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A Retirement Interest Only 60+ loan delivers a more flexible solution
Many Australians over 60 years old still have home loans from the big banks. Traditional ‘principal and interest’ mortgages can drain retirement incomes and lack the flexibility needed as life changes.
A Retirement Interest Only 60+ (RIO) loan is designed for customers 60 or over. It enables customers to switch their home loan to a new, flexible, interest only loan that can change as customer’s needs change, reducing the burden of repayments and taking away the worry of a recourse loan.
Eligibility Criteria
- Borrowers aged 60+ who own residential property.
- Available in metropolitan and major regional areas
- Property value to be greater than $600,000.
- Property types include houses, apartments/ units located on less than five hectares.
- Owner occupied residential property. Secondary properties can also be considered.
Home Wealth and Cashflow Calculator
Our home wealth and cashflow calculator demonstrates how much home wealth you could unlock to improve your retirement funding.
Disclaimer: Comparison rate based on a secured loan of $150,000 over a 25 year term. WARNING: This comparison rate applies only to the example or examples 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. ^Amounts spent will be added to your Household Loan and accrue interest like any other funds drawn via your Household Loan.