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.

No reviews yet. Write a review
Avatar

By

Richard Whitten

Updated

Fact checked

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Review by

Richard Whitten is a money editor at Finder, and has been covering home loans, property and personal finance for 6+ years. He has written for Yahoo Finance, Money Magazine and Homely; and has appeared on various radio shows nationwide. He holds a Certificate IV in mortgage broking and finance (RG 206), a Tier 1 Generic Knowledge certification and a Tier 2 General Advice Deposit Products (RG 146) certification.

Expert review

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.

About this loan

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: $350. This fee is charged when your loan is repaid and your loan account is closed.

How to apply

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.

Ask an expert

To ask a question simply log in via your email or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and 6. Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site