A voluntary reverse equity mortgage that offers older Australians an income stream to supplement their retirement income.
Eligibility & payment rates
About the scheme
You can apply for a non-taxable loan if you need extra income or help for a short time or an indefinite period.
Who can get it
You may be able to apply for a payment under the Pension Loans Scheme if you meet certain requirements.
Costs and interest rate
You must pay any costs associated with setting up a loan under the Pension Loans Scheme.
Repay the loan
You can repay the loan you get under the Pension Loans Scheme in part or full at any time.
How much you get
The amount you get each fortnight can be up to the maximum rate of income support payment you qualify for.
Security of the loan
You can get a loan up to the maximum rate of income support payment you qualify for, under the Pension Loans Scheme.
Check if you’re eligible before you start your claim.
- find out what you need
- fill in your claim form
- meet with a Financial Information Service officer
- submit your claim form and the other documents we ask for
- we will assess your claim and let you know the outcome
Managing your payment
Change of circumstances
You must tell us if your circumstances change when you have a loan under the Pension Loans Scheme.
My bank account is overdrawn
You can get help to manage your money if your bank account is overdrawn.
Make an informed decision
We offer a free financial information service to help you with your decision.
Payment and Service Finder
Find, estimate and compare payments and services you may be eligible for. You can also work out how a change in circumstance may change the payments and services you currently get from us.
Manage your money
We’ve got advice and tools to help you with budgeting, borrowing and credit, and managing debt.
Read about how to manage your money.