Equity Finance Mortgage®
(EFM®)
Now there is a new home loan
available that can help you reduce your monthly home loan repayments or even
purchase a more expensive property than you may otherwise be able to afford. An
EFM works in conjunction with a traditional
home loan. Together they let
you move some of the expense of a traditional home loan to later when you
eventually sell your property.
Here’s how:
An
EFM
allows you to borrow up to 20% of a property’s value. There is no annual
percentage rate applicable to an
EFM
loan unless you are in default. You are not required to make any regular monthly
loan repayments throughout the term of the
EFM
loan.
Instead, when you sell the property or repay the
EFM
for some other reason, you repay the
EFM
amount you originally borrowed plus up to a 40% share of any increase in the
value of the property.
And
while nobody likes to talk about property values decreasing, if this does happen
when you have an EFM
and you are
selling your property, you may not have to repay the full
EFM
loan amount - a feature unique to an EFM.
To find
out more contact Ability Finance now to speak to an accredited lender.
PHONE
Fees,
charges, terms, conditions and lending criteria apply. We recommended you read
the EFM Product
Disclosure Document available from one of our accredited lenders.
Equity
Finance Mortgage EFM and
EFM are registered trade
marks of ARES Capital Management Pty Limited ABN 93 113 861 046.
Download
the
Homeloans LTD Equity Finance Mortgage brochure here.
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