Reverse Mortgage Home Loan - St George Bank - Seniors Access

Comparison Rate	7.42%
Amount	$200,000
Term	30 years
Monthly Payment Est.	$1,369.78
Total Amount Paid Est.	$497,750
Establishment Fee	$950.00

7.29%

Target Market
The St.George Seniors Access Home Loan enables retired people to utilise the equity in their home. In their owner occupier home. ,
Many retired people are now finding the increasing cost of living is eating ,
into their savings and eroding their standard of living. These people have ,
their home as their major asset but they are reluctant to sell and ,
downgrade their home to generate cash. The St.George Seniors Access ,
Home Loan is aimed specifically at these "asset rich, income poor" ,
retirees and pensioners. ,
The St.George Seniors Access Home Loan will enable the borrowers to ,
remain in their home while being able to maintain a more comfortable ,
lifestyle in retirement. ,
Note both Independent Legal & Financial Advice will be required prior to settlement.

Acceptable Income
Not applicable.

Home Loan Loan Term
There is no set loan term. However should any of the events detailed
below occur, the loan contract ends and the total amount owing
becomes payable see Special Notes section

Home Loan Loan Size
Minimum - $10K ,
Maximum determined by borrowers age refer LVR for further information contact BDM ,
If loan is a joint application and one customer is 63 and the other is 80+, ,
then use the younger applicants age to determine LVR and maximum loan amount available.

Home Loan Repayment Type
The interest rate will be the St.George Seniors Access Home Loan ,
Variable rate.

Repayment Options
One repayment only is required Upon the death of the last surviving borrower. ,
Upon the sale or transfer of the security property. ,
If the borrowers do not live in the property for a period of more than 6 consecutive months, the customer is required to advise St.George that they will not be living in the property (and obtain our prior consent). ,
If a lease or licence is granted to occupy the security for a period of greater than 6 months, the customer is required to advise St.George that this property will be leased (and obtain our prior consent). ,
If the value of the security property is materially adversely affected by the borrower's act or omission. ,
If the borrowers have misrepresented their age or ownership of the property. ,
During the loan term, all interest amounts and other fees and charges ,
are added each month to the balance owing on the loan account, ,
therefore increasing that balance. This is known as capitalising. ,
The repayment required equals the total amount owing including the ,
original loan amount, plus the capitalised Interest and fees and charges ,
that have accrued over the life of the loan.

Extra Repayments
Borrowers may make payments during the term of the loan if they wish. ,
There is no charge for these payments.

Split Loan Facility
Not applicable.

Offset
Mortgage Equaliser, or 100% interest Offset, is now available on our Seniors Access Home Loan for no extra costs ,
This feature would normally attract a $5 per month service fee and, if established after settlement, also attracts an establishment (facility) fee of $150, however, with our St.George Seniors Access Home Loan it’s free of both the monthly and facility fees

Redraw Facility
Access to Voluntary Payments - The minimum amount available is $2,000. ,
In this instance the Settlement Processing Fee of $100 will be charged. This $100 fee will be payable instead of the $500 increase establishment fee. Also, no additional financial and legal advice is required, as they are not borrowing more than the amount approved under the original contract.

LVR for Reverse Mortgage Home Loan - St George Bank - Seniors Access

Owner Occupied Maximum LVR 25% ,
Investment Maximum LVR 0% ,
Construction Maximum LVR 0% ,
Refinancing Maximum LVR 25% ,
Owner Occupier - Customers Aged 63 upwards In certain geographic areas otherwise minimum age is 65. ,
Borrowers Age, Maximum LVR & Loan Amounts and security locations apply as per policy. ,
FASTRefi® is a process that allows settlement for refinancing of residential loans to be completed within days of the customer signing the loan documents. For more information on this service contact your broker support centre Mortgage Central on 1300 137 532.

Fees for Reverse Mortgage Home Loan - St George Bank - Seniors Access

Establishment Fee $950 ,
Administration Fee $10 per month. ($15 for Seniors Access Plus) ,
Settlement/Lodgement Fee:$ 100 (Fee displayed as Mortgage Preparation). ,
Discharge Settlement Processing Fee $100