It says the product can be tailored to fit people’s needs. One feature is an annuity option so people have the choice of a lump sum payment or an on-going payment. Annuity payments can be increased and extra lump sums can be requested at future times, dependent on available equity.
Dorchester has lowered its interest rates (which were pretty high on its earlier product) and halved its fees.
Also on the interest rate front is it offering fixed rates as opposed to floating rates.
Likewise the loan can be for a fixed term rather than for a lifetime.
Dorchester says the New Zealand market is currently only around $100 million, however it expects some significant growth if international trends flow through to New Zealand.
“The Government is struggling to fund the lifestyle and needs of New Zealand’s ageing population and many people now see equity release schemes as an accepted part of financial planning in retirement”, sales manager Meryl Young, says.
| « News Round Up | Sovereign takes regulation bull by the horns » |
Special Offers
© Copyright 1997-2024 Tarawera Publishing Ltd. All Rights Reserved