Pension Backed Lending
How Does Pension Backed Lending Work?
The Pension Funds Act allows members of a retirement fund, subject to the rules of the fund, to use their retirement fund credit as security for a loan. As long as monthly repayments are met, no money is taken from the fund.
Fairheads Financial Services provides administration services to retirement funds wishing to offer this service to members.
Pension Backed Lending
What Can Pension Fund Lending Be Used For?
According to the Pension Funds Act, the loan can only be used for:
Buying A Home
Pension Backed Lending can help you put money towards buying your dream home.
Building A Home
Building your first home is not a small endeavour that is why Pension Backed Lending can help you get started.
Renovations
The Fund will allow you to make renovations on an existing home that you own.
Buying Land
If you are looking to buy land on which to build a home.
Deposits
Allowing you to pay a deposit towards the cost of the home, to pay the transfer and/or registration fees.