A.S.A.G. Pensioner Home Loans
A.S.A.G. Pensioner Home Loans
Home Loan Options for Pensioners
A.S.A.G. Pensioner Home Loans is one of our answers to the Federal Government’s Home Equity Access Scheme, in which the loan payments are facilitated via Centrelink.
With the help of the A.S.A.G. Calculator, it can give you a general idea of the available equity in your home.
Payments can be done as either or a combination of a lump sum, regular instalments or cash reserve.
Lump Sum
Access more equity and draw down available proceeds in one lump sum at closing. Future funds can be received either through Regular Instalments or a Cash Reserve.
Regular Instalments
The regular advance option is ideal for you if you want to maintain a lifestyle and the flow of your income. This may also work well if you are moving to a residential aged care and need to pay accommodation regularly.
Cash Reserve (Line of Credit)
A cash reserve or line of credit is your safety net option if you want to unlock equity in your home and a surefire access to funds in the event of an emergency, off-the-cuff home repair, or healthcare expense.
How to Take Out the A.S.A.G. Pensioner Home Loans
Qualifications
You must be an Australian senior homeowner, at least 60 years old.
Apply
ASAG’s easy online processes will enable you to lodge your A.S.A.G. Equity Unlock Loan application in minutes.
Valuation
Have a valuation carried out on your home to determine the available equity you can draw.
Seek legal counsel
Get independent legal advice, where your solicitor details the associated obligations and documentation needed for the agreement.
Family consultations
Make sure to discuss with your loved ones and explain to them your plans for a pensioner home loan.
Funds released
If you successfully meet the requirements, your funding is good to go!
Acceptable Purposes of the Loan
There are numerous ways you can make use of your Pensioner Home Loan.
Home Improvements
Your loan can help bankroll certain projects in your property that you’ve planned for quite a while, from equipment installation to remodelling.
Home Aged-Care Programme
A home loan may cover costs in case you have arranged for residential aged-care support.
Family assistance
Taking out a home loan could work well as emergency financial aid for your loved ones.
Frequently Asked Questions
- You and a partner who are already covered under Age Pension or have fully qualified for Age Pension.
- You own a property that’s fully insured and the mortgage is paid off, allowing it to be used as security for the loan.
- Have no present insolvencies or bankruptcies.
- Can produce proof of finances. These include your most recent bank statements, Centrelink documents, and a strong credit report.
- You have formally agreed with the loan’s Terms and Conditions.
The payments under A.S.A.G. Pension Home Loans and your own pension should not exceed 150 per cent of the maximum pension rate you are qualified for.
You can voluntarily make payments at any time, as long as you are still residing in the property. A full payment (with interest) may be settled, though, if you decide to sell off the property.
You must list down the safeguards to keep the payments going in a will, which may include the designated persons to facilitate the payments or sell specific assets to cover the balance.
Terms and conditions apply, and you are required to meet your responsibilities under the contract.
For more details, download our free Product Guide, or call us on 1300 002 724 to see how using A.S.A.G. Reverse Mortgage could improve your retirement income so you can Live The Life You’ve Earned.
What People Say About Us
I have been absolutely thrilled with not just the professional service offered by ASAG but also by their kindness and understanding. Compared to two other major Reverse Mortgage companies who between them took 13 months to decline my application due to me living in a resort I have found Gavin Luka at ASAG extraordinary in his patience with any amount of questions which were answered so promptly and in full. A very happy life ahead.
Kathy on Trustpilot
22 Mar 2022
We are very happy to “highly recommend” Gavin Luka for providing his thoughtful, empathetic, personable yet professional service during the acquisition of loan process. Gavin’s ability to ‘make it happen’ in a calm, seamless manner at a very stressful time for us – meant a lot.
Thankyou Gavin, what a ‘star’. Blessings to you
ASAG are very fortunate to have you on their team. Well done.
Carol Fleming on Trustpilot
9 Mar 2022
This was a very pleasant experience
This was a very pleasant experience. Plenty of guidance given along the way. Some anxiety but now looking back nothing to be concerned about. Thank you Gavin and his team.
Sandra Phillips on Trustpilot
7 Mar 2022
dealing with paul and gavin extremely easy
dealing with paul and gavin was extremely easy and also very pleasureable. if taking out a reverse mortgage i would reccomend asag to anyone.
Bob Manskie Manskie on Trustpilot
7 Mar 2022
I have used this company very recently and especially Gavin.He was so helpful in every way and talked me through everything that I needed to do.He was so polite , understanding and gentle with this gal as I was sick at the time but he just explained it all step by step and made the whole procedure as painless as possible though it wasn’t as easy a procedure as I’d hoped.They always answered the phone promptly and if Gavin wasn’t immediately available he’d always ring back very promptly.I can assure you this company is so easy to deal with.
Heather on Trustpilot
7 Mar 2022
*DISCLAIMER: Interest is based on a loan of $150,000 with a term of 25 years. Interest is calculated daily and charged monthly.
Please note the comparison rate only applies to the examples given. Different loan amounts and terms will result in different comparison rates. Costs such as redraw fees and costs savings, such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.