Reverse Mortgages
Reverse mortgages allow customers that are over the age of 65 and own their own home to access the equity in their property. The facility can be used to supplement the pension or superannuation payments, assist in the relocation to retirement accommodation or any personal purpose that takes your customers fancy.
No repayments are required for the life of the loan with interest, fees and charges capitalised monthly onto the loan. Voluntary lump sum or regular repayments are accepted at any time without penalty and these repayments are recognised as surplus funds, available for redraw when needed.
Lending for Self Managed Super Funds (SMSF)
As a result of amendments to the Superannuation Industry (Supervision) (SIS) Act 1993, Complying Self Managed Superannuation Funds (SMSF's) are now permitted to borrow to acquire assets they would otherwise be permitted to acquire. Potential benefits on Lending for SMSF include:
- Acceleration of wealth accumulation
- Afford the unaffordable
- Diversification of assets
- Capital gains tax benefits
- Ability to claim a deduction for the interest
- Ability to acquire real business property for lease to a related buisness operation