Navra Cashbond?

I downloaded and read the PDS for The NavraInvest fund and was quite impressed. I also gave it to a financial advisor friend of mine who is evaluating it now, he says looks good in principal but is waiting on the performance figures from NavraInvest.

But I digress , I was also talking to him about the cashbond concept of Steves and he wasnt keen on that one due to the fact that the interest rate gap was too large.

EG: Most people would pay about 6% or a bit over on a LOC loan on 80% of their equity (mine is 5.97% but was 6.04% ) and he says that the best annuity (or cashbond) rates at the moment are offering about 4.5%. This 1.5% gap is too large he feels to make it worthwhile unless you are a retiree with limited funds and need to live on your property equity.

I would like to get forumites opinion on this and also if anyone has actually used this concept for additional cashflow. I have heard so much about it but havnt heard of anyone using it.

While im at it, do any gurus know of any other methods to turn your equity into an income stream besides the Navra cahbond?