IMB Aged Care Loan

Your family home could help fund your aged care needs.

Australians over the age of 65 can help pay for aged care using the IMB Aged Care Loan.

Product NameIMB Aged Care Loan
Interest Rate TypeVariable
Interest Rate (p.a.)5.60%
Comp Rate^ (p.a.)5.75%
Minimum Loan Amount$20,000
Maximum Loan Amount$1,000,000
Maximum LVR25%
Maximum Insured LVR50%
Mortgage Offset AccountNo
Mortgage 100% OffsetNo
Loan Redraw FacilityYes
Loan PortableYes
Suitable for InvestmentYes
Extra RepaymentYes
Repayment TypePrincipal & Interest and Interest Only Options
Application Fee$495
Valuation FeeIncluded in settlement fee up to $2m - quote for higher values
Ongoing Fees$0 p.a.
Settlement Fee$495
Discharge Fee$220


  • Choose a 3 or 5 year term
  • Equity protection option


  • There is a $495 settlement fee
  • There is a $220 discharge fee

What do I need to know about this loan?

The IMB Aged Care Loan helps you fund your aged care needs by tapping into the equity in your property. The loan is a reverse mortgage, which means you're offered funds based on the equity in your home and don't have to make regular repayments on the loan. Instead, the loan is repaid at the end of the loan term, when your home is sold or within six months of the last nominated borrower passing away.

Before taking out a reverse mortgage, make sure you seek out independent financial and legal advice.

What are the features and benefits of the IMB Aged Care Loan?

  • Loan amount and loan to value ratio. The IMB Aged Care Loan carries a minimum borrowing amount of $20,000 and a maximum borrowing amount of $1,000,000. You can borrow between 35 and 50% of the equity in your home, depending on your age.
  • Eligibility and purpose. This loan is limited to borrowers 65 years of age or older. It can be used to pay off existing debts, for home repairs, to pay your refundable accommodation deposit, your daily accommodation payment or for other aged care costs.
  • Payment type. Your payments can be accessed in the form of a lump sum, a regular payment or a flexible cash draw facility. You can also choose a combination of the three.
  • Equity protection. The IMB Aged Care Loan carries a no negative equity guarantee, meaning the amount you owe on your reverse mortgage will never exceed the value of the property. You can add optional equity protection to safeguard up to 25% of the value of your home.

What fees and charges come with this loan?

  • Settlement fee: $495. This fee covers the administrative costs associated with settlement.
  • Discharge fee: $220. This fee is charged when your loan is repaid and your loan account is closed.

How do I apply for this loan?

If you've sought out independent legal and financial advice and think the IMB Aged Care Loan could suit your aged care finance needs, click the green button above. You'll be taken to IMB's website where you'll be guided through the application process.

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IMB Aged Care Loan

  • Interest Rate

    5.6% p.a.

  • Comparison Rate

    5.75% p.a.

  • App Fee / Annual Service Fee

    $495 / $0

  • Max LVR


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