AGED CARE MADE EASY

Aged care is provided either in the home or outside the home in a residential aged care facility.

 

Standard Reverse Mortgage

 

If any borrower(s) currently reside and intend to stay in their home, only a Standard Reverse Mortgage can be selected. There is no set term.

Aged Care Option The Aged Care Option is available for those residing in or moving to permanent long- term care. It has a maximum term of 5 years.
Customer Criteria  Customers must be aged 60 or over with a maximum of two customers being able to apply under one loan.
Purpose of loan  Any purpose, such as to assist with payment of the Refundable Accommodation Deposit (RAD) or Daily Accommodation Payment (DAP), in-home care, home improvements, debt consolidation, or simply to ease the pressure of day-to-day living expenses.
Property criteria  Residential property of conventional construction, in good repair, and located in a capital or major city. There are postcode restrictions for properties outside these areas. All applications are subject to valuation. It must be mortgage free unless the loan is used to repay any outstanding mortgage, and may be tenanted subject to lender criteria being met.
Power of Attorney   The loan may be applied for under Power of Attorney subject to lender criteria and approval.
Settlement  Loan application process generally takes between 4-6 weeks from application to settlement.
LVR   The maximum amount available to borrow is calculated by applying a Loan to Value Ratio (LVR) which is based on the age of the youngest customer applying for the loan. The LVR is applied to the valuation of the property. An example of the LVR’s applied are detailed below:

      

Standard Reverse Mortgage*

 

Age

60

65

70

75

80

85

90+

LVR

15%

20%

25%

30%

35%

40%

45%

Aged Care Option*

 

Age

60

65

70

75

80

85

90

LVR

20%

25%

30%

35%

40%

45%

50%

*If the security property is an Investment Property or Holiday Home, the maximum amount available is reduced by 25%.

Loan repayment            Provided the customer is not in default, the only time the loan will need to be repaid is when the security property is sold, or:

Standard Reverse Mortgage - The date on which the last Nominated Borrower has been absent from the Home for 12 months (including by passing away).

Aged Care Option - 5 years after the Commencement Date or, if earlier, 12 months after the passing of the last Nominated Borrower.

You don’t need to sell the home

Often people feel they need to sell their property to pay for their Aged Care fees, especially the RAD. Our Aged Care Option provides the ability to borrow against a residential property to fund these costs, either in the short or long term, which can result in a number of potential financial and emotional benefits, including being able to return home, making care decisions less stressful. It can also help families when trying to determine how care will be funded. Financially, it allows homeowners to sell the home when they are ready, which does not necessarily coincide with when Aged Care is required.

Contact Us

Customer Enquiries: 1800 825 010

Admin Office: 0243696287

Email: info@moneybuckets.com.au

Post: PO Box 6100, Kincumber, NSW, 2251

Credentials

Money Buckets ™ is a Trademark of Starlight Home Loans T/as Fast Debt Help

ABN: 94 145 613 056

Credit Lic 388809

Established 2010

MFAA membership 319292

Affiliates: Second Step Administration RDAA 1668

The Rite Place Pty Ltd trading as Debtrite