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.

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Adam Smith was the home loans editor at Finder.

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.

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