Repay your loan
You can repay the loan you get under the Pension Loans Scheme in part or full at any time.
You can make your loan repayments by bank cheque or money order to Services Australia either by:
Call the Older Australians line if you want to sell the property used as security for the loan. That way we can provide the loan payout amount and prepare to remove the charge or caveat on the property.
If you sell the property, you can either:
- transfer the loan to another property including your new home
- repay the loan on the date of settlement.
If there’s an outstanding loan after your death, we’ll generally seek repayment from your estate after 14 weeks. If your surviving partner is of Age Pension age and living in the real estate used as security, we may defer repayment. In this case, the loan continues to attract interest.
Page last updated: 11 May 2020
This information was printed 27 May 2020 from https://www.servicesaustralia.gov.au/individuals/services/centrelink/pension-loans-scheme/who-can-get-it/repay-your-loan. 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.