Who can get it

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

You may be able to access the Pension Loans Scheme (PLS) if you meet all of the following. You:

  • or your partner are Age Pension age
  • get or are eligible to get a qualifying pension
  • own 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
  • are not 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.

Qualifying pensions

The qualifying pensions to be eligible for the PLS are:

Claiming payments under the assets hardship provisions

If you get a loan under the Pension Loans Scheme, you can’t get a payment under the assets hardship provisions.

This means if you successfully claim under the asset hardship provisions, you’ll need to decide which is best for you.

Page last updated: 2 August 2019