Hi, I was hoping to get some information about the best product or options for accessing the equity in a PPOR in retirement.
My parents are in their mid-eighties and live in a smallish brick house in Sydney south on a 990 m2 block - valued around $750K. They will not consider downsizing and don't want the hassle of subdivision.
They need access to around $200K for general living expenses etc. There are 8 adult children - which makes some solutions a little more complicated.
They have always banked with CBA so we are looking at the Equity Unlock product. The current rate for that is 7.05% and has fees of $12 per month plus a $950 establishment fee.
Is this the best solution for them to access the equity ?
Any advice r alternatives would be appreciated.
My parents are in their mid-eighties and live in a smallish brick house in Sydney south on a 990 m2 block - valued around $750K. They will not consider downsizing and don't want the hassle of subdivision.
They need access to around $200K for general living expenses etc. There are 8 adult children - which makes some solutions a little more complicated.
They have always banked with CBA so we are looking at the Equity Unlock product. The current rate for that is 7.05% and has fees of $12 per month plus a $950 establishment fee.
Is this the best solution for them to access the equity ?
Any advice r alternatives would be appreciated.
