Reverse Mortgage Home Loans - St George Bank - Seniors Access

This loan is suitable for
Not applicable.

Home Loan Loan Term
There is no set loan term. However should any of the events detailed
below occur, the loan contract ends and the total amount owing
becomes payable see Special Notes section

Home Loan Loan Size
Minimum - $10K
Maximum determined by borrowers age refer LVR for further information contact BDM
If loan is a joint application and one customer is 63 and the other is 80+,
then use the younger applicants age to determine LVR and maximum loan amount available.

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Home Loan Repayment Type
The interest rate will be the St.George Seniors Access Home Loan
Variable rate.

Repayment Options
One repayment only is required Upon the death of the last surviving borrower.
Upon the sale or transfer of the security property.
If the borrowers do not live in the property for a period of more than 6 consecutive months, the customer is required to advise St.George that they will not be living in the property (and obtain our prior consent).
If a lease or licence is granted to occupy the security for a period of greater than 6 months, the customer is required to advise St.George that this property will be leased (and obtain our prior consent).
If the value of the security property is materially adversely affected by the borrower's act or omission.
If the borrowers have misrepresented their age or ownership of the property.
During the loan term, all interest amounts and other fees and charges
are added each month to the balance owing on the loan account,
therefore increasing that balance. This is known as capitalising.
The repayment required equals the total amount owing including the
original loan amount, plus the capitalised Interest and fees and charges
that have accrued over the life of the loan.

Extra Repayments
Borrowers may make payments during the term of the loan if they wish.
There is no charge for these payments.

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Split Loan Facility
Not applicable.

Offset
Mortgage Equaliser, or 100% interest Offset, is now available on our Seniors Access Home Loan for no extra costs
This feature would normally attract a $5 per month service fee and, if established after settlement, also attracts an establishment (facility) fee of $150, however, with our St.George Seniors Access Home Loan it’s free of both the monthly and facility fees

Redraw Facility
Access to Voluntary Payments - The minimum amount available is $2,000.
In this instance the Settlement Processing Fee of $100 will be charged. This $100 fee will be payable instead of the $500 increase establishment fee. Also, no additional financial and legal advice is required, as they are not borrowing more than the amount approved under the original contract.
Maximum Redraw: via Internet Banking is $30,000 per day, phone and internet transfers can only be made into St George Bank accounts.

LVR for Reverse Mortgage Home Loans - St George Bank - Seniors Access

Owner Occupied Maximum LVR 25%
Investment Maximum LVR 0%
Construction Maximum LVR 0%
Refinancing Maximum LVR 25%
Owner Occupier - Customers Aged 63 upwards In certain geographic areas otherwise minimum age is 65.
Borrowers Age, Maximum LVR & Loan Amounts and security locations apply as per policy.
FASTRefi® is a process that allows settlement for refinancing of residential loans to be completed within days of the customer signing the loan documents. For more information on this service contact your broker support centre Mortgage Central on 1300 137 532.

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Fees for Reverse Mortgage Home Loans - St George Bank - Seniors Access

Establishment Fee $950
Administration Fee $10 per month. ($15 for Seniors Access Plus)
Settlement/Lodgement Fee:$ 100 (Fee displayed as Mortgage Preparation).
Discharge Settlement Processing Fee $100