St George Seniors Access Home loan

About St George Seniors Access Home loan

A variable rate home loan that is secured by a mortage over owner-occupied property.You borrow against a portion of the equity you have in your home.During the term of the loan,all interest charges and other fees and charges are added each month to the balance owing on the loan.You pay interest on interest,and the outstanding loan balance increases over time.nRepayment of the total loan amount is deferred until the property is sold,or the borrowers are no longer living in the house,or all borrowers are deceased.When one of these events occurs,the loan amount must be repaid in full.You may make payments on the loan at any time.nMximum loan amount if 65-69 years old is $150,000 or 15% of the value of your property ,whichever is lower, 70years plus- $200,000 or 20% of the value of your property,whichever is lower.