Retirement Lifestyle Loan
(Reverse Mortgage) |
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Using your Equity to Maintain Your Lifestyle
Our lifestyle loan solves the problem of not having ready funds to either take a holiday, assist family members, buy a new car or perhaps for an additional investment or income stream.
Whatever the need, a CCU Retirement Lifestyle Loan can enhance your retirement while not sacrificing your standard of living. You can access the equity in your home to supplement your retirement income.
To be eligible Members must be 65yrs of age or over and own their home outright:
 Borrow up to $300,000 or 30% of the equity of your property (restrictions apply)
Receive the funds in one lump sum payment to use as you wish
Repayment of the loan is deferred until the property is sold or all borrowers are deceased
Make voluntary regular repayments to the loan at any time without penalty.
The following graphs are illustrative examples only to assist with the explanation of this product. The graphs should be read in conjunction with the following assumptions which display the possible effects of this product on loan balance, home equity and home value. No assurances can be given to the assumptions used in these graphs.
Important: This graph is an illustration only designed to explain this loan product. Actual property values, loan balances and equity in property over time will be unique to each borrower. The graph assumes the interest rate of 9.46% remains constant over the entire loan term, a Loan-to-Value Ratio of 25% at the time of funding, and the property value appreciation of 2% p.a. The borrowers are both aged 70 years. The loan balance includes a one-off establishment fee of $600, an administration fee of $84 per annum and a revaluation fee (at cost) every 5 years. Always seek independent financial and legal advice before taking out a reverse mortgage loan.
Important: This graph is an illustration only designed to explain this loan product. Actual property values, loan balances and equity in property over time will be unique to each borrower. The graph assumes the interest rate of 9.46% remains constant over the entire loan term, a Loan-to-Value Ratio of 25% at the time of funding, and the property value remains constant over the entire loan term. The borrowers are both aged 70 years. The loan balance includes a one-off establishment fee of $600, an administration fee of $84 per annum and a revaluation fee (at cost) every 5 years. Always seek independent financial and legal advice before taking out a reverse mortgage loan.
The life expectancy in New South Wales for males is 78 years and for females is 83 years (2004 Australian Bureau of Statistics).
For your convenience, click here to visit the Retirement Lifestlye Loan Calculator.
For more information, please contact your nearest CCU/PCU Branch.
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