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.
Page last updated: 28 January 2020
This information was printed 5 August 2020 from https://www.servicesaustralia.gov.au/individuals/services/centrelink/pension-loans-scheme/who-can-get-it. 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.