RAD Coverage
Our Aged Care Loans are tailored to cover the Refundable Accommodation Deposit, addressing a crucial financial aspect of aged care transitions.
Aged Care lending solution
Borrowers from 6.99%^ p.a. (8.70%* p.a. comparison rate)
Residential – Our Aged Care Loans are designed to simplify the transition into aged care. It provides a financial solution specifically for covering the Refundable Accommodation Deposit (RAD), helping to reduce stress on families during this significant life transition. At La Trobe Financial, we understand the unique financial needs that come with aged care arrangements and our loan product is designed to support families during these challenging times.
Key Benefits
Stress Reduction
Our products aim to reduce the stress and financial burden on families during the transition into aged care.
Supporting Families
La Trobe Financial provides the financial support and solutions families need during this significant life change, ensuring a smoother transition into aged care.
Current Rate^: 6.99% (steps up 2% p.a. in years 6 & 7)
Comparison Rate*: 8.07%
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
Consumer advisory note: Maximum loan amounts and LVRs may vary based on security offered. * The comparison rate is based on secured credit of $150,000 and a term of 25 years. WARNING – Different terms, fees or loan amounts might result in a different comparison rate. The comparison rate has been calculated on a twenty five year term with a loan amount of $150,000 applying a weighted average interest rate of 7.56% across the term of the loan. This rate incorporates the product’s initial interest rate of 6.99% over the first five years and step up rate of an additional 2% in years six and seven. Costs such as redraw or early repayment fees and cost saving such as fee waivers are not included in the comparison rate but may influence the cost of the loan. Terms, conditions, fees and charges and La Trobe Financial lending criteria apply. ^Depends on loan amount and risk grade of the borrower.
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Financial Hardship
If you are experiencing financial strain due to unexpected circumstances, assistance is available. Please visit our Financial Hardship page. You can also call the team on 1800 620 639 between 8:30am and 5:30pm (AEST) Monday to Friday.
How to get started
Select a Product
Explore our range of lending options and select the loan that suits your needs.
Contact Your Broker
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or Apply Online
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Talk to us
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