Age component amount

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.