Application lodged by enduring Power of Attorney (POA) who was seeking funds to place elder mother, who was ill and living alone, into an aged Cared facility without selling the family home. The RAD ( refundable accommodation deposit) required was $660,000 and a further $70,000 cash out to complete renovations to the property in order to assist with the sale of the property at a later point in time. The total loan required was $730,000 and the current value of the property was $1,500,000
Solution: Loan was approved using our Aged Care Loan for $730,000 with interest repayment capitalising for the first five year.
