Use the following checklist as a prompt to ask the right questions when you talk to a lender or mortgage broker.
 | What are the age and ownership criteria for this loan? |
| | What are the conditions of the loan (eg insurance, maintenance)? |
| | What are the minimum and maximum amounts I can borrow? |
| | How is the loan available (eg lump sum, regular payment or combination)? |
| | How is the loan calculated? |
| | What is the interest rate? |
| | Is this rate fixed or variable? |
| | What fees are involved in taking out the loan? (eg home valuation and ongoing fees) |
| | How much will I owe in 10-30 years time with varying interest rates? |
| | How often is the house re-valued? |
| | Can I make repayments to the loan without additional cost? |
| | If I come into some money, is there a ‘break fee' to repay the total of the loan early? |
| | How soon after I move or die does the loan have to be repaid? |
| | How frequently will I receive loan statements? |
| | Can I ensure there is a portion of my estate left for my beneficiaries? |
| | What action will be taken if the loan eventually equals or exceeds the value of the house? |
| | Is there a written guarantee that the loss will be covered if the debt is eventually greater than the value of the house? |
Before you sign any contract it is important to seek independent advice from a financial planner and/or solicitor.
Copyright
Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
Webmaster
If you wish to provide feedback on the Office of Consumer and Business Affairs website please contact the Webmaster via email mailto:webmaster@agd.sa.gov.au
Accessibility
Information on accessibility for the Office of Consumer and Business Affairs website can be viewed at: http://www.ocba.sa.gov.au/accessibility.html
Information on copyright for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=60
Disclaimer
Information on the disclaimer for the Office of Consumer and Business Affairs website is provided on behalf of South Australia Central http://www.sacentral.sa.gov.au/site/page.cfm?u=61
Privacy
The South Australian Office of Consumer and Business Affairs (OCBA) is committed to protecting your privacy and the confidentiality of your personal information, consistent with the South Australian Government's Information Privacy Principles. If you would like to view the full privacy statement please visit: http://www.ocba.sa.gov.au/privacy.html
Webmaster
If you wish to provide feedback on the Office of Consumer and Business Affairs website please contact the Webmaster via email mailto:webmaster@agd.sa.gov.au
Accessibility
Information on accessibility for the Office of Consumer and Business Affairs website can be viewed at: http://www.ocba.sa.gov.au/accessibility.html