Bendigo Retirement Lifestyle Income

Today, many retirees find themselves in an unexpected financial position. The rising cost of living and sustained low interest rates have reduced their income in retirement. Often, they simply don’t have enough cash to maintain the lifestyle they want.

To date the choice has been to sell the family home, take out an open-ended reverse mortgage that can significantly erode equity, or scrape by with a decreased standard of living.

If this sounds like you, Bendigo Bank now has the perfect solution. Introducing Bendigo Retirement Lifestyle Income provides a simple, safe way to improve your quality of life with:

• A guaranteed monthly supplement to your retirement income
• The option of an initial lump-sum payment
• Income payments designed to have no social security or tax implications (primary place of residence only)*
• A fixed five-year term and fixed interest rate with the option to apply for an additional period of five years fixed. Eligbility criteria must be met.
• Up to 50% saving in accrued interest when compared to some reverse mortgage options.

* However, we recommend that you seek specific advice from Centrelink about any effects this may have on your personal situation.

But the greatest benefits of a Bendigo Retirement Lifestyle Income are the choices it provides and the fact you retain financial control at all times. From the outset you’ll know exactly what your total costs will be. There are no surprises, irrespective of interest rate movements, as you have a fixed rate of interest over a fixed five-year term. And because it’s not based solely on an initial lump-sum, you’re likely to save up to 50% on accrued interest when compared to most reverse mortgage or home equity release products.

To ensure the retiree has the greatest number of options at the end of the five-year term, they must also have other assets to the value of the loan amount. These assets may include an investment property, superannuation, cash, investments/trusts, life insurance, allocated pensions, shares, motor vehicles or collections.

There are no repayments required during the five-year duration of a Bendigo Retirement Lifestyle Income. And at the end of the five years, you can choose to restructure your finances, rollover to the Bendigo Homesafe Equity Release product or another equity release product if appropriate, or pay off the facility.

It’s never been easier or more affordable to let your home equity fund your retirement.

For more information see your local Branch Manager or phone 1300 366 666.

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