Who can get it

You must meet certain requirements to access the Pension Loans Scheme.

You must meet all of the following. You:

  • or your partner are Age Pension age
  • get or are eligible to get a qualifying pension
  • own, or your partner owns, real estate in Australia that you can use as security for the loan
  • have adequate and appropriate insurance covering the real estate offered as security
  • aren't bankrupt or subject to a personal insolvency agreement.

You’ll also need to agree to the terms and conditions of the PLS to get a loan.

Your age and how much equity you own in Australian real estate will determine how much you can get.

If you get a payment under the asset hardship provisions, you can’t get a loan under the Pension Loans Scheme. You can still submit a claim for the PLS. If your claim is successful, you’ll need to decide which payment is best for you.

Next: How much you can get

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.

Page last updated: 28 January 2020