Reverse Mortgages

Purchase, refinance, equity release (home improvements, ongoing income support, car purchase or maintenance, medical needs, travel and holidays, in home or residential aged care, gifts, etc.) of owner occupied or holiday home residential property.

If the funds are being used for gifting or investment, further documentation may be required.

• $50,000

• Brighten Life^®
  $3,000,000
• Brighten Life^® Plus
  Category 1 and Category 2: $5,000,000
  Category 3: $2,000,000
  Loan amounts above these limits may be considered on a case-by-case basis. Properties located outside Categories 1, 2, and 3 may be subject to an interest rate risk loading, with maximum LVR and loan amounts assessed individually.

• If greater than $50,000 documentary evidence i.e. home improvement quotes, car purchase agreement, etc. must be provided and, where practical, controlled disbursement will be considered.

• Brighten Life^®
  15% at age 55
  + 1% each birthday following 
  
• Brighten Life^® Plus
  Category 1 and Category 2: $5,000,000
  Category 3: $2,000,000
  Loan amounts above these limits may be considered on a case-by-case basis. Properties located outside Categories 1, 2, and 3 may be subject to an interest rate risk loading, with maximum LVR and loan amounts assessed individually.
  

• Brighten Life^®
  Up to 5 unsecured debts
  (max. 3 credit cards, tax debts not accepted)
  
• Brighten Life^® Plus
  Unlimited number of debts including payout of tax debts

• Brighten Life^®
  Category 1 and Category 2 postcodes. Minimum property value of $200,000.
• Brighten Life^® Plus
  Category 1, Category 2, and Category 3 postcodes (Cat 3 requires a full valuation at cost). Minimum property value of $200,000.

• No bankrupt or judgements on credit file.
• Defaults must be paid or unpaid of up to $5,000 to be cleared by loan.
• Arrears accepted.
• Council/body corporate arrears accepted.
• Non-insured accepted, if insurance will be taken out.
• Any unfavourable credit history (including rates arrears or no insurance) may trigger further assessment/conditions.

Brighten Life^® Plus

• No bankruptcy.
• Judgements accepted if paid or up to $10,000 unpaid if to be cleared by loan.
• Defaults must be cleared by loan.
• Any unfavourable credit history (including rates/insurance) may trigger further assessment/conditions.

Borrowers must reside in Australia and be a citizen or permanent resident.

• Variable rate

• BPAY

• Funds can be drawn as one lump sum upfront or are placed in the available drawdown sub-account for future needs to draw as required. Interest is not charged for funds which are not drawn down –it is charged on the outstanding total loan balance.
• Redraw for loan repayments is also available.
• Requests are to be made online for prebooked draws of up to $9,750 limit.
• Online self-service also allows regular loan draw up to this amount and can be setup via installments.
• Larger draws, or ones which require a credit review, will be charged $50 per draw (manual draw fee).

Each account comprises of a loan account and an available drawdown sub-account. The sub-account is where loan repayments can be made (and available to redraw).

• Lifetime (repayable when property is sold or last remaining borrower ceases to reside in their owner-occupied home, which may or may not be the security).

• All owners must be borrowers and aged 55 or older.
• If the applicant is part of a couple, but only one member owns the security, and they both reside in the security, both must still be applicants and will be borrowers under the loan agreement.
• It is noted that Individuals who are neither the applicant or owner (such as children) may also reside in the security –they will be required to sign an occupants declaration.
• Online self-service also allows regular loan draw up to this amount and can be setup via installments.
• Larger draws, or ones which require a credit review, will be charged $50 per draw (manual draw fee).

• Independent legal advice on the loan offer once issued is mandatory for all applications.
• If the loan is for business or investment purposes it may be considered but will be subject to credit review and, if agreed to, documented independent financial advice (a financial planner or accountant).
• It is recommended all applicants discuss the loan application with their immediate family and any beneficiaries.
• All applicants should review their government entitlements and determine whether they will be altered by taking out this loan. In some cases, it will be a requirement that a documented interview is completed with a Services Australia Financial Information Services Officer.

• Where the Credit Assessor deems appropriate the cash out may be required to be controlled / additional documentation required regardless of cash out amount.
• All cash out must be disbursed into an Australian bank account in all applicants’ names.
• Applications under Power of Attorney will be accepted, subject to conditions.