Frequently Asked Questions about a Seniors Money Loan
How much can I borrow?
This depends on your age and the value of your home. For more details please use our online calculator.
| Age | Loan Limit*+ | Age | Loan Limit*+ | Age | Loan Limit*+ | Age | Loan Limit*+ |
|---|---|---|---|---|---|---|---|
| 55** | 10% | 67 | 22% | 79 | 34% | 91 | 45% |
| 56** | 11% | 68 | 23% | 80 | 35% | 92 | 45% |
| 57** | 12% | 69 | 24% | 81 | 36% | 93 | 45% |
| 58** | 13% | 70 | 25% | 82 | 37% | 94 | 45% |
| 59** | 14% | 71 | 26% | 83 | 38% | 95 | 45% |
| 60 | 15% | 72 | 27% | 84 | 39% | 96 | 45% |
| 61 | 16% | 73 | 28% | 85 | 40% | 97 | 45% |
| 62 | 17% | 74 | 29% | 86 | 41% | 98 | 45% |
| 63 | 18% | 75 | 30% | 87 | 42% | 99 | 45% |
| 64 | 19% | 76 | 31% | 88 | 43% | ||
| 65 | 20% | 77 | 32% | 89 | 44% | ||
| 66 | 21% | 78 | 33% | 90 | 45% |
How much will I be able to leave my family?
This will depend on how much of the available equity in your home you decide to borrow against, interest rates, house price inflation and the duration of the loan. Use our online calculator to run your own illustrations
Do I need to get my house appraised?
Yes, a valuation by an accredited appraiser will be required. We will appoint a third party appraiser when we receive your application. The appraiser will inspect your house before we proceed with your application. Seniors Money pays the cost of appraisal.
What costs are involved?
To set up your Seniors Money Loan, your fee is $1,275, which includes documentation and a home appraisal.
For the Equity Protection Option, there is a one-time $295 set-up fee.
For advances on the Top-Up Option, there is a fee of $95 per advance.
Additional costs will apply for your independent legal advice and any special situations that are required by Seniors Money to advance funds or that are requested by you.
With the exception of the fees for your obtaining Independent Legal Advice, fees will be deducted from your Seniors Money Loan Advance.
Do I continue to own my property?
Yes. You retain ownership of your house.* Seniors Money does not buy a share of your house.
Do I need to make repayments?
No. This type of loan is designed so that you continue to live in your home without repayment**. If you like, you may make an earlier repayment or repayments on either the interest or the principal amount. There are no payments required and your loan does not come due until you sell or move out of your home.***
However, you can repay the loan in full or part whenever you like with no penalties, subject to a minimum payment of $1,000, and unless the loan is being paid in full, a minimum loan balance of $15,000 remains.
What happens to my home when I die or move to permanent long-term care?
Unless other arrangements have been made to repay the loan, your home must be sold when you or your surviving partner either move or pass away.*
Can I borrow more later if I need it?
Applications for further borrowing are allowed at any time subject to our lending criteria and set-up costs at that time.
What will happen if the value of my property decreases?
The Seniors Money Loan Promise ensures that you or your estate will never be required to repay more than the fair market value of your house at the time of sale, even if your property's value falls or your loan exceeds this amount.***
Can I move if I want to?
Yes, you may move at any time and your loan may be transferred to your new home, provided it meets our lending criteria. If you are contemplating a move, you are required to contact us first.
