Bankwest Seniors Equity Release
Posted July 22nd, 2010
and last modified January 31st, 2012If you are a senior and have been paying off your home loan for many years you have probably seen the value of your home increase and have paid off much of your loan. It seems a waste that all this money is not being used while you may be living on a small pension. The Seniors Equity Release mortgage allows you to utilise the equity you have gained on your home to supplement your income. The Seniors Equity Release mortgage allows you to draw funds from the equity of your home so you can have a bit more money to spend.
Bankwest Seniors Equity Release
The Seniors Equity Release mortgage is a great option for seniors to unlock the equity in your home and start using it to cover some costs. The features of the Seniors Equity Release mortgage are:
- How can you draw upon funds. The Seniors Equity Release mortgage allows you to draw the funds you need in either a single lump sum or in smaller amounts whenever you need it. This will help you supplement your retirement income so you can live a bit more comfortably. However, a minimum redraw amount of $1,000 is required each time you draw on funds. Additionally, a $50 fee applies for each manual redraw. If you choose to do progressive redraws a fee of $100 will apply for each draw down.
- Repayments. The Seniors Equity Release mortgage does not require you to start repaying the loan until your property is sold or your estate is settled. So you can get the money now and not worry about repaying the loan until you are ready.
- How is the interest calculated. When you draw funds using the Seniors Equity Release mortgage all the interest, fees and charges are capitalised monthly. You can have peace of mind knowing that the amount you owe will not exceed the value of the house. And at anytime the loan can be paid with the sale of your property.
- No negative equity guarantee. Bankwest guarantees that the amount you borrow and the interest charges will not exceed the value of the home. With this guarantee you won’t have to worry that either you or any family member will be left with any amount owing that cannot be paid off by the sale of the house.
- What if you make payments. You may find that you come into a bit of money and decide to put the funds back on the loan. You can do this at any time without charge. These voluntary repayments are treated as surplus funds and you can use the free redraw facility at anytime to access these funds.
- Fees. application fee covers one standard valuation and legal costs. Bankwest will require an initial valuation to be conducted when you apply for the loan. After you are accepted for the loan additional valuations will be conducted after 10 years and every 5 years thereafter. The initial valuation is covered by Bankwest. However, each valuation after that will be will be payable by you.
When you retire it may become difficult to do all the things you want to do by only using money from a pension. The Seniors Equity Release mortgage allows you to unlock the equity in your home so you can utilise the money that you have accumulated on the house.
Read the Bankwest Seniors Equity Release Home Loan terms and conditions.
| Minimum Loan Amount | $20,000 | |
|---|---|---|
| Maximum Loan Amount | $2,500,000 | |
| Maximum LVR | 25% | |
| Maximum Insured LVR | 25% | |
| Mortgage Offset Account | No | |
| Loan Redraw Facility | No | |
| Split Loan Facility | No | |
| Fixed Interest Option | No |
| Interest Rate Type | Variable | |
|---|---|---|
| Interest Rate | 7.83% | |
| Comparison Rate | 7.87% | |
| Repayment Type | Principle & Interest | |
| Repayment Frequency | Weekly | |
| Extra Repayments | No |
| Application Fee | $700 | |
|---|---|---|
| Service Fee | $0 |
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