From July 1st, ASIC formally took over the regulation of the Australian credit market with the Federal Government’s new legislation, the National Consumer Credit Protection (NCCP) bill, coming into effect for the first time.
This is a win for consumers generally, and seniors in particular. The centrepiece of the bill, ‘Responsible Lending’, now makes it an offence for a [...]
Although a number of prominent lenders have left the market over the last eighteen months due to the global financial crisis, a new study has found that the reverse mortgage market continues to grow with total loans now exceeding $2.7 billion.
The SEQUAL report found that reverse mortgages increased by 4 per cent in the 6 [...]
In a positive move, the state government has just announced in its budget that NSW home owners over 65 will soon get an exemption on stamp duty when downsizing to buy a new home for less than $600,000. This represents a potential saving of about $25,000, and will make selling and buying another home of lesser value [...]
Homesafe solutions on today tonight
by Darren Moffatt on July 29, 2010
Earlier this week the Homesafe Solutions senior’s equity release product was profiled on Channel 7’s Today Tonight program. The story was well-balanced, and tapped into the fast-growing demand for home equity release amongst Australian pensioners and self-funded retirees.
The Homesafe Solutions ’Debt-free equity release’ can be a good solution, and for some people will be a preferred option to [...]