Reverse Mortgage Home Loans - St George Bank - Seniors Access |
 |
 |
to select a different loan amount and loan term. Currently: $150,000 over 30 years |
|
| Home Loan Lender |
 |
St George Bank Home Loan |
|
| Home Loan Product Name |
Seniors Access |
| Interest Rate |
10.67% |
Comparison Rate
Estimated |
10.63% |
| Amount |
$150,000 |
| Term |
30 years |
Monthly Payment
Estimated |
$1,368.75 |
Total Paid
Estimated |
$497,190 |
| Establishment Fee |
$750.00 |
| Enquire/Apply |
 
|
| Target Market |
The St.George Seniors Access Home Loan enables retired people to utilise the equity in their home. In their owner occupier home.
,
Many retired people are now finding the increasing cost of living is eating
,
into their savings and eroding their standard of living. These people have
,
their home as their major asset but they are reluctant to sell and
,
downgrade their home to generate cash. The St.George Seniors Access
,
Home Loan is aimed specifically at these "asset rich, income poor"
,
retirees and pensioners.
,
The St.George Seniors Access Home Loan will enable the borrowers to
,
remain in their home while being able to maintain a more comfortable
,
lifestyle in retirement.
,
Note both Independent Legal & Financial Advice will be required prior to settlement. |
| Acceptable Income |
Not applicable. |
| 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 |
| 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. |
| 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 |
|
| 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 $395 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. |
| LVR |
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. |
| Fees |
Establishment Fee $750
,
Administration Fee $10 per month. ($15 for Seniors Access Plus)
,
Settlement/Lodgement Fee:$ 100 (Fee displayed as Mortgage Preparation).
,
Discharge Settlement Processing Fee $100 |
| Enquire/Apply |
|
| Other Reverse Mortgage Home Loans |
 |
|
|
|
|
 |
| Other St George Bank Home Loan Products |
|
|
|
|
|
|
This Comparison Rate applies only to $150,000 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.
|