When considering whether an applicant nearing retirement is eligible for a loan, policy simplicity is key.
Connective Essentials superannuation income and retirement strategy policies, combined with our 25 year minimum loan term, provide a simple and accessible option for customers approaching retirement age.
Applying the below exit strategies is simple, all you need to do is follow the online prompts when completing the loan submission.
Who does this policy apply to?
Two retirement strategies to choose from
For these applicants we provide two retirement strategies:
For full policy details, including how to apply each of these tests, acceptable financial assets and documentation required, please refer to our Lending Guidelines Manual available in the research tab in Mercury Nexus.
Our standard loan terms are 25 or 30 years. So, we won’t ask any of your customers to select a short loan term because of their age – assisting with serviceability and lower monthly repayments.
Superannuation Income
We have removed the requirement to confirm there has been no reduction of capital in super balance year on year. To verify superannuation income, you will need to provide a minimum of two most recent credits of superannuation income.
If you have any questions or would like to discuss a customer’s scenario, don’t hesitate to contact your CHL BDM or email info@connectivehomeloans.com.au.
