Financial Advisers and Accountants

Homeowners aged 60+ can access a Household Loan. Please note, if there is more than one person on the title, both parties need to be aged 60+.

As long as your client meets the age requirement, retirement is not a prerequisite.

Please send details to [email protected] and one of our specialists will be in touch to discuss it with you.

Yes – as long as the LVR accommodates the outstanding balance, a mortgage (or other debts) can be discharged.

Yes – your client can draw a regular fortnightly or monthly income stream and draw capital to meet a range of needs.

The minimum loan size is $50,000, the maximum is $2,000,000.

The LVR is based on your client’s age. The maximum LVR is 15% at 60 years old and 45% at 90+ years old. The LVR increases by 1% for each year – e.g. at 65 the LVR is 20%.

The maximum LVR is set at the youngest applicant or approved occupant.

The LVR is applied to the valuation of the property to determine maximum loan facility size. A higher LVR (+ 5%) may be available for non-discretionary purposes, such as refinancing a home loan.

Owner occupied residential property, including houses, apartments and units located on less than five hectares. Secondary properties can also be considered.

The average period is 4 weeks, and less for clients who use our digital journey. However, there may be complex situations where the process takes longer. Refinancing a home loan can often take longer because it’s subject to the outgoing lender confirming settlement date.

Reverse mortgage regulations require we must deal with “a natural person”; this unfortunately rules out a Household Loan for clients who own property through another structure.

If the client owns an over 55 strata title apartment this is possible, however for retirement villages and leasehold retirement communities we are unable to take security over any land and so cannot assist.

Clients do not require financial advice unless they are borrowing funds to invest in superannuation, shares or other financial investments, a strategy that would require detailed consideration.

We suggest clients borrowing to cover aged care costs (RADs or DAPs) obtain advice from an aged care advice specialist as this is a complex area.

Yes, as long as there are sufficient funds to cover any shortfall in the purchase amount. In this situation, we would need a signed copy of the sale contract and a contact (usually the real estate agent) to quickly organise a valuation.

Yes – however, it needs to be clear that the EPOA document enables a reverse mortgage to occur. Accordingly, we would prefer that the EPOA is provided early for a legal review. We also require evidence of incapacity and importantly, funds must be used for the benefit of the applicant.

In most cases there will not be an impact to the Age Pension, except where a large amount is withdrawn and invested/placed in the bank such that it impacts the client’s asset test or income test.

Reverse mortgages should be drawn down gradually and used as needed; this should not impact the pension and will minimise the amount of accrued interest. We always recommend the client speaks directly with Centrelink to ensure their pension entitlements are not impacted. Note: if a client receiving a pension is proposing to gift funds drawn from home equity, this should be checked with Centrelink which has clear gifting rules.

Once a client has a loan approved and receives their loan documentation, they are required to have an independent solicitor review the loan contract. Note: the solicitor will not need to complete any conveyancing, simply provide advice on the contract, which is written in plain English. This is for the client’s protection.

Yes – each loan is given a unique BPay number so your client can make payments into the loan as required. This helps family members or beneficiaries if they wish to pay interest. There is no penalty for early repayment.

In the situation where a property is zoned purely commercial, it is not possible.

Yes – your client can top up appreciating assets, such as superannuation or an investment portfolio, to improve the longevity of retirement funding. Please note: this purpose requires financial advice.