The equity release process has changed over the years and today is much different to when the process was first introduced. Equity release has become a popular way of raising capital from a private individual or company. However in the past, this equity release process has only been available to companies and professional investors. This means that a relatively small proportion of individuals have had the chance to take advantage of this equity release process. Equity Release Australia is now changing this and making it more accessible to individuals.

equity release process

The first step would be to determine if equity release is actually the best way for you to raise capital. Whilst for others it is simply the best way to raise a large amount of money fairly quickly, for other people there might be better routes to take. However, either way the first stage of the equity release process is basically the same, you need to consult an adviser with experience in the state benefits laws. Your adviser will be able to advise you on the eligibility criteria, and what equity release plan will be most suitable for your situation.

Once this consultation has finished and you are happy that a plan is most appropriate to you, the next stage of the process is to complete the application form. In general the application form can be completed online, and there are many advisors online who will help you complete the application form for equity release. Your advisor will ask you to provide information relevant to your circumstances, and then all you have to do is click on the submit button. Within a short space of time the advisor will contact you to discuss your options. Your advisor will keep you updated on the progress of your application form and will assist you throughout the application process.

Once your application has been approved, your next step in the equity release process is to contact your adviser. You should set up one or two further telephone conversations with your adviser to clarify any aspects of the application. At this point it is very important that you discuss your reasons for applying for equity release and explain any other assets you may have. This may include pension scheme member savings, property investments or other non-traditional investments. If you wish to speak further with your adviser before the application closes, they should be able to arrange a phone consultation.

Your adviser will be able to review all your options and advise you on which one would be best for your situation. At this point the equity release process is completed, and you can complete the application. In most cases the money can be released quickly, but it is important to remember that you will still need to meet the criteria for eligibility to stay in the scheme for the duration of the term.

At this stage of the application process, if you are approved for the loan, your adviser will instruct you to make a payment. At this point the actual borrowing is started, by direct debit from your bank account. The loan will be applied to the equity in your home, and you will be liable to the monthly repayments. Once you have paid off the entire loan, you will be free from the requirement to make monthly repayments. It is at this point that you can decide whether to complete the whole equity release application process, or to close it, as soon as your circumstances are suitable. Many advisers will help you to complete the application process and complete the release as quickly as possible.