Pension loans Archives

Mary and John – a client story

Mary and John had elected to retire early when John was made redundant at age 62. They had $42,000 owing on their home and their mortgage repayments were only $56.00 per week. John had $58,000 in his super account that they rolled into an allocated pension.

After 4 years of retirement, their car needed replacement and they were finding life difficult. They had been considering selling their home of 12 years and downsizing to a smaller house or unit. They did NOT want to move from their suburb and were concerned at the $15,000 odd costs of changing their home.

Read more about how they were able to maintain their lifestyle, without sacrificing any assets!

Some of our FAQs

Do I still retain the ownership of my home?

Yes, your name remains on title, like any other traditional mortgage. The lender is simply registered as having an interest like your conventional mortgage loan.

What is the acceptable age of the youngest borrower?

60 years, however, some lenders require the youngest borrower to be 70 years of age.

Are the borrowers protected under the National Consumer Credit Protection Act?

Yes, the law has been amended to include senior’s equity release loans under the National Consumer Credit Protection Act.

Read more at our main FAQs page

The revised Pension Loans Scheme Compared to a Conventional Reverse Mortgage Loan

Reverse Mortgage and Age Pension entitlements

DOWNLOAD OUR PRACTICAL GUIDE TO REVERSE MORTGAGES IN AUSTRALIA

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A Reverse Mortgage with internet banking features?