Equity Finance Mortgage
Australian First Mortgage has a product called an Equity Finance mortgage provides up to 20% of the value of an owner occupied property. There is no annual percentage rate applies to the loan unless the borrower is in default and no monthly repayments are required throughout the term of the loan. In return, the borrower shares any increase in the value of the property with Rismark when the loan is known as the " appreciaion payment'. When you sell or repay the EFM loan for some other reason you pay the EFM amount you originally borrowed plus up to a 40% share of any increase in the value of the property. The bank may also share any decrease in the loan. 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 EFM.
This product must be taken in conjunction with an adelaide bank home loan
Purpose
Australian First Mortgage has a product called an Equity Finance mortgage provides up to 20% of the value of an owner occupied property. There is no annual percentage rate applies to the loan unless the borrower is in default and no monthly repayments are required throughout the term of the loan. In return, the borrower shares any increase in the value of the property with Rismark when the loan is known as the " appreciaion payment'. When you sell or repay the EFM loan for some other reason you pay the EFM amount you originally borrowed plus up to a 40% share of any increase in the value of the property. The bank may also share any decrease in the loan. 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 EFM.
This product must be taken in conjunction with an adelaide bank home loan
Purpose
- Purchase a home or refinance your existing home loan
- Upgrade to a bigger home
- The property must be owner occupied
- individual borrowers only - no company, trust or guarantor.
- Reduce the upfront and ongoing cost of purchasing a new property.
- Reduce your current monthly monthly mortgage payments via refinancing your existing loan or
- Buy a more expensive property than you may otherwise be able to afford.