Below are some frequently asked questions in relation to Homesafe Wealth Release®. Click on each question for answers:
FAQs & Help
How much can I receive in cash from Homesafe?
Any amount between $25,000 and $1,000,000*. Homesafe also limits the agreed share that you can sell of the future sale proceeds of your home to 65%.
*Terms, conditions and eligibility criteria apply.
Call 1300 307 059 or complete our online form. - click here to complete
Am I eligible for Homesafe Wealth Release?
What are the fees and charges?
There is a one-off documentation fee of $1,790# which is payable to Homesafe at the time we transact with you and will be deducted from the funds available to you.
A deposit towards the cost of the Valuation will be required in order to assist you progress your enquiry, and will be returned to you at the time of an exchange of Contracts between you and Homesafe. At that time the full fee of $1,790.00 (including the full cost of the Valuation) will be deducted from the cash amount available to you.
You will be responsible for your own costs in relation to seeking legal advice and any government charges (in relation to property searches, registration fees etc) applicable to your transaction.
# This fee may vary based on your property value or the ownership structure of your property, and is subject to change from time to time.
Can I buy-back the share of the future sale proceeds I have sold to Homesafe?
Yes. Under the Homesafe Contract you, or your Estate, are able to Buy-Back the share of the future sale proceeds sold to Homesafe.
Do I have to regularly maintain my home under a Homesafe Contract?
There is no requirement for a Homeowner to undertake specific maintenance of their home after entering into a Homesafe Contract.
Can I rent out my house after I have transacted with Homesafe?
Yes, you can rent out your home and keep the rental income.
Under the Homesafe Contract, Homesafe does require the rental income to be no less than market rates and under lease for a period of no more than 12 months.
How is the market value of my home determined?
Homesafe will engage an independent Panel Valuer to assess the current market value of your home.
The Valuation will be prepared on a ‘market' basis, similar to a pre-purchase valuation and not for mortgage purposes. You will receive a copy of the Valuation Report once prepared for your consideration before proceeding further with your enquiry.
Will my pension or social security benefits be affected?
We recommend you speak with Centrelink and seek independent financial advice regarding any impact which may affect your entitlements, prior to receiving funds from Homesafe.
What happens if the value of my home goes down in future?
A fall in the value of your home does not impact the percentage you have not sold to Homesafe.
Just because property values may fall, Homesafe cannot receive more than the share of the future sale proceeds you have agreed to sell.
What happens if I need to sell my home earlier than anticipated?
Not a problem. You may be eligible for an Early Sale Rebate if your home is sold earlier than expected.
Once you have made a decision to sell your home, simply contact our Customer Contact Centre on 1300 306 059 and they will assist you with the process to complete your Homesafe Contract.
What if I have an existing mortgage on my Title?
Homesafe requires the Title for your home to be clear of all debts in order to transact with you.
If necessary, you can use the amount received from Homesafe to pay out any existing debts at the time Homesafe contracts with you.
Our Administration Team will provide you with documents to assist you and your Solicitor with the process.
Should I discuss Homesafe with my family?
We encourage you to discuss with your family your decision to sell a capped share of the future sale proceeds of your home to Homesafe.
Family members are welcome to attend any meetings with you and Homesafe if you would like their involvement in the process.
What happens if I die before my partner?
Your partner can continue to live in the home as long as he or she wishes, provided they are also a party to the Homesafe Contract.
What happens if my partner is not on the Title?
You should ask your Homesafe Consultant to explain the options available to secure your partner's position under the Homesafe Contract.
Why does Homesafe register a mortgage on my Title when it is not a loan?
After selling a share of the future sale proceeds of your home, Homesafe will have an ‘interest' in your property and will be entitled to its share only when you are selling your home.
Homesafe registers a Mortgage & lodges a Caveat on the Title of your home to secure its interest in the future share of the sale proceeds of your home.
Can I use the amount I receive from Homesafe for any purpose?
Yes, Homesafe Customers have accessed the equity in their homes to:
- Repay debt;
- Supplement superannuation or investments to support retirement;
- Access funds to pay for medical treatment, nursing or support services;
- Provide financial assistance to children, grandchildren and other family members;
- Leisure and lifestyle activities.
It is important that the Homesafe Contract is right for both parties, and therefore Homesafe may require confirmation that you have received financial advice with respect to the intended use of the funds which may be available to you. If it is intended that the funds will be used to change or alter your home significantly, Homesafe may require further information regarding the proposed works, prior to transacting you.
Should I get legal advice?
Yes. Homesafe requires that you engage independent Legal advice in order to complete the transaction.
Once you have accepted an offer from Homesafe, we will liaise directly with your Solicitor until the exchange of Homesafe Contracts takes place.