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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.