Login to your account

Username
Password *
Remember Me

Create an account

Fields marked with an asterisk (*) are required.
Name
Username
Password *
Verify password *
Email *
Verify email *

Reverse Mortgage

Reverse Mortgage

reverse_mortgage.jpg

Overview
Equity release products allow a person aged over 60 to use the equity they have built up in their home.
• They can use the proceeds to gift money to children, grandchildren or elsewhere, renovate the house, buy a new car, take a holiday or provide extra money for living expenses.
• With reverse mortgage products the loan does not have to be repaid while the borrower remains in the house. This means that the amount borrowed and the interest on that amount, as well as any fees levied compounds.
• For example, suppose a person borrowed $100,000 at 8.2% then the amount outstanding increases in the following way Loans

Target

Aged over 60 to use the equity they have built up in their home.

Loan Purpose

Equity release products allow a person aged over 60 to use the equity they have built up in their home.
Residential vacant land and rural residential being occupier \ investment

Loan Features

Split  Loans available up to four (4) accounts to a minimum of 10K

Loan Products

All facility included line of credit

Minimum Loan Size

 $30k (Subject to the loan scenario and to the LVR) Double security

Maximum Loan size

$1,000,000  per applicant (Subject to the loan scenario and to the LVR) Single security

Loan to Value Ratio

15% up to 45% scaling with age and the nominated Funds Advance option.

Minimum Loan Terms

Interest only from 1year to 20 years Variable interest rate
Fixed Rates from 1year to 20 years Fixed Interest rate

Maximum Loan Terms

Up to 20 years

Loan Repayment Frequency

Whilst not required, repayments can be made at anytime You may choose

Security Type

Residential vacant land and rural residential being occupier \ investment

Redraw Available

Yes Minimum of $1,000 (variable rate options only)

Split Loan Available

No

Dynamic Repayment

No

Additional Repayment

Not Required

Loan statements

Issued Half Yearly (But you can ask us when required we will mail them to you charges apply).

Documentation Required

Subject to the loan purpose, please call 1300 790 909 for more details

Financial Information

Borrowers who can demonstrate serviceability with up to date detailed financial statements covering the last 12 months

Qualifying Interest Rate

Please call our consultant on 1300 790 909 for more details

Other Conditions

Security Property must be the Borrower(s) principal place of residence or a residential investment property (including holiday home).
•  If the Security Property is an investment property, Borrower(s) must own and occupy their own home.
• If the Security Property changes tenancy (e.g. Owner-occupied to investment) the Borrower(s) must advise Firm finance in writing.
• A maximum of 2 security properties will be considered (PEO on investment property to be ‘factored in’ to overall LVR calculation).
• Vacant land is acceptable as collateral security only. The land value is not to exceed 50% of the total security value, Population density must be 75,000 within 10km.


Address

FIRM FINANCE PTY LTD.

Level 2 / 124 Exhibition Street
Melbourne VIC 3000
 
Phone: +613 9654 9090
Fax: +613 9654 9098
Mobile: +61 418 553 009

Licence No 390620