Household Capital Refinance Variable Home Loan - finder.com.au

Household Capital Refinance Variable Home Loan

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If you're over 60 and have a mortgage but want to refinance to a reverse mortgage for your retirement, check out the Household Capital Refinance Variable Home Loan.

It's hard for older borrowers to refinance a mortgage, especially when they want to use some of their equity to retire. The Refinance Variable Home Loan from Household Capital allows older borrowers to do just that: switch from a traditional mortgage to a reverse mortgage.

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Richard Whitten is a senior writer at Finder, and has been covering home loans and the property market in Australia for the last 4 years. He has written for Yahoo Finance, Money Magazine and Homely, as well as multiple banks and lenders. Richard has a Certificate IV in Finance and Mortgage Broking, a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communication. He enjoys helping people understand the ins and outs of mortgages so they can make smarter property decisions. Richard trained as a high school teacher but found it easier to manage personal finances than a classroom full of kids. Before joining Finder, he edited textbooks and taught English in South Korea.

Expert review

If you're an older borrower and you've built up a fair amount of equity, you can use the Refinance Variable Home Loan to cover your retirement costs while still paying off your existing mortgage.

It's a reverse mortgage you can refinance into. The lender receives its full payment plus interest when you pass away or sell the property. But you can choose to make regular repayments as well.

About this loan

What are the features and benefits of the Household Capital Refinance Variable Home Loan?

  • Loan amount. The Household Capital Refinance Variable Home Loan has a minimum loan amount of $50,000. There is a maximum loan amount of $1,000,000.
  • Loan-to-value ratio. You can borrow up to 50% of the equity in your home.
  • Eligibility. You must be at least 60 years of age to qualify for this loan.
  • Repayment flexibility. The Household Capital Refinance Variable Home Loan has flexible repayment options. You can repay the loan earlier if you wish.

What fees and charges come with this loan?

  • Application fee. 1.5 percent on drawn amount. This fee is charged at application and is a percentage of the amount you draw down.

How to apply

If you think the Household Capital Refinance Variable Home Loan is right for you or wish to learn more, click the green button above. You'll be directed to the Household Capital website, where you can talk to a finance specialist.

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