For years you've watched the value of your property grow. Now, you can unlock that growth and top up your retirement income with a little extra cash.
With our Seniors Equity Release mortgage you can unlock your property's value and either draw a lump sum or smaller amounts whenever you need it. It's a logical way to supplement your retirement income and there's no repayments until your property is sold or your estate settled.
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The simple way to unlock growth and a range of other features:
- Variable interest rate of 8.15% p.a. Comparison Rate of 8.19% p.a.
- No repayments required during the life of the loan - all interest, fees and charges are capitalised monthly.
- Voluntary repayments are treated as surplus and can be accessed at any time.
- Loan can be taken as a lump sum or drawn down as needed.
- Repayment when the property is sold or within 6 months of death or settlement of the estate of the last surviving borrower, whichever occurs first.
- Application fee covers one standard valuation* and legal costs.
- No negative equity guarantee.
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Where can I obtain further information?
More information about reverse mortgages can be obtained from the Australian Securities and Investment Commission (ASIC) consumer website (known as FIDO).
Please note ASIC does not sponsor or endorse Bank of Western Australia Ltd (Bankwest) ABN 22 050 494 454 AFSL 236872 or this website or the content of any information produced by Bankwest and contained on this website. Further, Bankwest will not be liable for any loss or damage whatsover resulting from any use of ASIC's website or the information contained in ASIC's website.
#WARNING:This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.
Comparison Rate based on a loan of $150,000 for a term of 25 years with an application fee of $700.
