Reverse Mortgages

What is a Reverse Mortgage?

How does a Reverse Mortgage differ from a conventional Mortgage?

How much can I borrow?

What steps are involved in arranging a Reverse Mortgage?

What are the key eligibility criteria for a Reverse Mortgage?

Will I still continue to own my property?

What can Reverse Mortgage funds be used for?

What are the advantages and disadvantages of Reverse Mortgages?

Product Features and Loan conditions

What is the minimum Reverse Mortgage loan amount?

Must I live in the property which is security for the loan?

Are all types of property acceptable as loan security?

Must I give my property title to the lender?

Who should own the property and who should be the borrowers?

Can I arrange a Reverse Mortgage loan if my home is already mortgaged to another lender?

What is an "Equity Protection Option"?

What is a "No Negative Equity" Guarantee?

Is there a specific Reverse Mortgage loan term?

How can I take the Reverse Mortgage funds?

Do I have to make regular monthly repayments?

Does the loan balance increase?

Can I make voluntary Lump Sum partial repayments?

Can I remain in my home indefinitely?

Can I move to another home and still keep my loan?

Can I borrow more later on?

Do I need to insure and maintain the property?

Who benefits from increases in the property's value?

Can I estimate the future loan balance and remaining equity in my home?

When does the loan have to be fully repaid?

Are there any penalties for fully repaying the loan early?

What happens if I need to move into permanent Aged Care?

When I die, do my children have to sell my home and repay the loan?

Other Important Considerations

What specialist advice should I receive?

Will a Reverse Mortgage affect family inheritance?

Should I consider other alternative solutions?

What Safeguards should I look for?

Are Reverse Mortgage funds taxable in the hands of the borrower?

Interest rates / Establishment fees / Possible future charges

Do I have a choice between variable and fixed rates?

What fees and charges are payable to establish the loan?

What other possible fees may be payable?

Accommodation Bonds

What is an Accommodation Bond?

Must I sell my home to raise an Accommodation Bond?

How can I raise funds for an Accommodation Bond?

Can I now rent out my home and still benefit from new exmptions?

Can I rent my home to family members?

What are the advantages of arranging a Reverse Mortgage to fund a bond?

What are the main eligibility criteria for an Accommodation Bond?

Is the amount that I can borrow dependent on my age?

Can Reverse Mortgage Accommodation Bonds be structered flexibly to suit new
exemption rules?

Can I repay the Reverse Mortgage Accommodation Bond loan at any time?

Should I discuss Accommodation Bond details with my Financial Adviser?

When I die, how is the Acccommodation Bond loan repaid?

Home Loans

What types of variable rate home loans are available?
What is the maximum loan to value percentage I can borrow?
Can I have a combination of Fixed and Variable rates?
Can I "lock in" my fixed rate prior to settlement?
What is a Parental Guarantee?
What do lenders look for in assessing a loan application?
Do I need to prove genuine savings?

Investment Loans

Should I consult my accountant before investing?

Can I use my existing home to purchase an investment property?

Should I borrow 100% of the investment property price?

Should I take a fixed or variable interest rate?

Should my loan be “Principal & Interest” or “Interest only”?

Equity Access Loans/Line of Credit

What is an Equity Access Loan (or Line of Credit)?

How can an Equity Access Loan be used?

Are regular monthly payments required on these loans?

Can I use my Equity Access Loan for different purposes at the same time?

If I make lump sum payments, can I access this money again?

Can I leave my Equity Access Loan on a nil balance?

Am I charged interest on the whole credit limit?

Refinance Loans

What types of loans can be refinanced?

What are the possible advantages of refinancing?

What are the possible disadvantages of refinancing?

How long does it take to refinance my existing mortgage loan?

Should I consider refinancing my existing loan(s) with my current lender?

Deposit Bonds

Contact us

Why use a PLAN Member?

10 Easy Steps to Home Ownership

Overview
Step 1. Determine your budget

Step 2. How much house for your money

Step 3. Good loan hunting

Step 4. Shop for the best deal

Step 5. Get the application approved

Step 6. Legal legwork

Step 7. Time to buy

Step 8. Deposit time

Step 9. The Waiting Game

Step 10. Settlement At Last

Property Related Press

Stamp Duty

FAQ's

Frequently Asked Questions about
Reverse Mortgages

Frequently Asked Questions about
Accommodation Bonds

Frequently Asked Questions about
Home Loans

Frequently Asked Questions about
Investment Loans

Frequently Asked Questions about
Equity Access Loans

Frequently Asked Questions about
Refinance Loans

 

 

Loan Calculators

Borrowing Power Calculator

Calculate how much money you can borrow based on your financial circumstances

Extra Mortgage Repayments Calculator

Calculate how much time and money you could save by making extra loan repayments on your mortgage

Mortgage Loan Repayments Calculator

Calculate how much your repayments would be for a specified loan amount

Mortgage Lump Sum Repayments Calculator

Calculate how much time and money you could save by paying in a lump sum amount on your mortgage

Reverse Mortgage Calculator

Calculate how much you are able to borrow using the formula applied by most lenders

Reverse Mortgage Calculator

Calculate loan balances, house values and remaining equity over time.
(excel spreedsheet, please enable macros)

Mortgage Split Loan Repayments Calculator

Calculate the payment effects of splitting your loan into fixed and variable interest portions

Stamp Duty Calculator

Calculate the stamp duty on both your property and loan, for all Australian states.