Reverse Mortgage Home Loan - Commonwealth Bank - Equity Unlock for Seniors

Comparison Rate	7.48%
Amount	$200,000
Term	30 years
Monthly Payment Est.	$1,376.58
Total Amount Paid Est.	$500,990
Establishment Fee	$950.00

7.34%

Target Market
Equity Unlock Loan for Seniors is a flexible financing solution for people aged 65 and over. If your clients own their own home, they may be able to supplement their income without limiting their lifestyle or selling their home. The Equity Unlock Loan allows them to access the equity in their home for personal purposes.

Acceptable Income
An eligible applicant must be 65 years of age or older, and is the owner of and resides in the residential property being offered as security. In the case of multiple applicants, all applicants must be 65 years of age or older and hold title to the property as either joint tenants or tenants in common. At least one of the applicants must reside in the property. ,
It is mandatory that independent legal advice is obtained and a Statutory Declaration is signed. ,
It is mandatory that independent financial advice is obtained and the Estate Planning and Financial Advice Certificate is signed.

Home Loan Loan Term

Home Loan Loan Size
Minimum: $20K ,
Maximum $425K

Home Loan Repayment Type
There is no contracted minimum repayment. Interest, fees and charges will capitalise over the duration of the facility.

Repayment Options
Repayment frequency Regular loan repayments are not required. Customer can make repayments.

Extra Repayments
Permitted.

Split Loan Facility
Not applicable.

Offset
Not applicable.

Redraw Facility
Yes.

LVR for Reverse Mortgage Home Loan - Commonwealth Bank - Equity Unlock for Seniors

Owner Occupier Maximum up LVR 45% ,
Refinance Maximum up LVR 45% ,
The Equity Unlock Loan for Seniors facility limit is assessed on the age of the youngest applicant and the loan to value ratio. The limit available must fall between the acceptable limit range. ,
,
Minimum/Maximum Amount and Lending Margins ,
,
Customers Min & Max Limit Max LVR ,
Aged ,
65 to 69 $20k to $275k 20% ,
70 to 74 $20k to $325k 25% ,
75 to 79 $20k to $375k 35% ,
80 to 84 $20k to $400k 40% ,
85 plus $20k to $425k 45% ,
Any personal purpose. Refinance any existing loan where the original purpose was for personal use only.

Fees for Reverse Mortgage Home Loan - Commonwealth Bank - Equity Unlock for Seniors

Application Fee $950 ,
Security Fees $150 or each additional security (excludes guarantees) ,
Monthly Loan Service Fee $12 ,
Limit Increase Fee $300 ,
Settlement Attendance Fee - $150 this fee is payable when the Bank (or its representative) is required to attend settlement for the purchase of a security property, or for the refinance of a loan with another credit provider ,
Settlement Fee - Discharge: $350 ,
Access Funds can be accessed via cheque, over the counter withdrawal, ATM/transaction card, ,
EFTPOS, EFTPOB and Maestro/Cirrus. Funds can also be transferred using NetBank, telephone and BPAY.