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Home Loans
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Reverse Mortgages: What are they?
They allow (elderly: typically 65 +) home owners to spend the equity they have built up in their homes, with repayments due when the owner moves or dies. Repayment is usually made at the sale of the house or when heirs use other assets to repay the debt. Basically they give you the ability to turn part of your property into cash and supplement a pension or other income stream. You are advised to seek independent advice when taking out such a product.
Advantages
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Normally borrowers can borrow up to 35 per cent of the value of the house
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Can choose to withdraw cash such as one lump sum, periodic payments or a combination of both.
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Usually all interest, fees and charges can be capitalized. (i.e. Loan repayments will not be required).
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Can be used for renovation purposes.
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Disadvantages
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New product solution in the market. As yet no long term track record.
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Very dependent on house valuation (market movements)
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The lender takes a mortgage over the property in the normal manner
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Normally a variable interest rate, set at a higher interest rate than the usual standard variable rate
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Family implications: bequeath the house to children, lesser inheritance, estate issues
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Interest charges have to be paid off at some time (when house is sold).
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Interest Rates Charged
These of course vary from product to product but as a general guide they are between 8.00–9.00%, which is higher than normal variable mortgage rates.
Tip for the month!
Mortgage Refinancing
Refinancing gives you the chance to clear an existing mortgage, plus any other debts such as personal loans or credit cards and leaves you with one easier to manage monthly repayment. In some cases people can borrow more money and find that they are paying the same or less than their current mortgage repayment. Also you may qualify for a “professional pack” rate and may not even realize it.
Due to the dramatic rise in property prices equity values have built up. By tapping into this you can extract more cash out for purposes such as investing or renovating. Loan to valuation ratio's still should not exceed 80% under a refinance to avoid penalties and lenders mortgage insurance.
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Reverse Mortgages: What are they?
They allow (elderly: typically 65 +) home owners to spend the equity they have built up in their homes, with repayments due when the owner moves or dies. Repayment is usually made at the sale of the house or when heirs use other assets to repay the debt. Basically they give you the ability to turn part of your property into cash and supplement a pension or other income stream. You are advised to seek independent advice when taking out such a product.
Advantages
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Normally borrowers can borrow up to 35 per cent of the value of the house
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Can choose to withdraw cash such as one lump sum, periodic payments or a combination of both.
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Usually all interest, fees and charges can be capitalized. (i.e. Loan repayments will not be required).
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Can be used for renovation purposes.
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Disadvantages
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New product solution in the market. As yet no long term track record.
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Very dependent on house valuation (market movements)
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The lender takes a mortgage over the property in the normal manner
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Normally a variable interest rate, set at a higher interest rate than the usual standard variable rate
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Family implications: bequeath the house to children, lesser inheritance, estate issues
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Interest charges have to be paid off at some time (when house is sold).
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Interest Rates Charged
These of course vary from product to product but as a general guide they are between 8.00–9.00%, which is higher than normal variable mortgage rates.
Reverse equity products for older people (such as reverse mortgages and home reversion schemes)
| About reverse equity products |
| How reverse mortgages work |
| How home reversion schemes work |
| Think it over and get independent advice |
| Who should advise you? |
| What to ask |
| Some experience from overseas |
| Issues and concerns about equity release products? |
| ASIC's report into equity release products |
| FIDO's reverse mortgage calculator |
About reverse equity products
As an older person you may own your home outright, but find that the pension or your other income does not always stretch far enough for your needs. You are unlikely to be able to take out an ordinary loan, if you don't have enough income to pay it off and you may not want to sell your family home.
'Reverse equity products' (sometimes called 'home equity loans' or 'equity release products') could be one way to meet this problem. Reverse equity products could be one way to meet this problem. However, before you go into one of these products:
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get advice that's independent of the business arranging your loan, for example, a solicitor |
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make sure the product suits your needs and will not expose you to future risks that you might breach your contract or be evicted. |
There are two main types of reverse equity products for older people in Australia, reverse mortgages and home reversion schemes.
How reverse mortgages work
Reverse mortgages allow older people to borrow money against the security of their primary residence. Repayments don't usually have to be made until you leave and move into care, sell your home or die. When the loan ends and the home is sold, you, or your estate, must repay what's owing out of the sale proceeds.
Each year the fees and interest you would ordinarily pay are added to the loan. Over time, you're charged interest on the interest, or compound interest, and that builds up the total amount that you owe.
Here's a basic worked example
Suppose you borrow $100,000 (including fees and charges) at an interest rate of 7.5% per year. Here's what you could owe at the end of various periods.
| Time |
What you or your estate could owe* |
| 5 years |
$143,600 |
| 10 years |
$206,100 |
| 15 years |
$295,900 |
| 20 years |
$424,800 |
* rounded to nearest $100, assuming 7.5% interest applies throughout
As you can see, the effect of compound interest is dramatic and your loan could double in less than 10 years. And interest rates may increase during the life of a variable rate loan, so you could end up owing even more.
The impact of this could be reduced if:
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your home increases in value, or |
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the reverse mortgage allows you to draw down amounts as needed rather than taking a lump sum upfront. Check if this option exists. |
Suppose the amount of a loan increases to a point where it is more than the value of your house? This is called 'negative equity'. Some, but not all, reverse mortgage products guarantee that if this happens, you will not have to repay more than the value of your house when it is sold. There is also a risk that you might lose this protection if, for example, you don't repair and maintain your home to a standard set by the lender.
Try out FIDO's reverse mortgage calculator
How home reversion schemes work
In a home reversion scheme you sell part or all of your home to a home reversion company at a discounted price (usually between 35% and 60% of what your house is worth). But you have the right to keep living in your home until you die or decide you want to move.
There are two main types of home reversion schemes:
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A sale and mortgage scheme - where you agree to sell your home, but final settlement is put off until you die or move out. Your home will be subject to a mortgage and a caveat, which means that you can't deal with the property without the home reversion provider's consent. |
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A sale and lease scheme - where the home reversion provider owns the house and leases it back to you. |
If you can go on living in your home for a reasonably long period of time, you may be getting good value for money. However, if you die or have to go into aged care soon afterwards, you may have sold your home too cheaply compared with selling it on the market.
Some providers may give you back some money if your home is sold earlier than you expected.
And as with reverse mortgages, you need to be aware of the need and obligation to repair and maintain your home. With a sale and lease scheme it's the provider's obligation to repair the property. This means that you might think the house needs repair but the provider might disagree and refuse. On the other hand with a sale and mortgage scheme it's your obligation. This means you must repair the property to the lender's standard and risk eviction if you don't.
Think it over and get independent advice
In the right circumstances, a reverse equity product may prove a useful product for some retired people. However, this kind of product can have some important long-term effects on your finances. That's why responsible lenders offering reverse equity products ask you to get advice if you are interested in the product.
Take some time to consider carefully your likely financial needs in future. It can be a delicate issue to balance your need for some cash now against possibly cutting off other financial options later in life. If your home is your only really valuable asset, then borrowing against it may reduce your future choices.
A reverse equity product may also significantly affect how much money you can leave to your children or other people when you die.
Who should advise you?
Make sure you get a lawyer to read the terms and conditions and explain exactly what you're signing up for.
On the financial side, if you already use a licensed financial planning service, then talk the idea over with your adviser. If you don't use a financial planner, you could ask an accountant to help. You need someone who understands financial matters, knows your personal needs and will put your interests ahead of anything else. Always check how your adviser is being paid for the advice they give you.
What to ask
| 1 |
What are the upfront and ongoing fees (including legal, valuation, application, maintenance, insurance, early repayment and ongoing costs)? |
| 2 |
What is the interest rate? Is it fixed or variable? (If interest rates rise, you may have much less equity in your home.) |
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How will it affect your pension and tax? |
| 4 |
Could you be left owing more than your home is worth (ie a 'negative equity' situation)? Check the contract to find out what your obligations are if this happens. |
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Will you have enough money left to pay for aged care accommodation if you need it? |
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Will you be able to maintain and repair your home for as long as you live there? Many of these products allow the provider to evict you if don't. |
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Does someone live in your home with you? If so, unless they sign up as well, they won't generally have any right to live there after you die unless they repay the loan. |
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What are your rights if anything goes wrong? Can you get complaints resolved impartially and at low cost? |
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Would you be better off selling your home and moving to somewhere smaller? |
Generally speaking, advice about borrowing money is not regulated in the same way as advice about other financial products and services. People advising just about loans, for example mortgage brokers, don't have to be licensed. However, the law can still protect you against misleading, deceptive and unconscionable conduct.
Some experience from overseas
In some countries, like the USA and the UK, reverse equity products are more widely used than in Australia. A couple of key points have emerged:
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In the USA, some people have got into serious financial difficulties, even facing eviction from their homes, as a result of harsh loan terms and conditions, and from being talked into signing up for a product they may not have properly understood. |
This shows the importance of not rushing into these sort of loans.
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In the UK, consumer problems led to law reform that regulates advice about borrowing money, to help protect consumers from being sold the wrong type of loans.
In Australia advice about loans is fairly loosely regulated, so you need to be fussy about the people who advise you. |
Issues and concerns about equity release products?
ASIC is working closely with industry to promote best practice and reduce the risks for consumers and will monitor the marketplace closely to identify misleading, deceptive, or unconscionable conduct in the sales of these products. Please let ASIC know if you feel you have been mislead or deceived. Here's how to complain
ASIC's report into equity release products
In November 2005, ASIC released a report into equity release products. The report includes a number of questions that consumers should ask when considering equity release products and the issues and features they should be aware of when asking these questions.
For more information:
FIDO's reverse mortgage calculator
FIDO's reverse mortgage calculator lets you test how the choices you make about a reverse mortgage may affect your debt and equity over the longer term. It shows the effect of decisions you may make about:
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how much you borrow |
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whether you take an initial lump sum, or arrange regular income payments or a combination of both |
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how long you borrow for |
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interest rates and various fees. |
It also shows how your home equity may be affected by future changes in the value of your home.
Try out FIDO's reverse mortgage calculator
More information
For more information on equity release products, look at the National Information Centre on Retirement Investment's leaflet at www.nicri.org.au
More information on loans and credit
More information for retirees
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Your Guide through the Mortgage Maze …
Countless people – in fact more than 80% of home buyers – choose a home loan for all the wrong reasons. They struggle year after year with results far below their true potential.
Throwing money at institutions simply because they have advertised the best rate on the day, or offered you discounted establishment fees, more often than not ends in bitter disappointment.
Over time more and more of the shortcomings of the loan become painfully apparent and you will either put up with it, or pay huge penalties and new setup fees to get out and take a better deal elsewhere.
Do you feel you’re working too hard to pay off your loan with very little reward? |
In this guide we will explain in easy to understand terms some of the benefits and shortcomings of different types of loans in today’s marketplace.
This guide will in no way make you an expert in home loans as there are variations in rates and charges in products from one lending institution to another. It’s our job to know these differences.
| This loan has been around forever!
Your loan is normally approved for a period of up to 30 years (life sentence).
Regular repayments are required either monthly, fortnightly or weekly and most of this is credited to the accumulated interest, with the remainder going towards paying off the balance (principal) of the loan.
The interest rate for traditional loans is higher than "low frills" loans (we’ll get to these) as you generally have a little more flexibility with this loan.
Most lending institutions offer a discounted start-up period for 12 months which is designed to entice you into taking one of these little beauties (for them!), however the honeymoon is short lived as the remaining 24 years is at the standard variable rate.
Strangely enough, the majority of homebuyers still opt for this type of loan and the lenders do little to discourage this with billions of dollars spent in marketing Australia wide.
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Benefits
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Shortcomings
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Discipline -
Regular repayments
help with budgeting
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The interest rate is variable (aside from during the start-up period) and you are at the mercy of interest rate fluctuations |
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Redraw – Most institutions will allow you, subject to certain criteria, to withdraw additional repayments you have made over and above the minimum repayment
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The interest rate applied is always higher than low-frills home loan rates
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Extra repayments are usually
allowed at any time
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| Low-frills means exactly that – You normally get what you pay for and this is like flying economy class.
Some of the additional features such as redraw facility
have been taken out.
A few years ago when some of the new non-banks started offering their discounted home loan products to consumers – this was the loan offered. The reason for the lower rate is simple:
Fewer Frills = Lower Running Costs = Lower Interest Rate.
In recent times the banks have rallied and produced their own budget home loans.
Today, on the whole, the banks offer budget loans at interest rates quite substantially lower than their non-bank counterparts.
The non-banks are now marketing the fact the banks charge maintenance fees whilst they don’t (the marketing has moved away from being interest rate driven), however the astute home loan borrower will measure just what impact these on-going fees have on their loan repayments, and then select their loan accordingly.
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Benefits
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Shortcomings
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Discipline –
Regular repayments
help with budgeting
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Money held in normal savings accounts with the same institution does not reduce your home loan rate (see 100% offset loans)
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The interest rate applied is always lower than traditional loans
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The interest rate is variable and you are at the mercy of interest rate fluctuations
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Extra repayments are
usually allowed
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Redraw is generally not available although there are some exceptions …
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Line of Credit (Flexible Friend)
| This type of loan can be both your best friend or your worst enemy.
Used correctly (as illustrated by a mortgage reduction plan), you will enjoy the benefits of paying your whole salary into this loan and instantly reducing the interest charged.
The net result is usually a staggering reduction in the time taken to pay out your home loan.
Used incorrectly, your loan limit will remain unchanged.
The key to managing this loan is budgeting and discipline as you always have access to your loan limit just like a credit card and abuse can end in financial self-destruction.
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Benefits
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Shortcomings
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Can readily access money by simply writing out a cheque or using an ATM card which are both linked to this loan
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Ease of withdrawal ability means this
loan can be subject to abuse by
non-disciplined borrowers
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By placing your salary and savings
into this loan you will dramatically
reduce the interest charged
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The interest rate is usually higher than traditional and low-frills loans
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A mortgage reduction programme
can assist you with budgeting and illustrate exactly how quickly you
can pay out your loan
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Extra repayments are allowed at any time
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100% Offset Loans (Flexible Friend with Peace of Mind)
| If you like the concept of Line of Credit loans but are a little undisciplined, then this is your answer.
Styled similarly to the traditional loan, ( i.e. principal and interest payments reducing over time), this has the wonderful benefit of reducing the interest component of your loan by 100% of the amount you hold in your savings account (which is linked to your home loan)
It works this way:
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| Loan Amount |
$100,000 |
| - Savings (Offset) |
$5,000 |
| You Pay Interest on |
$95,000 |
Put simply, if you have a home loan of $100,000 with $5,000 in your savings account, you are only charged interest on $95,000 of your loan.
This provides a nice little tax effective form of savings without the revolving limit
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Benefits
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Shortcomings
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Can readily access money in savings account (offset account )
with ATM or cheques
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The interest rate is usually higher than traditional and low-frills loan
But lower than a Line of Credit
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Loan is reducing every month as repayments are required to pay off
the loan over a set period of time
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At this stage less than a handful of
lenders offers this type of loan
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The loan is effectively lowered by the savings in the offset account daily
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| If you have your home on the market and in the meantime stumble across the home of your dreams, this loan can help.
Originally called "Bridging Loans", this loan has come a long way as lenders used to see this as a way to make a quick buck out of you but now it is a way of assisting you and encouraging you to move your accounts to them.
This is how it works ...
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The lender advances the money to buy your new home (depending on your equity in your current home, you can sometimes also include all fees) |
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The interest charged to the new loan can be either paid by you or capitalised. Capitalised means added to the loan |
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When the original property is sold, proceeds are deposited to the new loan. The amount left owing becomes your "End Loan" and you start to make normal repayments as this new loan replaces your old loan |
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Benefits
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Shortcomings
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You can buy your new home before you sell your existing home
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Nothing comes for free and interest is charged on the full amount of the new loan
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You can avoid moving into a rental property and paying rent by moving directly into your new home
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If you don’t sell your existing home in
due course, then the interest bill can
add up to something you would
rather not have to pay!
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The offer you place on the new home will not be "subject to sale" and you will therefore be able to negotiate a better price
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This loan relies on you having sufficient equity in your existing property to
support the purchase of both
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Depending on which way interest rates are headed, this loan is excellent if interest rates are on the upward trend. By fixing your interest rate for a period of time, you can effectively buy insurance against rate fluctuations and know exactly what your repayments will be for the remainder of the fixed period.
On the other hand if interest rates go down, you may find yourself paying a rate much higher than those people on variable rates.
When unsure about whether it is better to take a fixed or variable rate (in view of uncertain future rate variations) it may be wise to take a "split loan" (see next section) which gives you the option to take a part variable and a part fixed rate loan.
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Benefits
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Shortcomings
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You can "lock in" the interest rate for a period of time and insure yourself
against future interest rate rises
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If interest rates go down then you will
end up paying more for your loan
than everyone else
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It is easy to budget for the same regular repayment each month
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"Fixed rate" also usually means "Fixed repayments" and most lending institutions will penalize you for making additional repayments (However some will allow extra repayments).
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This loan is like betting on both Black and red at the roulette table.
Most of our customers who are confused about whether interest rates are going up or down usually end up with a "Split rate" loan. With this type of loan you nominate how much of the loan you would like To fix and how much you would like on a variable rate.
The reason for this is simple:
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If interest rates increase, then the portion of the loan which is fixed will provide you with some comfort that part of your loan is "fixed" |
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If interest rates go down, then comfort is also gained from the knowledge that the variable rate portion of the loan will reduce accordingly.
This type of loan is becoming increasingly popular for obvious reasons… |
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Benefits
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Shortcomings
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You can "lock in" part of interest rate
for a period of time and insure yourself
against future interest rate rises, as well as leave part of the loan on "variable"
in case interest rates reduce
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Only a limited number of lenders
offers this home loan product
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Peace of mind no matter which way
rates are heading
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Additional payments are allowed on
the variable portion of the loan
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| A person aged 30 with an annual income of $30,000 per year would need to produce $2,710,000 by age 65 (assuming 5% inflation)
We insure the car and the TV – but do we insure ourselves?
Which do you feel is more important ?
Most lending institutions do not require you to have personal protection, but they do insist that you have insurance to protect any portion of your loan that represents more than 75-80% of the house value – they have protected themselves; have you !!
It is a priority to understand the options and implications of protecting the family and the family home. |
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Benefits
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Shortcomings
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If you are ill or injured, payments
of the mortgage and other
expenses are guaranteed
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Good health is important for protection
to be provided – if health fails, it may
be too late to arrange cover
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Should you die prematurely, the mortgage
is paid off and family home protected.
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If interest payments cannot be made,
the home could be repossessed
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Up to 75% of your earned income can
be protected to the age of retirement
+ full tax relief on premiums.
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Introduction
Choosing the loan product that is right for you can be very confusing. The choice is made more difficult by the very large number of products available.
Definitions
A fixed rate loan is one where the interest rate does not vary during the fixed rate period.
A variable rate loan is a loan where the interest rate can vary during the term. There are a number of kinds of variable rate loans. The main types are described below.
A wholly variable loan is one where the lender decides what the interest rate will be. The lender can change the interest rate whenever it likes.
An example of wholly variable rate loans are the standard housing loans made by most banks. There is no guarantee that all the bank housing variable rate loans will be the same rate at any time, and you may find that your lender sets an interest rate which is higher than other lenders.
A bank bill rate loan is a loan which has its interest rate set by reference to the professional money market. There are a number of different types of bank bill rates and there are several ways of linking the interest rate to those rates. For example, some lenders have a fixed margin (eg, the rate will not exceed 3% per annum above the bank bill rate). Other lenders have a variable margin which is not disclosed to you (eg. the interest rate is "linked" to the bank bill rate). Make sure you clearly understand how a bank bill mortgage rate is set, and how it compares to other bank bill mortgage rates on offer. It is likely the interest rate, and hence repayments, for bank bill rate loans will vary more frequently (up and down) than wholly variable rate loans. It is impossible to say whether over the term of a housing loan a bank bill rate loan will be more or less expensive than a wholly variable rate loan.
An interest only period is a period during which you make payments of interest only. During this period the loan amount does not reduce unless you make an additional special payment of principal.
An amortising loan or a principal and interest loan is a loan where instalments (usually monthly) are made which progressively repay the loan. Check whether you will repay the whole of your loan over the term or whether there will be a balloon payment (ie, a lump sum payment) at the end of the term. Generally, instalments will vary when interest rates vary, although sometimes the lender will adjust the term of the loan (shorten it if interest rates come down or extend it if interest rates go up) so that your payments do not change.
A split loan is a term generally used to describe a loan which has a fixed rate for part of the loan amount and a variable rate or bank bill rate for the other part of the loan.
A honeymoon or discounted rate is a low rate which applies at the commencement of the loan term. For example, a lender may offer a loan at 7.95% per annum for the first 12 months and wholly variable following. If the 7.95% per annum is less than that lender\'s current variable or fixed rate, the first 12 months at the 7.95% per annum rate is the honeymoon or discounted period.
If you are considering a honeymoon or discounted rate, make sure you clearly understand what rate will apply at the end of the honeymoon or discount period. Check whether you are being offered a honeymoon or discounted rate, so that you are not surprised if interest rates go up later. Also check on the terms for early repayment because sometimes lenders impose early repayment fees to discourage borrowers from repaying at the end of the honeymoon or discounted period.
Standard variable rate usually refers to the lender\'s non-discounted rate charged on all existing loans or on all loans of a particular type. It is generally the same as a wholly variable rate and usually applies after any honeymoon period. If an interest rate that is stated to be standard, or wholly variable, is materially lower than most standard variable rates on offer in the market, then ask questions. It could mean you are really being offered what is in fact a honeymoon rate, or a rate that can fluctuate quickly like that for a bank bill rate loan.
A home equity or "redraw" loan is a term which generally describes a loan where you can re-borrow some of the money you have paid off. For example, if you have paid $5,000 off your loan, you might be able to re-borrow that money and continue making payments in the ordinary way. Generally interest rates for home equity loans are slightly higher than for ordinary home loans.
Tips
Watch out for fees and charges Before you sign up for a loan, make sure you understand all the fees and charges which you must pay. Check on fees and charges which apply both to set up the loan and during the loan term. Sometimes an interest rate that seems quite cheap will not look so good when you take into account the initial or ongoing fees and charges. These may be called an establishment fee, an unused fee, a line fee, an account fee or an early repayment fee. There are lots of other names too
Comparison rates A comparison rate is a way of expressing the interest rate for a loan (calculated using a complicated formula) to enable you to compare that interest rate to another loan. In calculating the comparison rate all fees and other charges are brought into account.
Comparison rates are of limited value when comparing variable rate loans. This is because they cannot take into account future interest rate movements. Remember no-one knows for sure how variable rates will change in the future! Comparison rates are useful in comparing two or more fixed rate
Should I borrow fixed rate or variable rate? Generally, fixed rates are more appropriate if:
a) you think variable or fixed interest rates may go up in the future; or
b) you want to be sure that your repayments cannot change during the fixed rate period.
Whether to borrow fixed or variable is always difficult. No-one knows with any certainty how interest rates will move in the future. The choice of fixed or variable must therefore always be made based on your own personal assessment of whether interest rates will rise or fall in the future, and for how long a rise or fall may prevail. Remember, interest rates can be affected by many factors, and no-one can be sure what will happen.
Break costs If you borrow at a fixed interest rate, break costs may be payable if the loan is repaid early. Usually, they are only payable if market interest rates fall during the fixed rate term. Break costs are designed to compensate the lender because it will have to reinvest its money at a lower rate. If borrowing at a fixed rate, find out when and how break costs will be calculated on early repayment. Remember that early repayment fees may be payable on variable rate loans as well.
Read the loan documents If you apply for a loan, you should read carefully your letter of offer, the terms of your mortgage and other documents required by the lender, as these set out your obligations.
If there is any inconsistency between the offer letter, this brochure, and other documents, the terms of the lender\'s documents prevail.
Ask questions before you sign Make sure you understand the terms of the loan before signing. We recommend that you ask your originator or lender to describe the terms to you. If you are confused, ask the originator or lender to put the advice in writing. If you are still confused, seek advice from a lawyer or an accountant.
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