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Bendigo Retirement Lifestyle Income
Today, many retirees find themselves in an unexpected financial position. The rising cost of living and sustained low interest rates have reduced their income in retirement. Often, they simply don’t have enough cash to maintain the lifestyle they want.
To date the choice has been to sell the family home, take out an open-ended reverse mortgage that can significantly erode equity, or scrape by with a decreased standard of living.
Bendigo Retirement Lifestyle Income offers:
- A guaranteed monthly supplement to your retirement income
- The option of an initial lump-sum payment
- Income payments designed to have no social security or tax implications (primary place of residence only)*
- A fixed five-year term and fixed interest rate with the option to apply for an additional period of five years fixed. Eligbility criteria must be met.
- Up to 50% saving in accrued interest when compared to some reverse mortgage options.
* However, we recommend that you seek specific advice from Centrelink about any effects this may have on your personal situation.
But the greatest benefits of a Bendigo Retirement Lifestyle Income are the choices it provides and the fact you retain financial control at all times. From the outset you’ll know exactly what your total costs
will be. There are no surprises, irrespective of interest rate movements, as you have a fixed rate of interest over a fixed five-year term. And because it’s not based solely on an initial lump-sum, you’re likely to save up to 50% on accrued interest when compared to most reverse mortgage or home equity release products.
To ensure the retiree has the greatest number of options at the end of the five-year term, they must also have other assets to the value of the loan amount. These assets may include an investment property, superannuation, cash, investments/trusts, life insurance, allocated pensions, shares, motor vehicles or collections.
There are no repayments required during the five-year duration of a Bendigo Retirement Lifestyle Income. And at the end of the five years, you can choose to restructure your finances.
For more information see your local Branch Manager or phone 1300 BENDIGO.
| Bendigo Retirement Lifestyle Income Details |
| Statement |
Quarterly |
| Interest Rate |
Fixed for the term of the loan |
| Calculated |
Daily |
| Charged |
Monthly |
| Term |
Five years |
| Amount |
$10,000 - $500,000 |
| Income Payments To You |
Monthly, into your linked transaction account |
| Type |
Principal and interest |
| Repayments |
Not required until the end of the term Please note: All early repayments must be made in full and may incur charges |
| Additional Transaction Account Rebates |
All customers are eligible for an account which provides full rebate for use of Bendigo Bank services. Please ask your Branch Manager or Lending Officer at your nearest Bendigo Bank Branch for more details |
The total loan amount (principal, fees and accrued interest) that can be borrowed, will differ according to the age of the customer, in line with the
Loan-to-Value ratio (LVR) table below:
| Age |
LVR (Total loan amount/value of secured property) |
| 60 - 64 |
10% |
| 65 - 69 |
12% |
| 70 - 74 |
14% |
| 75 - 79 |
19% |
| 80 - 84 |
25% |
| 85 or more |
40% |
|
| Fees |
* Refer to the Bendigo Bank Schedule of Fees & Charges and Transaction Account Rebates for more information on Transaction Account Rebates and a list of eligible Transaction Accounts.
Application Fee - $275, all other LDS fees are applicable and can be viewed via the Loan Document Services Department page or via this link. |
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