WHO IS ELIGIBLE?

Singles and couples aged 60 years and over who own or substantially own their own home.

HOW MUCH CAN I LOAN AGAINST MY HOME?

You can borrow a percentage of the value of the property. The percentage is calculated in accordance to your age. At 60 years old you may lend a percentage of 15%. At 80 years old the percentage is approximately 35% to 45%.

HOW IS THE DEBT REPAID?

There is no requirement for any repayments until the last surviving borrower becomes deceased or moves into long term aged care. The debt and the capitalized interest are paid from the proceeds of the sale and the remainder goes to the beneficiary(s) of your estate.

WHAT CAN I USE THE FUNDS FOR?

The funds can be used for any worthwhile purpose. Most people use the money for general living, home maintenance, new cars, fund holidays, medical expenses and as an income stream to fund their retirement.

WHAT ARE THE INTEREST RATE AND FEES?

An equity loan against your home can be variable or fixed. Rates and fees do vary. For up to date rates and fees contact Smart Solutions Equity Release.

DO I STILL OWN MY HOUSE?

Yes – you retain ownership of your home along with the normal legal rights you have as a home owner.

CAN I EVER OWE MORE THAN MY HOUSE IS WORTH?

NO – there is a “No Negative Equity Guarantee”. This is a risk that the lender takes on. (All lenders who are Sequal members provide this guarantee).

WHAT IF I WANT TO MOVE HOUSE?

There is no problem moving house. The loan is portable. It can be transferred to your new house. The amount you are eligible for may change in accordance with the value of the new property.

CAN I LOSE MY HOME?

No, you cannot lose your home. It is your house. There are no requirements to make repayments so you cannot go into default.

WHAT IF INTEREST RATES RISE?

If you are on a variable rate loan, your interest rate may vary from time to time, up or down. If, however, you are on a fixed rate loan, your rate will never change during that fixed period. Some lenders even fix the rate for the life of the loan.

CAN I GET MORE MONEY AFTER I TAKE OUT THE LOAN?

Yes, your eligibility will increase as you get older and as the value of your property increases. There are no limits on the amount of times you can tap into the equity in your home.

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