How does an Australian Seniors Finance Lifetime Loan work?

It’s simple. If you are over 60 years (or if a couple, one of you is over 60 and the other over 55) and you own your home, an ASF Lifetime Loan allows you to borrow up to 50% of your home’s value.

And you can use the loan to fund anything you want, for instance:

 Renovations and maintenance

 Health care

 Pay off credit card bills

 A new car

 Education costs for grandchildren

 Pay out an existing mortgage

 An overseas holiday

The choice is entirely up to you!

Best of all, unlike standard loans, there are no regular repayments of either interest or capital during the course of the loan. Which makes it a great way to pay out an existing mortgage or credit card debt.
In fact, unless you decide to voluntarily pay out the loan there is nothing to pay until you move out of and 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 and your beneficiaries.

And ASF's peace of mind Loan Repayment Guarantee means that your total repayment will never exceed the net sale proceeds of your property.