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If you have a partner, and they’re younger than you, we’ll use their age instead.
Both of the following things affect how much you can get:
- your security for the loan
- your and your partner’s age component amount shown in the tables below.
Younger than 60
| Current age | The age component amount |
|---|---|
| 55 or younger | $1,710 |
| 56 | $1,780 |
| 57 | $1,850 |
| 58 | $1,920 |
| 59 | $2,000 |
Between 60 and 69
| Current age | The age component amount |
|---|---|
| 60 | $2,080 |
| 61 | $2,160 |
| 62 | $2,250 |
| 63 | $2,340 |
| 64 | $2,430 |
| 65 | $2,530 |
| 66 | $2,630 |
| 67 | $2,740 |
| 68 | $2,850 |
| 69 | $2,960 |
Between 70 and 79
| Current age | The age component amount |
|---|---|
| 70 | $3,080 |
| 71 | $3,200 |
| 72 | $3,330 |
| 73 | $3,460 |
| 74 | $3,600 |
| 75 | $3,750 |
| 76 | $3,900 |
| 77 | $4,050 |
| 78 | $4,210 |
| 79 | $4,380 |
80 or older
| Current age | The age component amount |
|---|---|
| 80 | $4,560 |
| 81 | $4,740 |
| 82 | $4,930 |
| 83 | $5,130 |
| 84 | $5,330 |
| 85 | $5,550 |
| 86 | $5,770 |
| 87 | $6,000 |
| 88 | $6,240 |
| 89 | $6,490 |
| 90 or older | $6,750 |
Example of how we work out the maximum loan amount (MLA)
Single
Sharon is 70 and single. This means her age component is $3,080. The amount she is using as security for her loan is $256,000.
To calculate her MLA, we round the security down to the nearest $10,000 making it $250,000. We divide this amount by 10,000, giving us $25. Then we multiply that by her age component of $3,080 to get Sharon’s MLA of $77,000.
Partnered
John is 70 and has a partner Joe who is 69. Because Joe is younger, we use the age component for Joe’s age to calculate John’s maximum loan amount. This means the age component is $2,960. The amount John’s using as security for his loan is $256,000.
To calculate the MLA, we round the security down to the nearest $10,000 making it $250,000. We divide this amount by 10,000 which gives us $25. Then we multiply that by Joe’s age component of $2,960 to get John’s maximum loan amount of $74,000.