How much can I borrow?

The amount seniors can borrow is generally based on two key factors:

  • the value of the security property as determined by the lender’s valuer
  • the age of the younger borrower. This is the principal factor in setting the allowable “loan to valuation ratio” or LVR. For example, if a 70 year old is married to a 65 year old, the maximum loan amount is calculated based on the younger borrower’s age.

The following table is a guide to what percentage of the property’s value can be borrowed, based on the age of the younger borrower:

Age % Note: Different lenders have different LVR policies. This table is a guide only.
65 – 69 20
70 – 74 25
75 – 79 35
80 – 84 40
85 + 45
This entry was posted on Tuesday, September 15th, 2009 at 2:25 am and is filed under REVERSE MORTGAGES with MELBOURNE MORTGAGE FINANCE. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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LENDING UPDATE 14.06.19

  • LIVING EXPENSES ARE NOW A KEY ISSUE
  • COMPREHENSIVE CREDIT REPORTING NOW IN EFFECT
  • INVESTMENT LOANS AT OWNER-OCCUPIER INTEREST RATES
  • REVERSE MORTGAGE LOANS FOR SENIORS OVER 60
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