Pension Loans Scheme
A scheme that lets older Australians get a voluntary non-taxable fortnightly loan from us. You and your partner may use this to supplement your retirement income.
You can choose the amount of loan you get but we don’t pay the PLS as a lump sum.
You must repay the loan and all costs and accrued interest to the Commonwealth. You can make repayments at any time.
You can ask us to stop your loan payments at any time.
You can choose the amount of loan you get each fortnight. This amount can be up to 1.5 times the maximum payment rate of your eligible pension each fortnight.
There are things you need to think about before applying for the Pension Loans Scheme.
Check if you're eligible before you start your application. You can apply for a top-up of your pension as a loan if you own real estate in Australia.
Page last updated: 28 January 2020
This information was printed 23 October 2020 from https://www.servicesaustralia.gov.au/individuals/services/centrelink/pension-loans-scheme. It may not include all of the relevant information on this topic. Please consider any relevant site notices at https://www.servicesaustralia.gov.au/individuals/site-notices when using this material.