Document ID: chunk:federal_register_of_legislation:F2024C00882:schedule:1:p9
Version: federal_register_of_legislation:F2024C00882
Segment Type: schedule
Provision Reference: sch 1 (pt 9/40)
Character Range: 416683–420100

incurred.

                                                                                                                                                    * You do not have to take out consumer credit insurance unless you want to. However, if this contract document says so, you must take out insurance over any mortgaged property that is used as security, such as a house or car.
  * You should also read the information statement: 'THINGS YOU SHOULD KNOW ABOUT YOUR PROPOSED CREDIT CONTRACT'.
                                                                                                                                                    * If you take out insurance, the credit provider can not insist on any particular insurance company.

                                                                                                                                                    * If this contract document says so, the credit provider can vary the annual percentage rate (the interest rate), the repayments and the fees and charges and can add new fees and charges without your consent.
  * Fill in or cross out any blank spaces.
                                                                                                                                                    * If this contract document says so, the credit provider can charge a fee if you pay out your contract early.

  * Get a copy of this contract document.

  * Do not sign this contract document if there is anything you do not understand.

Form 7A—Disclosure about credit contracts (reverse mortgages)

subsections 18B(2) and (4) of the Code
regulation 74A of the Regulations

The rights of any spouse, partner or other resident in your home will be affected by this reverse mortgage

IMPORTANT

THIS NOTICE INFORMS YOU HOW THIS REVERSE MORTGAGE WILL AFFECT THE RIGHTS OF OTHER PEOPLE LIVING IN YOUR HOME.

When this reverse mortgage needs to be repaid, if another person (including a spouse, partner or other family member) is living in your house THEY WILL HAVE TO MOVE OUT SO YOUR HOUSE CAN BE SOLD.

BEFORE YOU SIGN THE CONTRACT FOR THIS REVERSE MORTGAGE ‑ You should carefully consider whether you want other people to continue living in the house, even if, for example, you move into aged care accommodation. To help you, you may wish to obtain independent legal advice.

If it is important to you that other people who live with you continue to have the right to remain in your home, then you should:

• find a reverse mortgage that provides rights to other residents;
• consider options other than a reverse mortgage.

If you need further information, go to www.moneysmart.gov.au.

MoneySmart shows you how reverse mortgages work.

Or call the Australian Securities and Investment Commission infoline on [provider to insert ASIC number].

The National Information Centre on Retirement Incomes [NICRI] also provides a free independent telephone information service to consumers covering all aspects of reverse mortgages. To speak to an information officer from NICRI call [provider to insert NICRI number].

Form 8—Disclosure about guarantee

section 55 of the Code
regulation 81 of the Regulations

IMPORTANT

BEFORE YOU SIGN                                                                                                       THINGS YOU MUST KNOW

  * READ THIS GUARANTEE AND THE CREDIT CONTRACT DOCUMENT.