La Trobe Financial Product Details:

Product Name Aged Care Loan
Current Rate^ 4.90%^ (steps up 2%p.a. in years 6 & 7)
Comparison Rate* 7.02%
Security Type Residential and/or investment security collateral and charge over RAD.
Loan Purpose To secure a place in an Aged Care facility by paying RAD
Verification Required Borrower (or Power of Attorney holder) declaration of understanding of security taken and independent financial and legal advice on Aged Care Loan
Personal or Business/Investment Purposes Personal use only for individuals aged > 80 years to pay for ongoing care fees (DAP) renovations or repay existing debt.
Minimum Loan Amount $100,000
Maximum Loan Amount $750,000 (50% LVR)
Maximum LVR 50% of value of home
Lenders Mortgage Insurance required No
Maximum Loan Term 7 Years
Repayment Type No capital payments required during loan term.
No interest payments required until the loan outstanding reaches 140% of initial amount borrowed.
Maximum Interest Only Term 7 Years
Interest Rate Type Variable
Redraw Available No
Application Fee (excl. Val. & Legal Fees) $2,500, ask about our Specials. Other fees applicable during setup.
Risk Fee $0
Additional Repayments Yes

* The comparison rate is based on secured credit of $150,000 and a term of 25 years. WARNING Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees and cost savings such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Terms, conditions, fees, charges and La Trobe Financial Lending criteria apply. ^ Depends on loan amount and risk grade of borrower.