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Reverse Mortgage Home Loans - BankWest - Seniors Equity Release Home Loan

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BankWest
Comparison Rate 7.69%
Amount $200,000
Term 30 years
Monthly Payment Est. $1,419.03
Total Amount Paid Est. $511,540
Establishment Fee $700.00

7.65%

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Loan Features for BankWest - Seniors Equity Release Home Loan
Seniors Equity Release used to supplement pension or superannuation income for personal use only. To assist in the relocation of one or both owners to retirement accommodation without having to sell their property. This product allows seniors to access the equity in their home to enjoy the fruits of their labour, e.g. take a trip, home renovations or buy a car, without having to sell their property.
Applicants are required to obtain legal advice as part of the requirements of this product at applicants own expense.

This loan is suitable for
At least one borrower must be aged 65 or over and any additional borrowers must be of a minimum age of 60

Home Loan Loan Term
Ongoing Term

Home Loan Loan Size
Minimum Loan amount $20,000 Maximum loan amount $250,000

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Home Loan Repayment Type
No repayments are required during the life of the loan, all fees & interest are capitalised. The loan will be repaid upon the earliest of the following: sale of the property, another mortgage is entered into, within 6 months of death of the last surviving borrower or upon settlement of the estate of the same.

Repayment Options
No repayments required during the life of the loan with interest, fees and charges being capitalised to the loan (repayment will be from the sale of the property, when another mortgage is entered into, on the death of the last surviving borrower.

Extra Repayments
Extra payments can be made without incurring any penalties or fees to the loan at any time. These funds will be recognised as a surplus amount and can be accessed under normal home loan redraw conditions.

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Split Loan Facility
Not available

Offset
Not applicable

Redraw Facility
Minimum of $1,000 $50 redraw fee applies
Terms and conditions apply. Only available if borrowers have made repayments into the loan account


LVR for Reverse Mortgage Home Loans - BankWest - Seniors Equity Release Home Loan

Owner Occupied Max LVR Maximum LVR 25%
Note Minimum security property value of $200,000

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Fees for Reverse Mortgage Home Loans - BankWest - Seniors Equity Release Home Loan

Application Fee $700
If the customers legal costs are above $300 the customer will be required to pay the additional costs
No monthly loan maintenance fee
Partial draw-downs will attract a fee of $100 (refer notes section)
Rework fee $100 to be charged when a customer initiates a change to the terms of their application after Loan documents have been issued.
Express Courier Fee $7.87 (payable for all non WA Based Housing Loan)
Legal Disbursement Fee $60 applicable to East Coast Only
Discharge Mortgage Fee Doc Prep $300
Discharge Mortgage Settlement Attendance Fee $300
No DEF is applicable

 
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The comparison rate applies only to $200,000 with a loan term of 30 years. The loan amount and term will affect the comparison rate calculation. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparsion rate calculation but may influence the cost of the loan.

This rate is to be used as a guide only and we recommend that you confirm it with the lender before acting upon it.

The information provided in this website is a guide only and may not be complete for your purposes. Ratesonline.com.au is not licensed to provide investment advice and recommends that you consult an independent financial adviser.
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