* The Comparison Rate is calculated on a loan amount of $300,000 over a term of 30 years based on monthly payments for secured loans only.

*The Comparison Rate applies only to the example or examples given. Different amounts & terms will result in different Comparision Rates. Costs such as redraw fees or early repayment fees, and costs savings such as fee waivers, are not included in the Comparision Rates, but may influence the cost of the loan.

*Full Comparison Rate Schedule is available at Pacific Mortgage Corporation Pty Ltd

Loans For the Over 60's

Also known as "reverse mortgages" whereby the over 60's can remain in their home as long as they like without having to make any loan repayments (EVER !)

Options:

Lump sum at settlement (in full or part).
Regular monthly payments over 10 years.
Mixture of both above.

The main difference between the "equity release" loan and a standard bank loan is that the borrower(s) are not required to make repayments of principle or interest... but can do if they are able to/wish to (with that amount available as a redraw any time for any reason).

Has the option of lump sum to the borrower(s) at settlement or regular monthly payments over 10 years or a mixture of both.

Funds can be used for any reason what so ever... pay any accounts due now or in the future, allow for future medical bills, a holiday, loan to the kids, school fees for grandchildren, renovations or buy shares etc., or whatever reason you choose.

No proof of income required at all, no matter whether just pension/super etc - just a valuation of the security property.

Suitable for many older people who are asset rich but cash poor and wish to enjoy their retirement by using the equity in their home 'to live life to its fullest'.

available to anyone over 60 years of age with the amount dependent on age (the older you are the more you can borrow).
No repayments required for the life of the loan (but you make them if you wish / are able to).
Variable or fixed rates

If a couple on title, the youngest borrower must be 60 or older.
At 60 years of age you can borrow 15% of the value of your home, increasing with age to a maximum of 40% at 85 years.
No income proof required at all.
Use the funds for what ever purpose you want.
You retain ownership of your home. ie. your name(s) remain on the title.
Can have a lump sum or monthly income option (or mixture of both).
No ongoing fees & charges (however in certain circumstances one-off fees "may" apply).
Low establishment fees.
Can make lump sum repayments at any time (if on variable rate).
Minimum $50,000 - maximum $500,000.
Can refinance any existing loans (mortgages, personal loans, credit cards etc).
Loans are portable to a new home.
Can I get kicked out of my house?
NO - There is a "No Negative Equity Guarantee"- meaning the amount of equity release will NEVER exceed the value of your home.
Mortgage is held by one of Australia's oldest and largest trustee companies.

Please call us now on the FREE CALL number above to discuss this loan, or use our Contact Page to submit your questions. For a comprehensive informed response please fill out and submit our Loan Enquiry Form.