Maximum loan amount

The maximum loan amount (MLA) is the most you can borrow through the Home Equity Access Scheme. We can’t pay you any more once your loan balance reaches your MLA.

We base your MLA on the both of the following:

  • your age, or if you have a younger partner, we base it on their age
  • your security for the loan.

To work out the MLA, we round the security value down to the nearest $10,000. Then we divide it by 10,000 and multiply that by the age component amount. The age component increases each year as you and your partner get older. You can choose a lower amount than the one we calculate. If you do this, your payments stop once your balance reaches that amount. You can see an example of how we work out the maximum loan amount.

The maximum loan amount generally increases each year as you or your partner get older. If your real estate’s value changes, this will also affect your MLA.

You need to tell us if the value of your real estate changes. If it increases, you can ask us to increase your MLA. If it decreases, we’ll need to lower your MLA.

We continue to apply interest to the outstanding balance until you repay the loan in full.

You can request to change the maximum loan amount at any time. This request must be in writing and you must sign it. If you have a partner, they must sign the request even if they don’t own the property.

Page last updated: 1 July 2022