Take out a loan for your dream vacation or your ideal car without worrying about looming repayments with the Seniors Equity Release Home Loan from Bankwest.
You can unlock extra funds during retirement with the Seniors Equity Release Home Loan from Bankwest. This is where you put the equity that you have built up in your home against the loan without having to make any repayments for the life of your loan.
|Product Name||Bankwest Seniors Equity Release Home Loan|
|Interest Rate Type||Variable|
|Comp Rate^ (p.a.)|
|Minimum Loan Amount||$20,000|
|Maximum Loan Amount||$2,500,000|
|Maximum Insured LVR||25%|
|Suitable for Investment||Yes|
|Available as equity loan/line of credit||Yes|
|Repayment Type||Principal & Interest and Interest Only Options|
|Ongoing Fees||$0 p.a.|
- There is $ 0 ongoing fee.
- $695 Application fee.
Things to consider about the Bankwest Seniors Equity Release Home Loan
The loan is based on the determined value of your home, and will be paid once your home has been sold or your estate settlement is complete.
You can borrow 25% or less of the value of your home with Bankwest’s Seniors Equity Release Home Loan. This loan is to be used for personal use, and can be taken all at once as a complete payment, or can be withdrawn as you require it.
You will not have to prove your income for this loan; the amount of your loan depends solely on the value of your home.
Features of the Bankwest Seniors Equity Release Home Loan
- Maximum loan amount. The maximum amount of your loan will depend on the value of, or the equity that you have built up in, your home. As you can borrow up to 25% of the value of your home, the maximum amount you can borrow will depend on that value as determined by Bankwest.
- Repayments. You will not be required to make any repayments for the duration of your loan, as it will be repaid when you sell your home or after your estate is settled.
- Withdrawal capabilities. You can withdraw funds in any amount at any time that you’d like for your loan, as long as you did not take the entire loan as a lump sum.
- No negative equity guarantee. This guarantee from Bankwest protects your estate from being charged for any extra costs that may ordinarily incur if the value of your home decreases.
- Combination discount. When you purchase insurance with Bankwest’s insurance partner, you will get a 5% discount on your home loan.
There are no ongoing fees with this loan however below are the fees that will be charged:
- Application fee : $695. This includes the administrative and legal costs that apply for the documentation that’s required when you first take out the loan
- Home loan access fee: $10. This is a one-time fee that Bankwest will take so that you can make as many withdrawals as you wish, or take the funds all at once
- Security assessment progress inspection fee: $118.50. This fee is charged for the valuation of your property when you take out this loan.
How to apply for the Bankwest Seniors Equity Release Home Loan
When you’ve thoroughly looked through the fine print on the Bankwest Seniors Equity Release Home Loan, and determined that it’s the loan for you, click ‘Go to Site’ to get started.
- Age requirements. You must be over the age of 65 to submit an application for this loan. Contact Bankwest for further details about age specifics.
- Residency. You must be an Australian citizen, or permanent Australian resident to borrow with Bankwest.
Bankwest will require that you have the following information handy when you fill out your application online or in person:
- Income and living expenses details: You will need to provide details on your income and assets and liabilities, debts, and your current ongoing living expenses.
- Personal details: Bankwest will need your name, date of birth, current address and contact information for yourself and any other person that will also be applying for the loan.
Having additional funds to supplement your retirement and help you to take care of loose ends, take a holiday, or just spend time spoiling your family is where the Seniors Equity Release Home Loan from Bankwest comes in. With this loan, you will be required to put your house up against your balance, so be sure to compare all options from Bankwest and other lenders to ensure that you get the absolute best loan for what you need.
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Bankwest Seniors Equity Release Home Loan Interest Rate History vs RBA Cash Rate Graph
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