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Pensioner Loans

  • Find and compare multiple pensioner finance options including; loans, subsidies, benefits & more.
  • Understand the qualification process see what lenders look for.
  • Get genuine money assistance options if qualifying for a loan is not a possibility.

As a pensioner you may find it difficult to qualify for a loan from the banks. A big obstacle that most many pensioners face is being on a fixed income that really only covers living expenses with little left over. Banks and other large lenders tend to view this as a negative in their approval criteria among other things. Whilst the banks may not be a great option for obtaining financial help, there are other flexible options.

Eligibility
If you have struggled with debt and have late repayments in your financial history, your credit rating would reflect this. Being considered a bad credit risk can eliminate you from consideration for certain types of loans. Fortunately, there are still financial programs listed below that can provide assistance.

As with any type of loan, you will need to provide your personal and financial details along with income sources.

Compare Pensioner Loan Options
When reviewing any type of loan it is important to do your due diligence. Entering into a loan under poor terms can make your financial situation worse. Below are some tips on how to avoid engaging with un-reputable lenders.

  • Always check online reviews
  • Always search for online complaints
  • Use comparison sites but be wary, many of these sites only promote lenders that advertise with them. They may not disclose the actual best loans for pensioners.
  • Verify the lenders are appropriately licenced, this can be done with a quick search on ASIC

Following the above tips will help keep you falling victim to scams or predatory lenders.

Quick view – See loan and benefit options for specific circumstances here.

Below are multiple loan and money assistance programs for those on a pension


Specialist Lender: Seniors often have issues qualifying for work if they don’t have a source of income outside of benefits or a pension. This is where a specialist lender may be a good option. They provide loans from $1000 to $5000 and generally have flexible approval criteria, even helping those with bad credit – Learn more and apply here.

Speckle Loans: This is a small short term loan with lending amounts from $200 – $2000 with a pay back period between 3 and 12 months. Those collecting Centrelink benefits can qualify however no more than 50% of your total income can be made up of benefits.

No Interest Loan Schemes: Commonly known as NILS; these are specialised loan schemes that are suited to anyone who requires financial help that serves to only improve the situation without any long term drawbacks. Since only those who receive government welfare are eligible for NILS, they are assured to be ideal for pensioners. All NILS applicants must possess a Centrelink pension card, which allows you to borrow in excess of a thousand dollars with absolutely no interest. There is no catch. These can be utilised for any purpose from household refurbishing, to auto maintenance or medical emergencies. Any regional community centre should be able to help with applying for NILS. The only documentation required is proof that repayment within a year and a half is possible. Borrow up to $3,000.

Advance payments: A special advantage that Centrelink provides Australian pensioners are the advance payments that one is entitled to. You can get an advance payment of either one week or three week’s pay. The amount must be returned within a six month period, interest free. In the six month period you are allowed the option of choosing one advance payment of the highest allowed amount or three separate payments of the lowest allowed amount.

Good Money: Is a three way partnership between Good Shepherd Microfinance, State Governments and NAB. They assist residents of Victoria access low or no interest personal loans for the purchase of household goods. In addition to loan assistance, they also can assist with medical expenses, bills, debt and other money matters.

Pensioner Loans Scheme: This particular loan is for seniors who are of pension age (64+ for women & 65+ for men) but don’t qualify for the Age Pension because of high incomes or asset value. This scheme allows you to obtain capital tied up in your assets to provide you with extra income. For detailed information visit humanservices.gov.au

If you are experiencing serious financial stress and are not collecting Centrelink benefits, try using the Centrelink benefits calculators to see if you qualify for some financial assistance. If you are already collecting Centrelink, try using the compare calculator or estimator to see if there is additional pensioner assistance you may qualify for.

Banks: Most of the banks in Australia do provide loans to pensioners. Applying through your bank may prove your best chances of approval as you already have a relationship with them. As with any lender, each application is looked at on a case by case basis. In addition, some banks may require your pension income be taxable to be accepted and if you are collecting benefits, a letter from Centrelink detailing your payments may be required.

Charities: If none of these options are what you are looking for, there are always a number of charitable foundations that might be willing to help out pensioners. Assistance in the form of money for utilities, sustenance and shelter are available from a number of organisations like the Salvation Army, etc. You can visit Australian Charities and Non-profits Commission for a list of all major charities that provide support for pensioners.

If non of the above options are unable to assist you with your financial situation, try reaching out to a free financial counselor at http://www.financialcounsellingaustralia.org.au/Home as they may have alternative solutions to your financial needs.

In addition to the above loan options, seniors can also take advantage of specially designed savings programs.

AddsUP: Is a program which is an extension of the NILS and StepUp programs. Its essentially a savings program where there is a matched savings from AddsUP, they will match each dollar you put into the savings after you have saved $300 on your own, the matching is capped at $500. This is a great program as it helps participants create a emergency fund which an give them a bit of peace of mind and cash for unexpected financial emergencies.

Saver Plus: Similar to AddsUP, this is a savings program for low income earners and their families. It also is a dollar for dollar matching program that is capped at $500.

These different programs are excellent options for seniors looking to take out a pensioner loan as they are low cost and specifically designed for those on a fixed or low income.

Helpful Resources
Financial Counselling Australia
Money Smart
Financial Literacy
Centrelink

This Post Has 55 Comments

  3. I have full time work available if I can purchase a car.Step up wont except me due to CC debt.Nils cant help with car purchase and centrelink wont advance for 4 months.Where can I go for a loan on a pension so I can get off it?

    Reply

  4. Hi,
    I receive a disability pension and also family tax benefit as I am a mature age mum. I am looking for an option for finance for housing loan. I can service the loan but have no idea where to start or ask for help. Please advice would be appreciated. i am in Tasmania. I need borrowings of $195000. Property is of much higher value than this as it is our family home.
    Please help
    Thank you Carol

    Reply

    1. Hi Carol,

      Please visit our page on Tasmania related services – here There is some good information on home loan related services.

      Regards,
      LILA

      Reply

  5. How do I go about getting a 5k loan on a disability pension to take an important trip over seas?
    who should I get a loan through? Im scared of being ripped off or trapped in a high interest loan.

    Thankyou in advance

    Reply

    1. Hi Laura,

      Most of the financial information we provide here is in relationship to assistance for everyday living and financial emergencies (eviction, utilities being cut off, vehicle repair, etc.). With regard to your situation, you are right to steer clear from payday loans. Some possible options for you may include using a low interest or no interest credit card, peer to peer lending. You can possibly try StepUP but the limit with them is $3000 and you must be able to prove that this trip is not form entertainment.

      Regards,
      LILA

      Reply

      1. Thanks Lila.

        As im a disability pensioner I didn’t think peer to peer lending would be available to me?

        Credit cards are scary. and advances I thought costs more in interest (ie when booking airfares?)
        Its why I was thinking a pensioner loan would be cheaper? Or am I misinformed. Its so confusing.

        How do I get a financial counsellor ? Im scared to be stuck in a debt trap again.

        Reply

  6. hi my husband and I are on aged pension, I really want to move home,if I sell my house here for aprox a $270.000.i owe $69.000 want to buy a place for $320.000 so to pay moving costs and agent fees, I would like to borrow aprox $140.000 is this possible on aged pension, I know we can afford repayment s

    Reply

    1. Hi Andrea,

      In your situation it might be best to speak to a mortgage broker as they have access to hundreds of loan products across multiple lenders. The criteria for lending can vary greatly from lender to lender and a broker is in the best position to provide you information on this. The home loan information that we provide here on Low Income Loans Australia is more specific to first time home buyers and shared home ownership with the government – neither seems appropriate for you situation. A broker should be able to assist you with a answer fairly quickly.

      Regards,
      LILA

      Reply

  7. Looking for low interest loan or no interest to pay up bank card $2,000 owing on it. Any suggestions welcome.

    Reply

  8. We are in need of a $20000 loan to pay off my car. I was working and had a injury at work with 8 % damage to my spine I am not able to return to my trained job i have two disabled sons and am now on carers looking after them with my husband. i am waiting to hear if my disability and permanent claim Qsuper is going though my car is on a novated lease which due to not working needed to cease a year early I have some money in bank to partly pay it are you aware if i can access my super early to pay put or get a loan we really need the car we live in Toowoomba Rural area. any help please.

    Reply

    2. Elayne about your finace worrys have you looked into your supper to see if you have income insurance income insurance can pay up to 3 years of wages you loss some % so its not a full amount but worth a try that will maybe pay put your car loan did you have income insurance on your car loan you can also go for total disability payout with your supper

      Reply

  10. I would like to borrow 3.000 dollars to buy some furniture I’m on age pension can you please give me some advice
    Thank you

    Reply

  11. Hi my partner is on a disability pension and is trying to get a loan to buy a car, we have tried many banks to get a loan for her but no one will accept it. We are located in NSW, what could we do ??

    Reply

  13. Yeah, hello to everyone, im also in a very urgent need a little help situation, as my car has been a victim of other people who don’t know how to drive at best. Possessions in my life that I have worked extremely hard for, just stood over had them taken from me.
    Also, on top of all that. . . I’ve never been so sick in my whole life, terminal cancer i hadn’t thought I’d end up with. That is what I get 4 not having blood test for nearly 3 years. Didn’t know that it was there. Please let me know asap for my car neexs repair so i have my medical treatment on call. . Thank you for your help. . . I look forward to hearing back from you. .

    Reply

    1. Hi James,

      You may be eligible for a low or no interest loan via the Good Shepard. Please visit and review their different loan options here.

      Reply

  15. Hi am a single mum working 40 hrs a fortnight. my car needs an urgent repairs which is cost almost $4000. Is there any loan that I could get to repaid my car as I need my car for my work. my work place is 30km away from my home. I have a primary school child in care. I do not want to lose my job. I need a really quick answer. please help.

    Reply

  18. I am on a disability pension & after some years of trying to save enough to replace my dying washing machine & somehow get an old reliable van (markets & odd jobs to offset pension) l came across your site here, lost my wife some years ago so lm alone, on my own apart from Puss – my cat with the attitude – no major debts although it seems no credit available……..wondering if you could advise possible organisations worth xploring. thank you Yours Mr John Minogue WA

    Reply

  19. hi i am on a disability pension with no other income and am looking to get a loan for a second hand utility around $3000-3500 loan i have a Veda score of 882 out of 1200 and a get savvy (Experian) score of 820 out of 1000 points Dun and Bradstreet have never heard of me,because of my high credit score i was told to go to a certain lender but i was declined and they never even went to any credit reporting agencies and i feel i was declined because i am on a pension, do you have any idea as to where i can go and make application,thank you

    Reply

  21. Hi

    Single parent with 3 kids try to get a loan furniture about $700 can’t get loan with the bank need some help

    Reply

  22. I am a 31 yr old single mum of 2 young girls who has very recently found herself homeless. Salvos, OzCare etc can’t accommodate fot us due to them being at capacity. I was court evicted due to rent arrears so getting a hoise through a real estate will now be hard plus i have no money to get a new place. I have a bad credit file also but need to know if there is anywhere i can go that will help with a small loan of up to $5000 so that i can relocate my family and get a new place. I really need this help.

    Reply

  23. i am a disabled single mum of 3. My eldest daughter is getting married in 7 weeks and is broke. i need to borrow about $3000 but my credit rating is shot, and I’m not sure if I can get a loan. Everything is mounting up so quickly, and they’re struggling to pay off the celebrant, the hall and other necessary items needed for a wedding. Her father is no help at all, and wont even be at the wedding, and for her partners side of the family, there’s no help either. just me. I dont get much a fortnight through Centerlink, and most of what I do get goes on rent. Im left with about 180 a fortnight to do shopping, pay bills and help others where I can. I dont want her to miss out on a beautiful day, just cause I am broke. where do I go for assistance? thanks.

    Reply

  24. hi me and my parnter are looking get a loan to buy a house but i am on the disability pension and my parnter is one the cares pension

    Reply

  25. I am a aged pensioner and would like to have a loan over 4 years of 6000 dollars for a car my fortnight ly pension is 815 of which i pay 400 for full rent inc food apart from the pension every month i get a payment of 410 dollars from a super account . I feel i could make payments of at least 300 dollars a month without any problem. I have no other bills except 60 dollars phone plan every month please consider my application

    Reply

  28. I am 65yrs and cannot get a home loan because of my age and require a loan for $156000 for a max of 3 yrs until our family duplex sells at which time I can repay the loan …..can you help me.

    Reply

  29. Fantastic commentary . I loved the points ! Does someone know where my business might be able to get ahold of a blank AU Form 1419 version to use ?

    Reply

  30. I have spoken with 3 different loan areas including my own bank. My son who is on a Disability Pension and has been since he was 16 yrs – now nearly 42 yrs, was trying to get a loan in his name for us to move house – $5000. No-one wants to deal with pensioners. He has lived with me since birth and I am his carer. Can you tell me if there is any help we can get please?

    Reply

  32. Hi I would really appreciate it if I could
    A loan to replace my fridge as it
    Blew up due to power surges in our
    Area recently. I’ll need at least $ 600
    Kind regards Paul.

    Reply

  33. Hi. I have suffered a worsening illness my whole life. I have been on a DSP for over 2 decades. I finally found the answer to the bulk of my symptoms about 4.5 years ago, but due to lack of funds (amongst other things), I have not been able to heal (actually restart the healing). If I can organise some funding (mainly to facilitate a move to a cooler (climate) and stress free environment I believe, based on experience and evidence, that if I can restart the healing, I should be able to able to get off the pension and into full time work within 12 to 18 months (or sooner), and be able to start part-time work even earlier.
    I can provide medical evidence.
    Could someone please help me out.
    Kind regards, Jeff.

    Reply

  35. I am on a disabled pension and rarely go out in public due to illness unless it’s one of my many Dr’s / specialist appointments. My PC which is my main (almost sole ) contact with people stopped working. I have the skill and ability to fix what is wrong etc but it will cost $1,500 to replace the damaged parts, Where could I go to get a loan for this? I have been asking through gofundme for a month or so with no luckl

    Reply

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