Help Clients over 55 to Free Up Cash while Retaining Their Assets

Whether you have clients wanting to renovate, fund an investment or lifestyle asset, help their kids with a home deposit or pay for aged care, the best way to access lump sums of cash is a frequent question for accountants.  For over 55s, this challenge has only grown as banks withdraw from lending money to people who can’t demonstrate permanent income or employment—regardless of their asset position.

To make matters worse, falling share and property markets mean that clients are reluctant to sell assets in this market. According to Core Logic, 41.9% of Australian house and unit markets analysed in the June quarter declined in value, a significant increase on the previous quarter. While housing markets over the medium to long term are likely to remain resilient, many clients are looking for other options to access cash in the short term while they wait out this volatility. 

Thankfully, there’s a new solution from specialty lender 2Be.  2Be’s Equity Advantage offers qualified borrowers between the ages of 55 and 75 the ability to borrow against the equity in their home, without having to prove income or employment status. 

2Be Equity Advantage product features at a glance:

• 5-year fixed term loan
• Maximum loan amount of $500k 
• Fixed or variable rate options
• Option to pay interest or defer all payments to the end

Eligibility criteria:  

• Youngest borrower must be between 55 and 75 years young
• Own a property with a value of around $1m, with little or no debt against it
• At least $500,000 of other significant net assets
• Clean credit history
• Australian Citizen or permanent resident. 2Be also accepts NZ citizens with a Special Category Visa

The 2Be website includes our Financial Firepower calculator, which provides a free property valuation and estimates the amount of equity that can be released from your clients’ home.   

It takes less than 60 seconds to find out how much can be borrowed, with approvals in as little as 48 hours!

2Be Finance Pty Ltd Australian Credit Licence 533319.

2Be offers a referral program for experienced accountants and advisers. If you’re interested in referring potential clients to 2Be you can find out more at 2Be Professionals or email 2Be at referrals@2Be.com.au