Equity Release Mortgage

Equity release mortgage using home loan refinance or 2nd mortgage or caveat loan against the property available for eligible borrowers. When client is in need of equity release mortgage for a short term and able to pay off the amount with clear exit strategy we usually offer 2nd mortgage for them. Comparing the cost of lending, loan to value ratio, type and quality of the security, documentation and credit impairment issues we give them most viable option to have the equity release mortgage against properties. We offer unlimited amount of cash out at certain LVR loans for consuming and business purpose where any worth while purpose considered case by case basis. For bank loans when loan is subject to LMI policy for equity release mortgage determined by the LMI insurer. LMI insurer usually offer unlimited amount of cash out with documentary evidence at 85% LVR loan for full doc or low doc loans where some insurer will offer maximum $100k or 20% of the loan amount as equity release mortgage. We also offer some residential mortgage through banks where client can have option to have equity release mortgage for business purpose as well. For non bank private lending options business purpose equity release mortgage allowed for borrowers where no documentary evidence will be required at lower LVR loan or client need to have clean credit history. We offer non bank private lending full doc, low doc and no doc basis with unlimited cash out option for any worthwhile purpose. We strongly recommend to submit and inquiry here to know your eligibility to have equity release mortgage from your property.

Click here to read LMI policy for Full doc home loans with equity release mortgage

Click here to read LMI policy for Low doc home loans with equity release mortgage.

Click here to read Second mortgage offers with equity release mortgage .

The finance group have achieved 99% approval rates for any type of mortgages in past 7 years record because:

  1. We do a complete pre-assesment of the loan application to find best possible options for the client.
  2. We obtain all related veda reports and property reports upfront to safe guard the approval of the loan.
  3. Wehave access to all popular lenders in mortgage industry including 10 private lenders to assist the client with their loan requirements.
  4. We have created strong relation with our lenders through approval of our loans in pas years.
Home loans with equity release mortgage can be a very easy process to obtain if you have clear idea about lending policy and if you are aware what you are eligible for. Shopping for loan can create adverse record on your credit history and restrict you to obtain finance in future. We strongly recommend to have a professional advice if you are looking for home loans with equity release mortgage .

CLICK HERE TO READ DETAIL INDICATIVE OFFERS FOR EQUITY RELEASE MORTGAGE.

Indicative offers for equity release mortgage:

All equity release mortgage rates quoted bellow are subject to changed by lender. To find the appropriate quote for your equity release mortgage please submit an inquiry to commence a free assessment process. All costs quoted are estimation only.

Interest rate

Bank loans Full doc: 3 years fixed rate from 4.83% up to 80% loan
variable rate is from 5.09% with up to 1.1% discount for life of loan.
Bank loan Low doc: 3 years fixed rate from 4.99%
variable rate from 5.19%
Non bank loan : starts from 6.5% and change depending on full doc and low doc loan, rate increase for higher LVR and degree of credit impairment.
Please submit an inquiry to know current rate for equity release mortgage.

Security

Standard Residential properties in any populous areas. Depending on lenders postcode guide different lender categories property locations in different way and allocate maximum LVR for the location.
Vacant land is acceptable for eligible borrowers only, depending on location of the property.
Please submit an inquiry to know maximum LVR available for your property location

Full Doc/Low Doc/ Acc-Letter
  • Full doc- 95% LVR subject to LMI over 80% loans
  • Low doc-90% LVR subject to risk fee. ABN 6 months minimum.
  • Low doc-80% LVR Subject to LMI over 60%-70% Bank Loan ABN 12-24 months.
  • No doc- 85% LVR subject to risk fee 12 months ABN accountant letter.

Maximum Loan amount
  • Loan involve LMI low doc or full doc- $1mil
  • unlimited where no LMi involve.
  • Loan involve risk fee low doc- $1.5 mil <=75% LVR $1mil 90% LVR.
  • Lona involve risk fee no doc- $1.5 mil <=75% LVR $1mil 85% LVR.
  • Maximum loan per applicant $2.5 mil where bank loan can be

Minimum Loan amount

$50,000- $100,000 depending on lender.

Credit history
  • Up to $1000 paid default can be ignored for eligible bank loans.
  • 1 day bankruptcy considered with LVR restrictions.
  • Paid defaults up to $750-$1000 ignored for non bank loans
  • Defaults listed >2 years not counted for rate load
  • Mortgage arrears count if not paid in 30 days.
  • Past 12 months credit inquires need to be explained.
  • All defaults and arrears need to be with acceptable explanation.

Depending on above lender assign impairment level and offer interest rate and maximum loan available.

Loan Term

2-30 years

Repayment options

P&I or IO up to 10 years

Lenders Application fee


For bank loan fee can be up to $600 or more.
For non bank loans application fees is included on the risk fee

LMI
  • Full doc over 80% bank loans
  • Low doc over 60%-70% bank loans
  • No non bank loans involve LMI

Risk Fee

1%-2.1% or the loan amount depending on lender, LVR and degree of credit impairment.

Our Brokerage

Negotiable depending on amount of loan, amount of work and complex nature of loan requirements.

Other costs
  • For bank loans we account up to $3000 other cost that vary sometimes.
  • Other costs for non bank loans are quoted to client at cost by the lender. Legal cost, mortgage registration, documentation fees, title insurance, settlement fees altogether allow up to $3000-$4000 depending on the lender and current government rates.
  • Most of above we disclose on our credit quote after selecting the lender.
  • Some of the above are not ascertainable until the settlement agent quote for the costs.

Proof of Income

Full doc loans 2 years full financials with tax returns are mandatory. Notice of assessment is not required for some lenders.
Low doc bank loans 12 consecutive months BAS's is mandatory, recent 6 months trading statements may be required.
Low doc non bank loans 3-6 months trading account statement is mandatory.
No doc debt consolidation home loans only accountant declaration and borrower's repayment declaration required.

Other supporting documents

Mandatory for all applicants:

  1. 100 point ID is mandatory for all applicants and guarantors for the loan.
  2. Asset and liability for need to be signed by all applicants.
  3. Most up to date council rates need to be provided for all properties.


Refinance:

  1. Most recent 6 months mortgage statements for all mortgages being refinanced.
  2. Most recent statements for other mortgages.

Debt consolidation:
If any other loans are consolidating client need to provide up to 6 months statement for secured or unsecured debts depending on the lender.
Lender may ask for extra documents during the assessment process depending on the strength of the application.
Please submit an inquiry to commence free assessment for your equity release mortgage.

Valuation

Lenders operate independent valuation of the offered security. Bank loans usually offer first valuation for free. For non bank loans valuation is done at cost quoted to the client.
Upfront valuation is also available at client cost.

Equity release mortgage with BAD CREDIT HISTORY ( Cash out)

equity release mortgage with home loans bad credit can become very critical if you do not have clear idea about lending policy and proper strategy to have the amount approved. We offer equity release mortgage with full doc, low doc and no doc applications. Depending on degree of credit impairment equity release amount is restricted to certain amounts as well as restricted to certain acceptable purposes. Different lender offer different amount of equity release in proposed LVR home loans bad credit. For bank home loans cash or equity release determined by LMI insurer when the loan is over 60%-80% of property value. Bank offer unlimited amount of equity release mortgage up to certain LVR loan, but documentary evidence is required in most cases. The policy vary bank to bank depending on the strength of the application. We offer unlimited amount of equity release mortgage up to 85% loan for any worthwhile purpose. For documentary evidence and policy compliance we always help the client to have the best strategy to have maximum amount of equity release mortgage to meet their loan requirements. We accept both clean credit and bad credit applicants to apply for equity release mortgage with full doc . low doc or no doc home loans. Most of the self-employed applicants look for equity release mortgage for business purpose like working capital, buy new equipments for the business, pay off tax debts. Equity release mortgage option can also involve consuming purpose like home renovation, investment, purchase, holiday, wedding with home loans bad credit.
Click here to submit an inquiry to know your eligibility to have equity release mortgage.

Equity Release mortgage for Low doc loans ( Cash out) :

Equity release mortgage with a low doc home loan can become very critical if you do not have clear idea about lending policy and proper strategy to have the amount approved. Different lender offer different amount of equity release mortgage in proposed LVR low doc home loans. Depending on degree of credit impairment equity release mortgage amount is restricted to certain amounts as well as restricted to certain acceptable purposes. For bank loan equity release mortgage policy determined by LMI insurer when the loan is over 60%-70% of property value. Bank offer unlimited amount of equity release mortgage up to certain LVR loan, but documentary evidence is required in most cases. The policy vary bank to bank depending on the strength of the application. We offer unlimited amount of equity release mortgage up to 85% loan for any worthwhile purpose. For documentary evidence and policy compliance we always help the client to have the best strategy to have maximum amount of equity release mortgage to meet their loan requirements. We accept both clean credit and bad credit applicants to apply for equity release mortgage with low doc home loans. For low doc home loans most of the self-employed applicants look for equity release mortgage for business purpose like working capital, buy new equipments for the business, pay off tax debts. Equity release mortgage option can also involve consuming purpose like home renovation, investment, purchase, holiday, wedding with low doc home loans.

Click here to submit an inquiry to know your eligibility to have equity release mortgage home loans.