Short Description

The Commonwealth Bank's Equity Unlock Loan for Seniors is a flexible financing solution for seniors aged 65 and over. If they own their own home, they may be able to supplement their income without limiting their lifestyle or selling their home.

More Details

. The Equity Unlock Loan for Seniors enables access to the equity in the owner's home for such things as home improvements, the purchase of a new car, payment of medical expenses, taking a holiday or to supplement your income.
. The interest rate will be based off the Residential Equity Rate plus a 1% interest margin. Other charges include an establishment fee and a standard line of credit monthly account service fee.
. There will also be monthly statements, limit protections, regular property valuations and affordability reviews to keep the borrower and the Bank fully aware of the status of the loan.

Benefits include:
The choice of receiving the funds in one lump sum or drawing a set amount each week, fortnight or month, or a combination of both.
. Repayment of the loan can be deferred until the property is sold, or the borrowers no longer live in the home, or all borrowers are deceased;
. No repayments are required as all interest, fees and charges are capitalised to the loan. However, voluntary repayments can be made at any time without penalty;
. Up to 45% of the value of the property can be borrowed, subject to a maximum limit of $425,000.