Nominated Residents are the people you nominate who live in the property. You may be eligible to borrow 15% of your home’s value at age 60, up to 35% at age 80, up to a maximum of 50%.
If you do not comply with the commitments of your mortgage, your home may be repossessed. Minimum age of 60 applies for personal borrowers and nominated residents. The loan is usually repaid from the sale proceeds of your home, and the net proceeds are then retained by you or your estate. All Rights Reserved. Yes, with the Lifetime occupancy guarantee SBS Unwind will allow you stay in your home for as long as you choose, and only needs to be repaid when you no longer live there (e.g.
This means that monthly costs of the mortgage can change, go both up and down, and the level of the interest rate change can also vary from a small rise or fall to a large rise or fall.
For more information, including interest rates for our Reverse Equity Mortgages please click here. We also set the maximum amount you can borrow based on the age of the youngest Nominated Resident. Reverse Equity Mortgage You can make the most of your retirement with less stress, more choice and a whole lot of fun with an SBS Unwind Reverse Equity Mortgage Loan ('SBS Unwind'). additional Reverse Equity Mortgage Fees and Charges apply. SBS Unwind has a floating interest rate (we currently do not offer fixed interest rates) and these can be found here. It has a flexible draw-down schedule, unlike the old Advance product, which had a maximum drawdown schedule of five payments in five years. All mortgages contracts comply with the European Mortgage Credit Directive (MCD). These include: Yes, you will continue to own your home and live in it just as you do now.
As a Nominated Resident, you can continue to stay in your home for the rest of your life until the last nominated resident moves out of your home, they pass away, or the home is sold, at which point your loan will be required to be repaid. Details of general mortgage fees and charges are outlined in the Fees and Charges section. A new valuation of your home may also be required but contact SBS before you do this. Shaun Drylie, chief executive of SBS Bank, described the new reverse mortgage product as "like an RCF", "that people can draw up or down": "SBS feels reverse mortgages aren't not done very well in New Zealand, and we want to give people a flexible option to call upon.". Available to members with any level of existing lending with SBS Bank or requires new lending of at least $100,000. You need to ensure that you consider other factors such as budget, life events such as retirement or other foreseeable changes which will influence which term is right for you. Lending Standard Contract Terms and Credit Fees and charges apply. It is your responsibility to ensure that the repayment vehicle remains on track to repay the capital due. "At this point in the property market cycle, people might want to hold on longer, given the current uncertainty.
We provide you with the flexibility and freedom you need for your property investment and a pre-approval to allow you to focus on finding the property that suits your Residential Investment goals. As the situation and impact of COVID-19 develops across the country, Select Portfolio Servicing is here to support you and we are taking steps to ensure there is no interruption in the servicing of your mortgage. If we agree to this transfer, fees will apply and be added to your loan balance and depending on the value of the new house and the outstanding, we require a partial payment (e.g. This is the period over which you need to make the monthly payments against the mortgage loan. It is important to be aware that if you have borrowed the maximum amount for your age group, your ability to increase your lending in future may be limited due to the compounding of interest on your loan. WHAT HAPPENS IF MY SPOUSE/PARTNER DOES NOT OWN THE HOME? Lending Standard Contract Terms and Credit Fees and Charges may apply. Initial product rates may appear attractive but many carry high fees and charges. To view our interest rates for Residential Investing Lending please click here. The European Standard Information Sheet details all the associated rates, features and fees related to a particular mortgage contract. Borrowers will be charged a floating rate for borrowing against their home, with interest compounding over the course of the loan. It is important that you let us know if you want to change the Nominated Residents for your SBS Unwind Loan. However both of these may change at any time.
Specific credit and eligibility criteria apply. We may arrange for someone to inspect the property, or we may use a database that analyses the values of comparable properties. If you’re seriously considering a Reverse Equity Mortgage, we require you to discuss this with your legal adviser and you should also consider talking it through with trusted family members.
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