A Silver Choice consultant will meet with you to discuss your individual requirements and provide you with budget options for you to consider.

After discussions with your family and friends the next step is to obtain independent legal advice.

You nominate a deferred settlement period of between 2 and 10 years.

Once you are satisfied, you and the Silver Choice consultant sign the Sale and Purchase Agreement.

You then have a cooling down period of 15 working days to reflect on your decision.

10 working days after the cooling down period you may either accept the Silver Choice estimated market value as the agreed purchase price, or obtain an independent valuation.

If your valuation is higher than the Silver Choice Valuation, there is a formula to arrive at a fair market value. This process is in the Further Terms of Sale contract.

Once the purchaser confirms they wish to buy your property, you will be notified that the Sale and Purchase Agreement is now unconditional. This is called ‘the anniversary date’.

The purchaser will then pay you an initial deposit instalment of $30,000 within five (5) working days of rendering the agreement unconditional. Subsequent instalments of $10,000 will be paid, on each anniversary date up to settlement. The initial deposit may vary under certain circumstances.

You receive 50% share of any capital growth in the property over the deferred settlement period.

A Silver Choice administration fee, 1% plus GST of the agreed initial purchase price is deducted from your initial deposit instalment you receive. A final administration fee of 1% plus GST is deducted from your balance payment on settlement date.

Prior to settlement, you and the purchaser independently obtain a valuation, to establish the new market value.

On settlement the purchaser pays you the balance. This is calculated by taking the original house value and adding your 50% of the Capital Gain. Then the total deposits already paid to you are deducted.

Prior to settlement you can exercise your right to nominate a fixed term rental period for 2 years with the purchaser, renewable every 2 years for life.

At the start of the tenancy, and every 2 years thereafter a fair market rental is set based on a written appraisal from a reputable professional property management company.

To protect your tenancy after settlement, you will be required to deposit sufficient funds in an interest bearing account of your choice to cover rental to age 90 years of age. The balance of this account, including interest, is yours to withdraw if you move from your home.