Age component amount

Your age will help determine how much you can get under the Pension Loans Scheme.

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
  • the age component amount for your or your partner’s age in the table 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

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 maximum loan amount, 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 maximum loan amount of $77,000.

Partnered

John is 70 and has a partner Joe who is 69. Because Joe’s younger we use the age component for their 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 maximum loan amount, 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.

Page last updated: 5 July 2021