ABN AMRO reverse mortgage product wins gold award

PRESS RELEASE 18 December 2006

ABN AMRO Australia's Home Equity Access product is the 2006 winner of Money Magazine's prestigious Gold Award for best reverse mortgage (non–bank).

The award was made based on a scoring system that takes account of interest rates and product features such as flexible payment options, longer valuation frequencies and short or no early repayment penalties.

In announcing the award, Money Magazine noted the Home Equity Access had no ongoing fees or charges, no maximum borrowing limit and an interest rate of 8.2%

Director of Reverse Mortgages at ABN AMRO Australia, Mr Martin Lynch, said he was delighted that Home Equity Access had received the Gold Award less than a year after the product's launch.

"The reverse mortgage market is becoming increasingly competitive. This award is recognition of ABN AMRO's commitment to excellence in developing a product that is both flexible and secure. ABN AMRO is a founding member of the Senior Australians Equity Release Association of Lenders (SEQUAL)," Mr Lynch said.

"We have had excellent feedback from our customers in 2006 and we are proud of our product's reputation in the marketplace. ABN AMRO is the world's 20th largest bank. No other reverse mortgage product on the Australian market offers such financially solid, global banking support."

Mr Lynch said a number of additional features would be added to Home Equity Access in 2007 to ensure that it remained the leading reverse mortgage product in the market. These include an increased geographic availability and an accommodation bond offering.