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Definition: Equity Release Mortgages

This allows clients over 60 years of age with largely mortgage free residential homes, to borrow a lump sum without having to make monthly repayments of principal and interest. Includes home improvements, car, holiday, family gifts, health, and education of grandchildren. There are no requirements for the borrower to have any income and generally applies to owner occupied residential property. Interest is set at a rate of 1.5% - 2.0% over the major banks’ variable rates. Applicable to properties located in New Zealand only.

Email us at talktocrediflex@crediflex.co.nz or call us on 09 445 0002 to find out more.

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