CBA Equity Unlock for Seniors

The CBA Equity Unlock for Seniors offers a great financial option if you are 65 years old or older and own your home. Using it you will be able to supplement your income without affecting your lifestyle or selling the property. The loan gives the borrower access to the equity that has been paid into the house for personal purposes.

If there are multiple applications, all must meet the minimum age requirement of 65 years or older and possess either joint tenants or tenants in common status. One of the applicants must reside at the property.

Borrowers are required to seek independent legal advice and get a Statutory Declaration signed. While not mandatory, borrowers should get a signed Estate Planning and Financial Advice Certificate after seeking professional financial counsel.

KEY BENEFITS

Here are some key benefits associated with this type of loan:

Redraw Facility

This feature allows you to withdraw cash from you loan account and use it for personal purposes. In other words, you are accessing the equity. It is the primary feature of this style of loan.

Flexible Distribution

You can choose how the money is distributed. You can a lump sum all at once or you can access the funds at different points as needed. They can be accessed using NetBank, telephone, and select ATMs or other terminals, or at CBA branches.

Repayment Freedom

You can elect to defer your payments until you no longer reside in the property or repay the loan as you go while withdrawing further funds too.

Additional Repayment

You can pay extra payments at any time on this loan. There are no prohibitions.