| Home Loan Lender |
 |
Police and Nurse Credit Society Home Loan |
|
| Home Loan Product Name |
Easy Living Access/Reverse Mortgage |
| Interest Rate |
9.75% |
Comparison Rate
Estimated |
9.88% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,288.73 |
Total Paid
Estimated |
$467,410 |
| Establishment Fee |
$850.00 |
| Enquire/Apply |
 
|
| Target Market |
Lending secured by a mortgage over residential property. There is no requirement to make repayments on the loan, which is paid back in the event of death or sale of home. |
| Acceptable Income |
Borrowers - All parties must be over 60 years of age.
,
If the home is jointly owned then the mortgage must be joint (the debt must be in the same name as the title) and all borrowers must reside in the house; if the home is owned by one party then the loan should be in that name only and this person must reside in the house.
,
NOTE: Police & Nurses have the discretion to give consent to allow one or both parties to not reside in the house for a certain period.
,
Independent legal advice must be sought by borrowers and written evidence of such advice obtained.
,
Debt servicing Ratios - There is no requirement for the borrower/s to demonstrate a capacity to repay the loan.
,
Revaluation - Secured property is subject to a valuation every 5 years.
,
Full repayment requirement if/when:
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Last property owner dies.
,
Property is sold.
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Subsequent mortgage is entered into.
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Property is not lived in by either party for continuous period of 12 months or more. |
| Loan Term |
No minimum or maximum loan term. |
| Loan Size |
Minimum loan amount $10K.
,
Maximum loan amount $300K. |
| Repayment Type |
Principal & Interest. |
| Repayment Options |
Repayments can be made but are not required.
,
Loan can be fully repaid at any time. |
| Extra Repayments |
|
| Split Loan Facility |
Not Available. |
| Offset |
Not Available. |
| Redraw Facility |
Available minimum redraw amount $2K. Nil redraw fee applicable. |
| LVR |
Maximum LVR 35% .
,
Maximum LVR 60 to 65 Years 15% .
,
Maximum LVR 65 to 70 Years 20%.
,
Maximum LVR 70 to 75 Years 25%.
,
Maximum LVR 75 to 80 Years 30% .
,
80 years plus 35%. |
| Fees |
Application Fee $850.
,
Account Keeping Fee $80 per annum. |
| Enquire/Apply |
|