These days, we are living longer and healthier lives but one challenge we face is how to afford it. Many retirees find themselves asset rich and cash flow poor due to a significant amount of their wealth being tied up in their family home or retirement village unit. If this is you, consider Go SiXTY PLUS – a product package designed for over 60s. It has unique benefits, services and products to help you maximise the potential of your assets, so you can live life better.
Our GO SiXTY PLUS, Relationship Manager, is dedicated to working with you one-on-one to help achieve your goals and aspirations, while advising you on products and services that best suit your needs.
PLUS, you will also benefit from discounts on our insurance.1
GO SiXTY PLUS Bridge to Retirement
A product specifically designed to facilitate a simple, smooth transition into a smaller property, retirement village or to pay for entry into an aged care facility. Funds are provided in advance, allowing you up to 12 months to sell your home, at which time the loan (and any interest that has capitalised to the loan) is repaid.
As this is a variable rate loan available to anyone who owns their home outright (or has substantial equity in their home), there are NO penalties for early repayments during the 12-month period and interest will only be charged up to the pay-out date.
Home Care Services Loan
This home loan is tailored to help those aged over 60 to remain in their own home for as long as possible, with the support of service providers. Those who own or are close to owning their property freehold can access some of this wealth to fund for example, home care services, home improvements, new or replacement vehicles, travel or medical expenses.
- Minimum loan amount is $20,000.
- Choice of a variable, fixed or mix of both interest rates
- Principle and interest repayments to be made weekly, fortnightly or monthly
- Maximum term of the loan is determined by the applicant(s)’ life expectancy at time of application, with consideration of their needs and debt exit strategy
This is a loan financed through Heartland Seniors Finance (HSF)2. Police Credit Union assists members with their enquiries and refers your application to HSF. A Reverse Mortgage allows you to borrow money using the equity in your home as security. The loan amount is determined by your age and property value, and the funds can be used for almost anything (e.g. home improvements, new or replacement vehicles, debt consolidation, mortgage refinance and medical expenses).
- Funds can be issued via a lump sum, regular income stream, line of credit or a combination of these options.
- No repayments are required while you remain in your home.
- Interest compounds over time and is added to the loan balance.
- You remain the owner of your property and continue living there as long as you wish.
- This product could provide more flexibility than the Federal Government’s Pension Loan Scheme.
- HSF guarantee no negative equity – if the loan lasts longer than expected, the debt will never grow larger than the value of the property.
It is recommended you obtain advice from appropriate services such as a Centrelink Financial Information Service (FIS) officer or a Financial Planner. Please also consider any impact on your Social Security benefits, future aged care needs and whether you would like to leave your home to beneficiaries with or without a mortgage. Obtaining legal advice is now mandatory before committing to a Reverse Mortgage.
For the Reverse Mortgage Information Statement click here.
GO SiXTY PLUS Lifestyle Personal Loan
This loan is ideal for those residing in an approved retirement village, wishing to access equity secured against their ‘license to occupy’ for any worthwhile purpose (excluding debt consolidation).
This loan is exclusive to Police Credit Union, with excellent benefits including:
- Very competitive variable interest rates
- No monthly account keeping fees
- No early termination fees
Flexible everyday access accounts with better rates, less fees and benefits such as:
- No monthly or account keeping fees
- Fee-free over-the-counter branch withdrawals, direct credits (pension, superannuation etc)
- 24/7 secure Phone Banking and Online Banking access including our Banking App
- Competitive, stepped interest rates with funds at call
- 0.05% bonus interest on all standard fixed term deposits3
- No minimum deposit, withdrawal or account balance
Police Credit Union hold regular free seminars on retirement planning, financial planning (information provided by Bridges Financial Services4) and other retirement related topics. The seminars are run by highly professional presenters and allows for questions and further discussion on key topics.
Want to find out if you’re on track to a comfortable retirement?
Enter the Bridges Retirement Lab4 to see how you measure up!
All these options are available, plus a dedicated advisor to work with you… to help you live life better.