# Age component amount

Your age will help decide how much you can get under the Home Equity Access Scheme.

If you have a partner, and theyâ€™re younger than you, weâ€™ll use their age instead.

Both of the following things affect how much you can get:

• your security for the loan
• your and your partnerâ€™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 Sharonâ€™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 Joeâ€™s age to calculate Johnâ€™s maximum loan amount. This means the age component is \$2,960. The amount Johnâ€™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 Joeâ€™s age component of \$2,960 to get Johnâ€™s maximum loan amount of \$74,000.

Page last updated: 28 September 2023.
QC 51195