortgage. Things you should know about your reverse mortgage Page 1 of 7 Proposed Information Statement Reverse Mortgage Things you should know about your reverse mortgage This statement is provided to you because reverse mortgages operate differently to other credit

More information

LOAN APPLICATION FORM

LOAN APPLICATION FORM Please select one of these options Reverse Mortgage Investment Property Mortgage Accommodation Bond Loan LOAN APPLICATION FORM FOR EACH APPLICANT Title: Mr Mrs Ms Miss Other: First name: Middle name: Surname:

More information

largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904

largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 largeequityrelease.com EQUITY RELEASE GUIDE Speak to one of our specialists today on 020 3824 0904 CONTENTS What is equity release?... 3 How much money could I raise through an equity release?... 4 What

More information

Another way to describe the repayment of your debt. Over the term of the loan, your regular repayments are said to amortise the loan.

Another way to describe the repayment of your debt. Over the term of the loan, your regular repayments are said to amortise the loan. A Additional Payment The method of significantly reducing your home loan with extra payments to your mortgage. Even paying fortnightly rather than monthly can have a big impact. Amortisation Another way

More information

Abacus Wodonga Land Fund

Abacus Wodonga Land Fund Abacus Wodonga Land Fund DISCLOSURE OF INFORMATION The Australian Securities and Investments Commission (ASIC) has developed six benchmarks and eight disclosure principles for unlisted property trusts

More information

WHAT IS EQUITY RELEASE? WHY CONSIDER EQUITY RELEASE?

WHAT IS EQUITY RELEASE? WHY CONSIDER EQUITY RELEASE? WHAT IS EQUITY RELEASE? Equity Release can free some of the capital tied up in your home, while you continue to live there. This money can be in the form of a tax-free lump sum, a regular income or a combination

More information

EQUITY LOAN HOME HOWDO WE STAY IN OUR FAMILY HOME?

EQUITY LOAN HOME HOWDO WE STAY IN OUR FAMILY HOME? HOWDO WE STAY IN OUR FAMILY HOME? HOME EQUITY LOAN Welcome If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us. A Heartland Home

More information

EQUITY HOME. HowDO. we stay in. our family. home?

EQUITY HOME. HowDO. we stay in. our family. home? HowDO we stay in our family home? HOME EQUITY loan Welcome If you want the financial freedom to spend your retirement how you choose, with independence and dignity, you should talk to us. A Heartland Home

More information

Equity Finance Mortgage (EFM)

Equity Finance Mortgage (EFM) Introducing the award-winning Equity Finance Mortgage (EFM) Best New Product of the Year 2007 Best New Product of the Year 2008 What is an EFM? An Equity Finance Mortgage (EFM) is an award-winning home

More information

Sydney Wyde Mortgage Fund ARSN 108 342 123

Sydney Wyde Mortgage Fund ARSN 108 342 123 Sydney Wyde Mortgage Fund ARSN 108 342 123 Benchmarks and Disclosure Principles Report for ASIC Regulatory Guide 45 as at 30 June 2015 The following report describes each of the benchmarks and disclosure

More information

Shared Home Investment Plan Limited. because life is worth living

Shared Home Investment Plan Limited. because life is worth living Shared Home Investment Plan Limited because life is worth living About S.H.I.P.? Shared Home Investment Plan Limited (S.H.I.P.) is an Irish company specialising in home equity release plans for the over

More information

EQUITY LOAN HOME STAY WHERE YOU BELONG. Seniors Finance

EQUITY LOAN HOME STAY WHERE YOU BELONG. Seniors Finance STAY WHERE YOU BELONG. HOME EQUITY LOAN Seniors Finance Welcome If you want the financial freedom to spend your retirement how you choose with independence and peace of mind knowing that unexpected costs

More information

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers

All you need to know about the. Seniors Money Lifetime Loan. Information for you, your family and your advisers All you need to know about the Seniors Money Lifetime Loan Information for you, your family and your advisers 1 Contents This brochure from Ireland s only specialist Lifetime Mortgage provider highlights

More information

Relocation With End Loan Product Specification

Relocation With End Loan Product Specification Relocation With End Loan Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank. It is for

More information

Introductory Fixed Rate Home Loan Product Specification

Introductory Fixed Rate Home Loan Product Specification Introductory Fixed Rate Home Loan Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank.

More information

What does it mean? A Glossary of terms. Home Ownership Fact Sheet. Housing Programs Department of Housing and Public Works

What does it mean? A Glossary of terms. Home Ownership Fact Sheet. Housing Programs Department of Housing and Public Works Home Ownership Fact Sheet What does it mean? A Glossary of terms There are many words that are specific to property buyers, sellers and lenders. This list is designed to explain some of these words which

More information

Equity Unlock Loan for Seniors Fact Sheet

Equity Unlock Loan for Seniors Fact Sheet Equity Unlock Loan for Seniors Fact Sheet Description Equity Unlock Loan for Seniors is a flexible financing solution for people aged 65 and over. If your clients own their own home, they may be able to

More information

Investing in unlisted property schemes?

Investing in unlisted property schemes? Investing in unlisted property schemes? Independent guide for investors about unlisted property schemes This guide is for you, whether you re an experienced investor or just starting out. Key tips from

More information

Residential Loan Agreement. General Terms and Conditions

Residential Loan Agreement. General Terms and Conditions Residential Loan Agreement General Terms and Conditions Effective Date: 1 July 2014 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

Is equity release the right choice for you? Protecting yourself If it isn t right for you, what are the alternatives?

Is equity release the right choice for you? Protecting yourself If it isn t right for you, what are the alternatives? Buyer s Guide : Content Page 1: What is equity release? Page 2: Is equity release the right choice for you? Page 3: Protecting yourself If it isn t right for you, what are the alternatives? Page 4: Lifetime

More information

Welcome to. OneFamily

Welcome to. OneFamily OneFamily Lifetime Mortgages 1 Welcome to OneFamily Welcome to our OneFamily Lifetime Mortgages. This brochure acts as an easyto-digest introduction to lifetime mortgages and provides you with a summary

More information

Equity Release Guide. Helping you make the right decision. nationwide service all lenders available personal visits. www.therightequityrelease.co.

Equity Release Guide. Helping you make the right decision. nationwide service all lenders available personal visits. www.therightequityrelease.co. Equity Release Guide 0800 612 5749 www.therightequityrelease.co.uk Helping you make the right decision nationwide service all lenders available personal visits 1 Welcome to The Right Equity Release Who

More information

A Guide to Releasing Capital from your Home

A Guide to Releasing Capital from your Home Advice for older people A Guide to Releasing Capital from your Home Advice provided by Advice for older people FirstStop Advice brings together the expertise of some of the most trusted and respected organisations

More information

Loan Accounts. Charges for specific services and accounts.

Loan Accounts. Charges for specific services and accounts. Loan Accounts. Charges for specific services and accounts. Effective Date: 22 November 2015 Fees stated are current as at the date of this brochure but may change from time to time. We will notify you

More information

Macquarie Prime Loan Facility

Macquarie Prime Loan Facility Macquarie Prime Loan Facility Product Disclosure Statement Contents Section 1 - About Macquarie Bank Limited and the Macquarie Prime Loan Facility 1 Section 2 - Benefits of a Macquarie Prime Loan Facility

More information

Residential mortgages general information

Residential mortgages general information Residential mortgages general information Residential mortgages general information 2 Contents Who we are and what we do 2 Forms of security 2 Representative Example 2 Indication of possible further costs

More information

ALL YOU NEED TO KNOW.

ALL YOU NEED TO KNOW. LIFETIME MORTGAGE LIFETIME MORTGAGES ALL YOU NEED TO KNOW 1 ALL YOU NEED TO KNOW. 2 LIFETIME MORTGAGES ALL YOU NEED TO KNOW CONTENTS 1. IntrODUCTION 2. AbOUT lifetime mortgages 3. FeaturES of our lifetime

More information

Loan Accounts. Charges for specific services and accounts.

Loan Accounts. Charges for specific services and accounts. Loan Accounts. Charges for specific services and accounts. Effective Date: 15 April 2013 Fees stated are current as at the date of this brochure but may change from time to time. We will notify you of

More information

Loan Accounts. Charges for specific services and accounts

Loan Accounts. Charges for specific services and accounts Loan Accounts Charges for specific services and accounts Effective Date: 15 April 2013 Fees stated are current as at the date of this brochure but may change from time to time. We will notify you of changes

More information

HEARTLAND BANK HEARTLAND HOME EQUITY LOAN LOAN DETAILS

HEARTLAND BANK HEARTLAND HOME EQUITY LOAN LOAN DETAILS HEARTLAND BANK HEARTLAND HOME EQUITY LOAN LOAN DETAILS Sentinel Custodians Limited (Sentinel) of Level 1, 87 Hurstmere Road, Takapuna, Auckland 0622 offers you a Heartland Home Equity Loan on the terms

More information

First Time Buyer Mortgage Information

First Time Buyer Mortgage Information First Time Buyer Mortgage Information If you re thinking about a Mortgage for your first home talk to us today A good time to talk to us? We re here to listen and help you whenever you need to talk to

More information

Reverse Mortgages. An investment research policy for using reverse mortgages

Reverse Mortgages. An investment research policy for using reverse mortgages Reverse Mortgages An investment research policy for using reverse mortgages Table of contents Table of contents... 2 At a glance... 3 Introduction... 4 What is a reverse mortgage?... 4 Advantages and disadvantages...

More information

A guide to equity release

A guide to equity release Enjoying financial freedom in retirement: Enjoying financial freedom in retirement: A guide to equity release A guide to equity release Many people see equity release as a way to ensure a comfortable retirement.

More information

SMSF Property Loans Online Product Training

SMSF Property Loans Online Product Training SMSF Property Loans Online Product Training Contents 01 SMSFs and borrowing 02 Responsibilities and licensing 03 Product overview and features 04 Fees 05 Credit policy 06 Case study 07 Next steps 01 SMSFS

More information

RELEASING CASH FROM YOUR HOME

RELEASING CASH FROM YOUR HOME RELEASING CASH FROM YOUR HOME As a recommended adviser for the Society of Later Life Advisers (SOLLA) we are frequently asked to advise on home income/equity release plans. These notes are designed to

More information

REVERSE MORTGAGE GUIDE

REVERSE MORTGAGE GUIDE REVERSE MORTGAGE GUIDE Retire comfortably with a Reverse Mortgage CRAIG MINTON - AMERICAN NATIONWIDE MORTGAGE - 757-254-1331 Introduction Hello my name is Craig Minton, Regional Manager and Reverse Mortgage

More information

Effective Date: 15 April 2013. Loan Accounts. Charges for specific services and accounts

Effective Date: 15 April 2013. Loan Accounts. Charges for specific services and accounts Effective Date: 15 April 2013 Loan Accounts Charges for specific services and accounts Fees stated are current as at the date of this brochure but may change from time to time. We will notify you of changes

More information

Equity Release Guide. www.seniorissues.co.uk

Equity Release Guide. www.seniorissues.co.uk Equity Release Guide www.seniorissues.co.uk For more information or to speak to one of our trained advisers please telephone our Senior Issues Team on 0845 855 4411 The Caesar & Howie Group 7/3/2008 EQUITY

More information

CAVENDISH EQUITY RELEASE. The Essential Guide. Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985

CAVENDISH EQUITY RELEASE. The Essential Guide. Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985 CAVENDISH Equity Release TRUSTED & IMPARTIAL ADVICE SINCE 1985 EQUITY RELEASE The Essential Guide INDEX Welcome to Cavendish Equity Release 3 How can Equity Release be used? 4 Why is specialist advice

More information

Equity release. A guide for those considering unlocking the value in their home

Equity release. A guide for those considering unlocking the value in their home Equity release A guide for those considering unlocking the value in their home Purpose Equity release is a big decision that will affect the rest of your life. It will mean giving up full control over

More information

Home and Investment Loans

Home and Investment Loans Head Office 117 Camberwell Road Hawthorn East VIC 3123 PO Box 338 Camberwell VIC 3124 Branch Office 687 Mt Alexander Road Moonee Ponds VIC 3039 PO Box 210 Moonee Ponds VIC 3039 victeach.com.au 1300 654

More information

Talk to us first... Equity Release. Mortgages & Finance. Investments, Pensions & Personal Protection

Talk to us first... Equity Release. Mortgages & Finance. Investments, Pensions & Personal Protection Talk to us first... Mortgages & Finance Equity Release Investments, Pensions & Personal Protection Why talk to? As Independent Financial Advisers we will work closely with you to help plan your finances

More information

INDUSTRY SUBMISSION. Australia s Future Tax System Retirement Income

INDUSTRY SUBMISSION. Australia s Future Tax System Retirement Income INDUSTRY SUBMISSION Australia s Future Tax System Retirement Income February, 2009 1 Disclaimer: This submission was developed by the Author and is based on discussions with a range of market practitioners

More information

ANZ Loan. Terms and conditions

ANZ Loan. Terms and conditions ANZ Loan Terms and conditions Introduction Thank you for choosing an ANZ Loan When you take out a loan, various terms and conditions apply to it. These are covered in this booklet and in your Loan Agreement.

More information

A change for the better. Schedule of Fees Lending 1st July 2009

A change for the better. Schedule of Fees Lending 1st July 2009 A change for the better Schedule of Fees Lending 1st July 2009 Establishment fees Personal Finance An establishment fee applies to all credit facilities and includes the cost of processing the application

More information

Home Loan Customer Consent Pack

Home Loan Customer Consent Pack Commonwealth Bank of Australia ABN 48 123 123 124 Australian credit licence 234945 Home Loan Customer Consent Pack Purpose This document tells you about: why we collect your personal information and how

More information

Home Loans. Talk to us today.

Home Loans. Talk to us today. Home Loans Talk to us today. Since 1875 we ve helped more than half a million people buy their dream home. It s what we do best. With 140 years of home loan know-how, you won t find a more experienced

More information

Financial services guide

Financial services guide Financial services guide The Financial Services referred to in this guide are offered by: Dixon Advisory & Superannuation Services Ltd ABN 54 103 071 665 AFSL 231143 A hard copy of this document is available

More information

Seniors Access Home Loan (SAHL) Product Specification

Seniors Access Home Loan (SAHL) Product Specification Seniors Access Home Loan (SAHL) Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank. It

More information

A Guide to. Self Invested Personal Pension Schemes (SIPPS)

A Guide to. Self Invested Personal Pension Schemes (SIPPS) A Guide to Self Invested Personal Pension Schemes (SIPPS) Prepared by: John Hebblethwaite APFS CFP Chartered Financial Planner Managing Director May 2011 Contents Introduction... 3 Eligibility... 4 Contributions...

More information

Lending Terms & Conditions. Current as at 23 November 2015

Lending Terms & Conditions. Current as at 23 November 2015 Lending Terms & Conditions Current as at 23 November 2015 1 Contents About this Brochure... 3 Part 1 - All Contracts... 3 1. Your Contract... 3 2. Acceptance... 3 3. Definitions and Interpretation... 3

More information

A Guide to. Small Self Administered Pension Schemes (SSAS)

A Guide to. Small Self Administered Pension Schemes (SSAS) A Guide to Small Self Administered Pension Schemes (SSAS) Prepared by: John Hebblethwaite APFS CFP cm MIoD FRSA Certified Chartered Financial Planner Managing Director April 2014 Contents Introduction...

More information

The finer details. ANZ Loan. Terms and conditions

The finer details. ANZ Loan. Terms and conditions The finer details ANZ Loan Terms and conditions Everything you need to know about the terms and conditions of your ANZ loan Thank you for choosing an ANZ loan. When you take out a loan, both you and ANZ

More information

Information Booklet. Delivered by. Department of Health and Human Services

Information Booklet. Delivered by. Department of Health and Human Services Information Booklet Delivered by 1 Department of Health and Human Services Contents What is HomeShare? How does HomeShare Work? Am I eligible for HomeShare? What property could I buy with HomeShare? What

More information

RELEASING CASH FROM YOUR HOME

RELEASING CASH FROM YOUR HOME RELEASING CASH FROM YOUR HOME As a recommended SOLLA adviser we are frequently asked to advise on home income/equity release plans. These notes are designed to provide some general background to clients

More information

Home and Investment Loans. Be ready to make your move.

Home and Investment Loans. Be ready to make your move. Home and Investment Loans Be ready to make your move. We ve got what you need to make things happen. Whether you re thinking of buying your first home, your next home, an investment property, switching

More information

RESIDENTIAL LOAN AGREEMENT. General terms & conditions

RESIDENTIAL LOAN AGREEMENT. General terms & conditions RESIDENTIAL LOAN AGREEMENT General terms & conditions Effective Date: 23 May 2016 IMPORTANT NOTE This document does not contain all the terms of your loan agreement or all of the information we are required

More information

ANZ Margin Lending Integrated with E TRADE

ANZ Margin Lending Integrated with E TRADE ANZ Margin Lending Integrated with E TRADE The ANZ Margin Loan - Integrated with E TRADE What is margin lending? Benefits of gearing The ANZ Margin Loan is an integrated facility that allows you to trade

More information

Home Loan Facility Agreement Terms and Conditions

Home Loan Facility Agreement Terms and Conditions Home Loan Facility Agreement Terms and Conditions Terms and Conditions Effective 13th July, 2013 ABN 55 094 317 665, ACL 286655, AFSL 286655. All rights reserved. 1 2 ABN 55 094 317 665, ACL 286655, AFSL

More information

Roll-up Lifetime Mortgage Lump Sum Plus Lifetime Mortgage

Roll-up Lifetime Mortgage Lump Sum Plus Lifetime Mortgage Lifetime Mortgages Roll-up Lifetime Mortgage Lump Sum Plus Lifetime Mortgage Using the value in your home for a better retirement Just Retirement s Lifetime Mortgages Who are we? Just Retirement Limited

More information

Low Doc Portfolio Loan Request to Vary Existing Structure

Low Doc Portfolio Loan Request to Vary Existing Structure Low Doc Portfolio Loan Request to Vary Existing Structure This form is used for any of the following request: switching to a Full Doc Portfolio Loan, Subaccount closure, change of primary sub-account,

More information

Commercial Property Investment Guide. Your guide to purchasing and managing a commercial investment property

Commercial Property Investment Guide. Your guide to purchasing and managing a commercial investment property Commercial Property Investment Guide Your guide to purchasing and managing a commercial investment property Contents Introduction 1 The benefits of commercial property investment 2 Why invest in property?

More information

HOME LOAN TERMS AND CONDITIONS

HOME LOAN TERMS AND CONDITIONS HOME LOAN TERMS AND CONDITIONS Effective November 2014 RELATIONSHIP BETWEEN NEW ZEALAND HOME LENDING, NEW ZEALAND HOME LOANS AND KIWIBANK New Zealand Home Lending Limited is a home loan provider. The New

More information

A Guide to Equity Release in Retirement

A Guide to Equity Release in Retirement A Guide to Equity Release in Retirement 1. Introduction For the retirement you deserve 2. What is Equity Release? 3. Equity Release Plans The options available to you 4. The Application Process 5. Questions

More information

Bendigo Financial Planning. Financial Services Guide. 13 July 2015

Bendigo Financial Planning. Financial Services Guide. 13 July 2015 Bendigo Financial Planning. Financial Services Guide. 13 July 2015 1 Introduction This Financial Services Guide (FSG) is designed to provide you with a clear understanding of what you can expect as a customer

More information

GUIDANCE NOTE - SMSFS & PROPERTY

GUIDANCE NOTE - SMSFS & PROPERTY GUIDANCE NOTE - SMSFS & PROPERTY GUIDANCE FOR CPA AUSTRALIA PUBLIC PRACTITIONERS FINANCIAL ADVISORY SERVICES The decision to establish a self-managed super fund (SMSF) requires careful consideration. While

More information

Low Doc Home Loan Product Specification

Low Doc Home Loan Product Specification Low Doc Home Loan Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank. It is for the use

More information

Deferred payment agreements April 2015

Deferred payment agreements April 2015 Deferred payment agreements April 2015 This leaflet explains how a deferred payment agreement may help you when you move to a care home What is a deferred payment? A deferred payment is when the council

More information

Self Managed Super Fund (SMSF) Limited Recourse Loans

Self Managed Super Fund (SMSF) Limited Recourse Loans Self Managed Super Fund (SMSF) Limited Recourse Loans Memorandum Have you been searching for someone you can trust to assist with arranging both the finance and legal structure that accompanies limited

More information

Chadwick s. Equity Release

Chadwick s. Equity Release c Independent Chadwick s Financial Advisers Equity Release Contents Chadwick s IFA Page 4 Equity Release Page 5 Lifetime Mortgages Page 6 Home Reversion Schemes Page 7 Considerations Pages 8&9 Safe Guards

More information

Go Home Loan. Fees and Limits Guide. Effective June 2015. Home loans

Go Home Loan. Fees and Limits Guide. Effective June 2015. Home loans Go Home Loan Fees and Limits Guide Effective June 2015 Home loans Transaction services Go Card Withdrawal limits are subject to the redraw balance available in your Go Floating Rate account and any lower

More information

Version 0.1 Adult Social Care Deferred Payment Policy Issued: April 2015

Version 0.1 Adult Social Care Deferred Payment Policy Issued: April 2015 Adult Social Care Deferred Payment Policy 1 Introduction 1.1 This Policy details how Deferred Payment Agreements (DPAs) are to be operated by Rochdale Council from April 2015. 1.2 When a person enters

More information

Mortgage schemes improving disclosure for retail investors

Mortgage schemes improving disclosure for retail investors REGULATORY GUIDE 45 Mortgage schemes improving disclosure for retail investors September 2008 About this guide This is a guide for responsible entities, compliance committees, compliance plan auditors,

More information

Equity Release. A guide to our Lifetime Mortgage products

Equity Release. A guide to our Lifetime Mortgage products Equity Release A guide to our Lifetime Mortgage products Introducing Retirement Advantage Previously known as MGM Advantage and Stonehaven, we are a well-established company that can trace its roots back

More information

Basic Home Loan Product Specification

Basic Home Loan Product Specification Basic Home Loan Product Specification For further information www.partners.stgeorge.com.au Mortgage Central 1300 137 532 This product specification is the property of St.George Bank. It is for the use

More information

ANZ OneAnswer. Investment Portfolio. Incorporated Material

ANZ OneAnswer. Investment Portfolio. Incorporated Material ANZ OneAnswer Investment Portfolio Incorporated Material 5 May 2008 How do I read this Incorporated Material? This Incorporated Material provides further information and/or specific terms and conditions

More information

HOME LOANS AND LINES OF CREDIT

HOME LOANS AND LINES OF CREDIT HOME LOANS AND LINES OF CREDIT GENUINE LOANS FOR REAL PEOPLE Product Information Brochure Effective from 1 November 2014 At Queensland Country we offer genuine home loans for real people. We understand

More information

Heritage Bank. Accreditation Presentation

Heritage Bank. Accreditation Presentation Heritage Bank Accreditation Presentation Agenda 1. Who is Heritage Bank? 2. We are here to help 3. Residential mortgages 4. Product range 5. Policy guidelines 6. Tips and hints 7. The Heritage difference

More information

Pepper Home Loan Product Guide

Pepper Home Loan Product Guide Pepper Home Loan Product Guide 2 November 2015 V4.1 Find out why a growing number of brokers are sold on specialist lending For information on specialist lending including videos, case studies and modules,

More information

FIAS factsheet 4 October 2015

FIAS factsheet 4 October 2015 Deferred payment agreements in Suffolk Please note we strongly recommend that you take independent financial advice if you are considering using the deferred payment scheme from Suffolk County Council.

More information

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need

Customer Guide. to lifetime mortgages. more 2 choose a range of lifetime mortgage plans to suit every need Customer Guide to lifetime mortgages more 2 choose a range of lifetime mortgage plans to suit every need From one of the UK s largest retirement lending specialists Please speak to your adviser for further

More information

Finance Fees and Charges

Finance Fees and Charges Finance Fees and Charges ANZ BUSINESS BANKING 28.10.2015 Contents Business Finance Loan Approval Fee 3 Credit Facility Fee 4 Loan Administration Charge 6 Renegotiation Fee 7 ANZ Business Select 7 ANZ Commercial

More information

St.George Financial Planning. Financial Services Guide

St.George Financial Planning. Financial Services Guide St.George Financial Planning Financial Services Guide Issue date: 1 July 2013 Authorised for distribution by: Westpac Banking Corporation (Westpac) ABN 33 007 457 141 Australian Financial Services Licence

More information

Walshs Financial Planning Financial Services + Credit Guide Version 03.2016

Walshs Financial Planning Financial Services + Credit Guide Version 03.2016 Walshs Financial Planning Financial Services + Credit Guide Version 03.2016 The purpose of this guide is to give you information about: The services we or our advisers are authorised to provide How we

More information

Credit Suisse Tailored Loan and Options Facility Terms and Conditions

Credit Suisse Tailored Loan and Options Facility Terms and Conditions Dated 4 June 2013 Issued by Credit Suisse Investment Services (Australia) Limited (ABN 26 144 592 183 AFSL 370450) Credit Suisse Tailored Loan and Options Facility Terms and Conditions 1. OPTIONS FACILITY...

More information

For many Australians, their main form of savings over their lifetime is their home. Directing savings towards a home provides two benefits:-

For many Australians, their main form of savings over their lifetime is their home. Directing savings towards a home provides two benefits:- 1. Executive Summary For many Australians, their main form of savings over their lifetime is their home. Directing savings towards a home provides two benefits:- Ø A place to live, with security of tenure.

More information

Purchasing Practice Premises & Investment Property through your SMSF

Purchasing Practice Premises & Investment Property through your SMSF Purchasing Practice Premises & Investment Property through your SMSF Presented by: Kathy Evans August 2014 Disclaimer While all reasonable care is taken in the preparation of this presentation, to the

More information

Home Loan Booklet. Home Loan Booklet. Bendigo and Adelaide Bank Group

Home Loan Booklet. Home Loan Booklet. Bendigo and Adelaide Bank Group Home Loan Booklet Home Loan Booklet Bendigo and Adelaide Bank Group Sandhurst Trustees Limited ABN 16 004 030 737 Australian Credit Licence 237906 Home Loan Contract Terms and Conditions National Mortgage

More information

Understanding gearing Version 5.0

Understanding gearing Version 5.0 Understanding gearing Version 5.0 This document provides some additional information to help you understand the financial planning concepts discussed in the SOA in relation to gearing. This document has

More information

SPANISH LIFETIME MORTGAGE

SPANISH LIFETIME MORTGAGE SPANISH LIFETIME MORTGAGE The following presentation relates to a Lifetime Mortgage which is available to European owners of Spanish Residential properties who are fluent in English. Golden Age Distribution

More information

[4.8.6] Deductibility of Loan Interest (section 97(2)(e))

[4.8.6] Deductibility of Loan Interest (section 97(2)(e)) [4.8.6] Deductibility of Loan Interest (section 97(2)(e)) 1. Introduction The deductions which can be made in computing taxable Case V rental income are set out in Section 97(2) TCA 1997. Paragraph (e)

More information

Current liabilities and payroll

Current liabilities and payroll Chapter 12 Current liabilities and payroll Current liabilities are obligations that the business has to discharge within 12 months or its operating cycle if longer than one year. Obligations that are due

More information

SOHO CHINA LIMITED SOHO

SOHO CHINA LIMITED SOHO Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness

More information

Help to Buy Buyers Guide

Help to Buy Buyers Guide Help to Buy Buyers Guide Homes and Communities Agency http://www.homesandcommunities.co.uk/helptobuy Page 1 of 27 Key information Buyers using this scheme must provide security in the form of a second

More information