If you own your home, an ASF Lifetime Loan (Australian Seniors Finance) can turn your home into a cash asset. If you are 60 or over, an ASF Loan lets you borrow up to 45% of your home's value. Unlike some other reverse mortgage loans you don't have to sell your home - the title remains in your name.
You can use the Lifetime Loan to fund anything you want including:
- Home renovations and home maintenance
- Health care
- Pay off credit card bills
- A new car
- Education costs for grandchildren
- Pay out an existing mortgage
- An overseas holiday
- Unexpected emergencies
Best of all, unlike standard loans, there are no regular repayments of either interest or capital during the course of the loan. This makes it a great way to pay out your existing mortgage or credit card debt.
In fact, unless you decide to voluntarily pay out the loan, there is nothing to pay until you sell your home, or after your death (or the death of your surviving nominated partner). Naturally, once the loan and interest have been repaid, the balance belongs to you or your beneficiaries. Learn more about the ASF Lifetime Loan.
Borrowing Limit
The amount you can borrow depends on your age at the time you take out your loan. The amount you can borrow begins at 15% of your property value at age 60, increasing by 1% for each year of age up to 90.
| Age | Maximum % of Value |
|---|
| 60 |
15% |
| 65 |
20% |
| 70 |
25% |
| 75 |
30% |
| 80 |
35% |
| 85 |
40% |
| 90 |
45% |
You can choose to take out an ASF Lifetime Loan as a lump sum, regular payments or a combination of the two. A Cash Reserve facility is also available which could give you additional funds over a five year period after settlement. The Reserve amount is based on the difference between your maximum loan entitlement and the amount initially borrowed. Work out how much you can borrow using the Lifetime Loan Calculator
The ASF Lifetime Loan is a reverse mortgage product issued by a member of the Australian Seniors Finance Limited group of companies. The ASF group of companies is not related to Heritage Bank (Heritage). Heritage is only a promoter and distributor of the ASF Lifetime Loan. Successful applicants will not be entering into any agreement with Heritage.
To approved applicants only. Fees, charges and conditions apply. IMPORTANT NOTICE: This information has been prepared without taking account of the objectives, financial situation or needs of any particular individual. For this reason any individual should, before acting on this information, consider the appropriateness of the information having regard to their individual objectives, financial situation and needs and, if necessary, seek appropriate professional, financial and taxation advice. Applications for the Lifetime Loan are subject to Australian Seniors Finance Limited's normal loan approval. Full terms and conditions will be included in any loan offer. Fees and charges are payable.