Quick questions.
How do I exit or refinance out of HAS?
When you refinance or sell your property, your primary lender is repaid first. The HAS shared equity facility is then repaid, together with HAS' agreed share of any capital growth (where applicable), in accordance with your loan agreement. You retain the remaining equity in your property.
How is property growth calculated?
Property growth is the difference between the property's value at exit and its original purchase price.
Exit value minus purchase price equals capital growth.
The shared equity percentage is agreed when your loan is established and varies for each customer. It depends on factors such as the purchase price, your deposit, your primary lender's home loan and the total HAS shared equity facility required. While 17.5% is a common example used throughout our website, your agreed shared equity percentage may be higher or lower.
At exit, HAS receives its agreed shared equity percentage of any capital growth, together with repayment of the HAS shared equity facility, in accordance with your loan agreement.
Do I share the full property value or only the growth?
What if I am not ready to refinance after 3 years?
That's okay. The HAS shared equity facility has a minimum term of three years and can continue for up to a 30-year loan term. We recommend speaking with your broker to determine the most appropriate time to refinance based on your individual circumstances. Many of our customers choose to refinance around three and a half years, however the right time will depend on factors such as your property's value, equity position and lending eligibility.
