Banksia Accommodation Bond Loans
- Cover the cost of moving into aged care.
- Access equity in your home.
- No ongoing fees or charges.
- No negative equity guarantee.
- Competitive rates.
It is not age dependent
Unlike most equity release products our Accommodation Bond Loan is not age dependent. As long as you are over 70 years of age you can borrow up to 50% of the agreed value of your home over a three year term or 40% of the agreed value of your home over a five year term.
Flexibility
We know that for many people the family home is their single largest asset. To enable you to access the portion of your equity in the home that best suits your needs we offer two options.
| |
Minimum Borrower Age
|
Maximum Initial Loan
to Valuation Ratio*
|
Loan Term
|
Option 1
|
70 |
50% |
3 years from date
of initial drawing |
Option 2
|
70 |
40% |
5 years from date
of initial drawing |
*The agreed value of your property is based on an independent valuation.
No ongoing monthly fees or charges
Our Accommodation Bond Loan has no ongoing monthly fees or charges.
Competitive Rates
Our interest rates are very competitive. Interest rates rise and fall over time in line with markets. Refer to our quick reference guide below for more rate information.
No Negative Equity Guarantee
Even though you can borrow up to 50% of the value of the property you will receive a no negative equity guarantee. This means that whatever happens to interest rates or house prices the amount you owe on your loan can never exceed the value of the property as long as you comply with the loan's standard terms.
Eligibility
- You must be aged 70 or over. There is no maximum age limit.
- You must own the property. You may be the sole owner or share ownership with your partner.
- You must not sill reside in the home. You may, however, rent the house out or have family or friends live in it in your absence. If rented, any formal lease agreement must be for no more than 12 months in duration and may not take the tenant over the expiry date of the 3 or 5 year term.
- The location of your home is also important (refer to the postcode guide below to see if you sit within an acceptable location).
Click here to calculate how much you can borrow