Easy Living Access Loan
The Easy Living Access Loan is Police & Nurses Reverse Mortgage option for over 60's.
What is a Reverse Mortgage?
Many senior Australians are finding that although they own their own home, they don't have the cash flow that they need to enjoy retirement.
A Reverse Mortgage, such as Police & Nurses Easy Living Access Loan, allows you to access the equity in your home to boost your retirement income, without the need to sell your property or make regular loan repayments in your lifetime.
How it works
You can borrow between $10,000 and $300,000 against the value of your home, depending on your circumstances. There is no requirement to make repayments during your lifetime. The interest rate is variable with interest and any charges debited to the loan balance monthly.
If you choose not to make repayments the loan balance will increase over time. Full repayment of the loan is required if the property is sold, when the last property owner passes away, if another home loan is entered into or if the property is not lived in by either borrower for 12 months or more.
Alternatively, if you would like to make repayments, there are a number of options to choose from including interest only repayments, lump sum repayments, or even repayment in full at any time.
Provided the terms and conditions of the loan have been met, you will never owe more than the net value of your property.
Considering a Reverse Mortgage?
Before taking out an Easy Living Access loan you should:
- Consider any existing debt secured by the property that is to be repaid from the proceeds of the loan.
- Obtain independant legal advice prior to proceeding with the loan
- Consult with Centrelink and an independent financial advisor to determine any social security and taxation implications
- Contact your family members and discuss your plans
- If you want to leave your property free of debt to family or friend's you should not apply.
In addition, both partners living in the house need to be over the age of 60 to qualify for the loan.
Police & Nurses is a member of Senior Australians Equity Release Association (SEQUAL)
| Interest Rate (%pa) |
Variable interest rate |
| Choice of repayment options |
|
| Top up your loan* | Loan top ups are available if you need to borrow additional funds |
| Redraw facility* |
Redraw facility is available. Allows you to access repayments you have made Minimum redraw $2,000 |
| Minimum loan amount | $10,000 |
| Maximum loan amount | $300,000 |
| Loan term options | No minimum or maximum loan term |
| Conditions | View Police & Nurses Easy Living Access Loan terms and conditions |
Contact us on 13 25 77 for further information or visit your nearest Police & Nurses branch.
Disclaimer: All home loans are subject to application approval. Standard lending criteria, terms, conditions, fees and charges apply. ^The Comparison Rate is based on a loan of $150,000 for a term of 25 years with repayments made monthly. The comparison rate applies only to the example given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. You can view the Comparison Rate Schedule or request a copy from any Police & Nurses branch. Conditions may vary in different states. Please contact Police & Nurses Credit Society for further information.