Finance Broker Australia Home Loan Broker

In response to an extensive review of operations undertaken by the board of Over Fifty Group the decision has been taken to suspend origination of all new applications for the Seniors Home Equity Release Loan (reverse mortgage).

No new applications for this product can be accepted after close of business on 15 July, 2008.

All applications received prior to the above date will continue to be processed in the usual manner.

Over Fifty Group will continue to service the existing client base including the provision of further cash reserve drawdowns and other administrative matters, however no new lending applications can be considered.

Over Fifty Group have continued to offer a reverse mortgage product whilst the majority of other lenders have withdrawn from the turbulent credit market. This has resulted in a flood of applications, however the capital intensive nature of continuing to write reverse mortgages is inappropriate given Over Fifty Group's size and our conviction to concentrate on core activities.