Home loans for pensioners – you can get a mortgage on a pension | Finder

Home Loans for Pensioners

If your only income is the pension but you're keen to become a homeowner, we've got good news: although it is more difficult, Australian borrowers on pensions can get mortgages. 

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Some lenders view pensioners as high-risk borrowers because they are typically older and on smaller incomes. But there are many lenders willing to offer home loans to individuals receiving pension benefits, even if you're aged in your 60s or 70s. We explain the options available and how to take the next step towards buying a home.

How can I get a home loan on a pension?

Pensioners who want to apply for a home loan should start by considering the loan from their lender's perspective. What is the most important thing to a bank? Your ability to repay the loan. Therefore, you should consider what your income and financial position looks like, as it will form the basis of getting a home loan or not.

If your only source of income is the pension, then this might limit your options as the pension amount is lower than the income level most lenders require you earn, in order to repay a loan.

However, there are several ways a pensioner can apply for mortgage finance. The best option for you depends on your financial situation.

Apply for a standard home loan

If you have forms of income from other sources or you are only borrowing a small amount, you may be able to apply for a home loan like any other borrower. If this is your situation you might be able to get a competitive interest rate, so be sure to compare your options.

Apply with a specialist lender

There are lenders who specialise in providing finance solutions to borrowers in difficult or unique circumstances. There are even lenders who focus entirely on older borrowers. These types of lenders provide loans known as specialist or non-conforming loans.

Talk to a mortgage broker

Perhaps the best option for pensioners looking for a home loan is to get in touch with a mortgage broker. This is because mortgage brokers specialise in helping borrowers in unique circumstances and they have access to a wide panel of lenders.

A broker can help you look for loans and lenders that match your requirements. Their services are typically free to you because the lender you choose will pay them a commission.

Need home loan help? Speak to a mortgage broker

What documents do pensioners need to supply for a home loan?

As a pensioner you will need to provide a few extra documents in addition to the standard documents in a mortgage application. Every lender has their own requirements but you'll generally need to provide the following:

  • Evidence of funds to complete the deposit.
  • Bank statements showing Centrelink benefits being paid into your bank account (i.e. some lenders require 6 months of recent bank statements).
  • Letter from Centrelink confirming the status and nature of your disability pension.

What about borrowers on disability pensions and veterans' pensions?

Disability pensions

Generally, lenders consider a disability pension to be a valid form of income, meaning they treat a home loan application for someone on a disability pension just like any other application.

Most lenders will review your application on a case-by-case basis. Your eligibility for a home loan will depend on the amount of income you receive and how much of this can be used to service a loan.

Other factors including your age, assets and debts will be assessed by a lender on an individual basis.

Veterans' pensions

Many lenders may accept a Veterans' Pension as a source of income for a home loan. This applies if you are receiving:

  • War Widow's or Widow's Pension
  • Service Pension
  • Veterans' Affairs Age Pension

Additionally, lenders may accept the Department of Veterans' Affairs Incapacity Pension as a source of income. In order to demonstrate your pension as a source of income for a home loan application, you'll need either a current bank statement showing your pension payment, or a current Department of Veterans' Affairs statement.

On Centrelink? You could still get a home loan

Other mortgage types for older borrowers

If you're a pensioner who already owns their own home you have some other finance options. Both reverse mortgages and line of credit loans allow you to borrow money against the equity in your home.

  • Reverse mortgages. A reverse mortgage allows you to borrow funds using equity from your home as security for the loan. A reverse mortgage can either be paid as a lump sum, a regular stream of income, a line of credit or a combination of these. No income is needed to qualify and for this reason, the interest rate tends to be higher. You must repay the sum of borrowed money when you sell your home, pass away or move into aged care.
  • Line of credit loans. A line of credit is a funding line that uses the equity in your home. It’s an approved amount that you can use a bit at a time or all at once. You loan is approved against a security and you can draw on this loan amount at any time. You only pay the interest on the amount that you use. For example, if you get a line of credit of $200,000 and only use $50,000, you only pay interest on the $50,000. These types of loans can be harder to get, and not all lenders offer them.

Need home loan help? Find a mortgage broker to help you

In the tables below you can compare various finance options, from normal home loans to reverse mortgages and lines of credit. If you're a pensioner and are looking for some expert guidance you can leave your details and a mortgage broker will get in touch (just click on the compare mortgage brokers tab).

Compare standard home loans

Data updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
St.George Fixed Rate Advantage Package
1.84%
3.38%
$0
$395 p.a.
80%
$543.64
Up to $4,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Westpac Flexi First Option Home Loan
2.29%
2.72%
$0
$8 monthly ($96 p.a.)
95%
$577.55
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
UBank UHomeLoan Fixed
1.75%
2.22%
$0
$0 p.a.
80%
$537
This very low fixed rate is only available until 29 April 2021. Other conditions apply. A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit.
HSBC Fixed Rate Home Loan Package
1.88%
2.86%
$0
$390 p.a.
80%
$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
Suncorp Home Package Plus Fixed
1.89%
2.85%
$0
$0 p.a.
80%
$547.35
Lock in a low fixed rate loan for two years and get the annual package fee waived in the first year. Available for borrowers with 20% deposits.
Athena Variable Home  Loan
2.19%
2.19%
$0
$0 p.a.
60%
$569.91
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.
AMP Bank Professional Package Fixed Loan
1.99%
3.1%
$0
$0 p.a.
80%
$554.81
Get a low fixed rate package with no application or settlement fee. Available with a 20% deposit. Other fees and charges apply.
loans.com.au Smart Booster Discount Variable Home Loan
1.99%
2.47%
$0
$0 p.a.
80%
$554.81
Home buyers can get a very low discounted variable rate for the first year. This loan has a revert rate of 2.48%. Requires a 20% deposit. Add an offset account for an additional 0.10% on your interest rate.
Westpac Fixed Option Home Loan Premier Advantage Package
1.89%
3.46%
$0
$395 p.a.
95%
$547.35
Up to $3,000 refinance cashback.
Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
Macquarie Bank Basic Fixed Home Loan
2.09%
2.43%
$0
$0 p.a.
70%
$562.33
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit. Refinancers can switch with a convenient digital application.
St.George Basic Home Loan
2.49%
2.51%
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
Get this low-rate variable loan with a 20% deposit and pay $0 application fee. Borrow from $150k (or $250k to be eligible for the cashback offer) (terms, conditions & exclusions apply).
Well Home Loans Balanced Fixed Home Loan
1.89%
2.18%
$250
$0 p.a.
90%
$547.35
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.
UBank UHomeLoan Variable Rate
2.34%
2.34%
$0
$0 p.a.
80%
$581.39
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
HSBC Home Value Loan
2.44%
2.45%
$0
$0 p.a.
80%
$589.12
$3,288 refinance cashback offer
Get a low interest variable rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. If you're refinancing $250,000 or above you can get a $3,288 cashback. Terms and conditions apply.
UBank UHomeLoan Fixed
1.99%
2.33%
$0
$0 p.a.
80%
$554.81
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Suncorp Home Package Plus Fixed
2.28%
3.15%
$0
$375 p.a.
80%
$576.78
Lock in a low fixed rate loan for three years and get the annual package fee waived in the first year. Available for borrowers with 10% deposits.
homeloans.com.au Low Rate Home Loan with Offset
2.14%
2.16%
$0
$0 p.a.
60%
$566.11
A competitive rate with no application or ongoing fees. This loan is not available for construction.
Macquarie Bank Basic Home Loan
2.49%
2.49%
$0
$0 p.a.
60%
$593.01
A competitive variable rate home loan for owner-occupiers. Requires a 40% deposit. Refinancers can switch with a convenient digital application.
Suncorp Back to Basics Home Loan
2.44%
2.45%
$0
$0 p.a.
80%
$589.12
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
IMB Fixed Rate Home Loan
1.97%
2.81%
$449
$6 monthly ($72 p.a.)
95%
$553.31
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online. Available with a 10% deposit.
Well Home Loans Balanced Variable
2.17%
2.2%
$250
$0 p.a.
80%
$568.39
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee.
Virgin Money Reward Me Fixed Rate Home Loan
1.94%
2.77%
$300
$10 monthly ($120 p.a.)
80%
$551.07
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 May 2021 and settle by 27 August 2021.
Bank of Melbourne Basic Home Loan
2.49%
2.51%
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Well Home Loans Balanced Fixed Home Loan
1.95%
2.17%
$250
$0 p.a.
90%
$551.82
A low fixed mortgage with an optional 100% offset account. Not available for construction purposes.
homeloans.com.au Low Rate Home Loan with Offset
2.24%
2.26%
$0
$0 p.a.
90%
$573.72
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
BankSA Basic Home Loan
2.49%
2.51%
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
A competitive variable rate loan from BankSA. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
CUA Achieve Variable Home Loan
2.35%
2.4%
$600
$0 p.a.
95%
$582.16
Home buyers can get a competitive, low-fee variable rate plus a 100% offset account. Low deposit option available. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs. Eligible refinancers can get a $2,000 pre-paid credit card when they switch to CUA.
BankSA Advantage Package Fixed Home Loan
1.89%
3.43%
$0
$395 p.a.
80%
$547.35
Up to $4,000 refinance cashback.
Fix to a low rate for two years and forget about rate rises. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Advantage Package Fixed Home Loan
1.84%
3.38%
$0
$395 p.a.
80%
$543.64
Up to $4,000 refinance cashback
Get a competitive home loan rate for two years. Requires at least a 20% deposit. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
loans.com.au Fixed
1.99%
2.7%
$0
$0 p.a.
80%
$554.81
Home buyers can lock in this low fixed rate for two years. This loan also allows extra repayments. Requires a 20% deposit.
Heritage Bank Fixed Rate Home Loan
2.19%
4.23%
$600
$8 monthly ($96 p.a.)
95%
$569.91
Get a partial offset account and the option to make interest-only repayments.
Athena Variable Home  Loan
2.24%
2.21%
$0
$0 p.a.
70%
$573.72
A low variable rate for owner occupiers with 30% deposits. No upfront or ongoing fees.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.28%
3.84%
$0
$395 p.a.
95%
$576.78
$2,000 refinance cashback
Enjoy a competitive rate with no application fee for this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
IMB Budget Home Loan
2.58%
2.64%
$449
$0 p.a.
80%
$600.05
A competitive variable rate for borrowers with 20% deposits saved. Available for NSW and ACT borrowers only.
Well Home Loans Balanced Fixed Home Loan
2.29%
2.29%
$250
$0 p.a.
90%
$577.55
A competitive 3 year investor rate with principal and interest repayments. Optional offset account with a $10 monthly fee. Not available for construction purposes.
homeloans.com.au Low Rate Home Loan with Offset
2.69%
2.52%
$0
$0 p.a.
80%
$608.71
A competitive rate with no application or ongoing fee. This loan is not available for construction.
UBank UHomeLoan Fixed
2.14%
2.35%
$0
$0 p.a.
80%
$566.11
A one year fixed rate offer with no ongoing bank fees.
Heritage Bank Discount Variable Home Loan
2.59%
2.64%
$600
$0 p.a.
80%
$600.83
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.
UBank UHomeLoan Fixed
2.14%
2.71%
$0
$0 p.a.
80%
$566.11
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
Heritage Bank Advantage Package Fixed
2.39%
3.15%
$0
$350 p.a.
95%
$585.25
Get a partial offset account and flexible repayments with this package loan.
Macquarie Bank Offset Home Loan Package
2.49%
2.76%
$0
$0 p.a.
60%
$593.01
A sharp variable rate with low fees for borrowers with 40% deposits or refinancers with equity in their properties. Refinancers can switch with a convenient digital application.
Tic:Toc Live-in Loan Fixed Rate Home Loan
1.89%
2.15%
$0
$0 p.a.
90%
$547.35
Get a very low interest rate and pay no application, settlement or valuation fees. Apply online for full approval in real time and add a 100% offset account for $10 a month.
loans.com.au Smart Booster Discount Variable Home Loan
1.99%
2.71%
$0
$0 p.a.
80%
$554.81
If you have an owner occupier loan with loans.com.au you can also get this very low rate variable mortgage for your investment property. Principal and interest repayments. Add an offset account for an additional 0.10% on your interest rate.
Newcastle Permanent Building Society Real Deal Home Loan
2.59%
2.63%
$595
$0 p.a.
80%
$600.83
$2,000 refinance cashback
$2,000 cashback for eligible refinancers borrowing $250,000 or more.
St.George Basic Home Loan
2.54%
2.56%
$0
$0 p.a.
90%
$596.91
$2,000 cashback.
With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get a $2,000 cashback (terms, conditions & exclusions apply)
Bankwest Complete Home Loan Package Variable
2.55%
3.01%
$0
$395 p.a.
80%
$597.7
$2,000 refinance cashback.
Eligible customers who apply to move their home loan to Bankwest by 30 June 2021 can get a $2,000 cashback. To qualify you must refinance a minimum loan amount of $250,000 or more with an LVR of 80% or lower. The loan must be funded by 31 August 2021 (other terms, conditions and exlcusions apply).
Macquarie Bank Basic Fixed Home Loan
2.19%
2.53%
$0
$0 p.a.
80%
$569.91
Borrow up to $750,000 with this basic 3 years fixed rate home loan. Refinancers can switch with a convenient digital application.
Well Home Loans Balanced Fixed Home Loan
2.04%
2.17%
$250
$0 p.a.
90%
$558.56
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee. Not available for construction purposes.
IMB Budget Home Loan
2.68%
2.74%
$449
$0 p.a.
95%
$607.92
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
homeloans.com.au Low Rate Home Loan with Offset
2.59%
2.61%
$0
$0 p.a.
90%
$600.83
Save on interest with a free 100% offset account and buy your property with just a 10% deposit. This loan is not available for construction.
Bank of Melbourne Basic Home Loan
2.54%
2.56%
$0
$0 p.a.
90%
$596.91
$2,000 cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
Well Home Loans Balanced Variable
2.52%
2.55%
$250
$0 p.a.
90%
$595.35
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month. Not available for construction purposes.
Virgin Money Reward Me Variable Home Loan
2.59%
2.76%
$300
$10 monthly ($120 p.a.)
60%
$600.83
$3,000 refinance cashback.
A variable rate loan for owner occupiers with a 40% deposit (or equity) borrowing under $500,000. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 May 2021 and settle by 27 August 2021.
Athena Variable Home  Loan
2.54%
2.54%
$0
$0 p.a.
60%
$596.91
Investors with large 40% deposits or equity can get this low variable rate. A competitive option for investors looking to refinance.
UBank UHomeLoan Variable Rate
2.74%
2.74%
$0
$0 p.a.
80%
$612.67
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.19%
3.72%
$0
$395 p.a.
95%
$569.91
$2,000 refinance cashback
Enjoy a discounted fixed rate and the ability to package the loan with other financial products. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
Athena Variable Home  Loan
2.59%
2.56%
$0
$0 p.a.
70%
$600.83
Athena's refinance offer for investors and owner occupiers.
Newcastle Permanent Building Society Fixed Rate Home Loan
2.29%
3.94%
$595
$0 p.a.
95%
$577.55
$2,000 refinance cashback
Borrow up to 95% LVR of the value of the property you're buying and pay no ongoing fees. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
UBank UHomeLoan Fixed
2.09%
2.6%
$0
$0 p.a.
80%
$562.33
Pay no ongoing fees on this competitive investment loan and fix your rate for 3 years.
Newcastle Permanent Building Society Fixed Rate Home Loan
2.38%
4.11%
$595
$0 p.a.
90%
$584.48
$2,000 refinance cashback
Competitive fixed rate for home buyers.Available with a 10% deposit.$2,000 cashback for eligible refinancers borrowing $250,000 or more.
Athena Variable Home  Loan
2.64%
2.59%
$0
$0 p.a.
80%
$604.76
A competitive investor variable rate that falls as you build equity.
Newcastle Permanent Building Society Premium Plus Package Home Loan
2.94%
3.34%
$0
$395 p.a.
95%
$628.65
$2,000 refinance cashback
New borrowers or refinancers can get a discounted rate with this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
HSBC Home Value Loan
2.54%
2.55%
$0
$0 p.a.
90%
$596.91
A competitive value home loan with no ongoing fee.
UBank UHomeLoan Fixed
2.24%
2.64%
$0
$0 p.a.
80%
$573.72
Pay no ongoing fees on this investment loan fixed for 3 years.
Macquarie Bank Basic Home Loan
2.64%
2.64%
$0
$0 p.a.
80%
$604.76
Pay no application and ongoing fees and take advantage of split and redraw options. Refinancers can switch with a convenient digital application.
UBank UHomeLoan Fixed
2.09%
2.3%
$0
$0 p.a.
80%
$562.33
A competitive 3 year fixed rate with no ongoing bank fees.
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Compare mortgage brokers

Data updated regularly
Name Product Upfront consultation fee Variable rates from Comparison rates from Lenders on panel Apply Now
eChoice
$0
3.03%
3.04%
25
eChoice has a network of brokers Australia-wide and convenient online service. They work with lenders large and small.
Finsure
$0
3.03%
3.04%
35
Finsure has a large panel of lenders and offers flexible mortgage solutions for borrowers.
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Compare reverse mortgages

Data updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Heartland Standard Reverse Mortgage
5.6%
5.62%
$0
$0 p.a.
45%
$862.04
A reverse mortgage for homeowners over 60 wishing to access up to 45% of their property's value. Repayments are not required until the end of the loan.
Heartland Secondary Property Reverse Mortgage
5.6%
5.62%
$0
$0 p.a.
33.75%
$862.04
A reverse mortgage that lets you access the equity in your investment property. Repayments are not required until the end of the loan.
Heartland Aged Care Option
5.8%
5.91%
$0
$0 p.a.
50%
$881.04
A reverse mortgage designed to help fund your aged care costs. Repayments are not required until the end of the loan.
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Compare line of credit loans

Data updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
ANZ Equity Manager
6.01%
0%
600 (waived)
$150 p.a.
80%
$901.19
Access your equity with a low variable rate and low fees.
Bank First Equity Line of Credit
4.49%
0%
$300
$300 p.a.
80%
$760.14
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120 Responses

    Default Gravatar
    TerryJuly 24, 2019

    I’m looking for a lender. Duplex ,one side rented for 315.00/wk other owner occupied price $200.000 dep $ 20,000, borrower on centrelink

      Default Gravatar
      NikkiJuly 25, 2019

      Hi Terry,

      Thanks for getting in touch! Pensioners can still apply for regular home loans that aren’t specific home loans for pensioners but you should keep in mind you may not be successful if you don’t meet eligibility or income requirements.

      Below are the types of home loans you can apply for:

      Reverse mortgages
      Variable rate loans
      Fixed rate loans
      Line of credit loans

      You can find a list of lenders when you click the type of loan on the left sidebar of this page above. As a friendly reminder, carefully review the eligibility criteria of the loan before applying to increase your chances of approval. Read up on the terms and conditions and product disclosure statement and contact the bank should you need any clarifications about the policy.

      Hope this helps!

      Best,
      Nikki

    Default Gravatar
    JodieJuly 4, 2019

    As a single woman on a disability pension am I eligible and how much could I be eligible for to buy a house?

      Avatarfinder Customer Care
      JeniJuly 4, 2019Staff

      Hi Jodie,

      Thank you for getting in touch with Finder.

      Since you are receiving a disability pension, the amount you can be eligible for a loan to buy a house depends on your income. Your chosen lender will review whether the amount of income support you receive is sufficient for you to comfortably repay the loan. I suggest that you speak to a mortgage broker on this matter for further clarification and assistance.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

    Default Gravatar
    MichelleFebruary 18, 2019

    I’m on disability pension so is my flat mate we are wanting to buy a home as with the rent we pay now cld have brought us a beautiful home .
    So we are lookin for some one to loan one of us or the both of us home loan

      Default Gravatar
      NikkiFebruary 20, 2019

      Hi Michelle,

      Thanks for getting in touch!

      It’s helpful to know that we are not an approving body for home loans. The information above will pave the way for how to get started on that home loan application and make sure you check the eligibility requirements of a home loan. To help you find the lender that suits you, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options. Good luck!

      Best,
      Nikki

    Default Gravatar
    TraceJanuary 5, 2019

    Hi,

    I am 53, single and paying a mortgage on my house but need to refinance, however I am on DSP. I have equity in my house and I really don’t want to sell. My mortgage is with one of the big 4. What would my chances be of refinancing, please?

      Avatarfinder Customer Care
      JeniJanuary 8, 2019Staff

      Hi Trace,

      Thank you for getting in touch with Finder.

      Regarding your refinancing query, it is best to speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options. Having equity in the property should make it easier.

      I hope this helps.

      Please feel free to reach out to us if you have any other enquiries.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

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    LynetteDecember 6, 2018

    Hi
    Can my husband and I get a fixed, interest only 30 year $150,000 home loan on aged pensions?
    Lynette

      Avatarfinder Customer Care
      MayDecember 12, 2018Staff

      Hi Lynette,

      Thank you for your question.

      A fixed-rate mortgages have a variety of fixed loan terms and these are offered by many lenders in the market. Given your circumstance, you can speak to a mortgage broker who can help you find a suitable fixed home loan option for you and your husband.

      Hope this has helped.

      Cheers,
      May

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    christopherNovember 22, 2018

    I m 73 on an aged pension [single]. I receive family tax benefits A & B.I also receives child support of $200 per week. my total income is approx $1400 per fortnight.my mortgage payments with CBA are $ 690 per fortnight [4.67% interest]. I owe $226000 on my home .its valuation is $485000. its located Marysville vic3779.how could I get a line of credit of no more than $20000

      Avatarfinder Customer Care
      JoshuaNovember 26, 2018Staff

      Hi Chris,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      While it is true that being a pensioner may limit your options, you might still be able to find a lender who can help you. First, please review the information mentioned on this page to get a better understanding of how you can get a loan as a pensioner.

      If you want to get a line of credit loan. On that page, you will see a table that allows you to conveniently compare a range of personal line of credit loans. Once you’ve found the right one for you, click on the “Go to site” green button to learn more or initiate your application. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision. Moreover, check the eligibility requirements as well and consider whether the product is right for you.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

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    nicholasNovember 10, 2018

    I am 30 and have 3 children, 2 with a Autism, I am currently on the carrer’s pension and my wife is soon to be a fully qualified nurse (full time employment) I was wondering what the chances of getting a home loan would be?

      Avatarfinder Customer Care
      JoshuaNovember 25, 2018Staff

      Hi Nicholas,

      Thanks for getting in touch with Finder. I hope all is well with you. :)

      Generally, the longer your wife is working as a nurse, meaning, she has a stable source of income, the higher your chance of getting approved. For this reason, it would be a good idea to wait 2-3 months after your wife became a full-time employee before you apply for a loan.

      Moreover, if you are applying for a loan as a pensioner, your income and financial position might limit your success in getting a home loan. Of course, if you have assets that you can use as collateral or you believe you can meet lending requirements, it would be a good idea to discuss your position in person with your lender. You may also speak to a mortgage broker to further know your options.

      I hope this helps. Should you have further questions, please don’t hesitate to reach out again.

      Have a wonderful day!

      Cheers,
      Joshua

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    AngeOctober 6, 2018

    My neighbour is in her mid 60’s and currently renting. She is on a disability pension. Is there any lenders that will provide a loan with only a small deposit or can assets other than a home be used as equity?

      Avatarfinder Customer Care
      DeeOctober 8, 2018Staff

      Hi Ange,

      Thanks for your question.

      Generally, a person on a disability pension with no other source of income will need to deposit at least 20%. This is because there is no other salary or other sources of income that can be used to service the loan – which means little security in case of a default. Kindly note though that home loan criteria vary from lender to lender. Any other assets that may be in the borrower’s name can be used to boost the home loan application.

      For expert advice on the possible options, your neighbour could get in touch with a mortgage broker.

      I hope this helps. Should you have other questions, please feel free to let me know.

      Cheers,
      Anndy

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    AmyAugust 19, 2018

    I’m in my late 20s with a Newstart disability pension because I have anxiety. I have a partner who works part-time. I’m a full time student at TAFE at the moment and I’m only getting a small amount fortnightly from Centrelink even though I have the pension card. Would I be able to get a loan? What real estate agent would accept?

      Avatarfinder Customer Care
      JhezAugust 23, 2018Staff

      Hi Amy,

      Thank you for your comment.

      There are some lenders and institutions that consider pension as income, so you may be eligible for a home loan. It generally depends on how much you earn, what kind of financial situation you’re in, and what kind of payments you receive. To find out if you are eligible, read our comprehensive guides to getting a home loan on pension as well as our guide to Centrelink home loans. This will serve as your guide to getting home loans. You’re best to check with the lender your eligibility first before submitting an application.

      You’re also advised to seek advise from a mortgage broker and discuss options based on your needs.

      Should you wish to have real-time answers to your questions, try our chatbox on the lower right corner of our page.

      Regards,
      Jhezelyn

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    KateJanuary 29, 2018

    Can you advise lenders that will accept disability pension ?

      Avatarfinder Customer Care
      RenchFebruary 8, 2018Staff

      Hi Kate,

      Thanks for reaching out to us.

      There are lenders willing to offer home loans to individuals receiving pension and disability benefits. Checking our guide above about home loans for pensioners might help. You may refer to our comparison table to see which lender/bank can you apply for a home loan with. Once you are ready, just click the ‘Go to site’ button and process your application from the main page of the lender.

      Alternatively, you can speak to a mortgage broker who can take your personal circumstance into account and offer you a range of borrowing options. Just leave your details on the form on that page, as shown below, and a mortgage broker will get in touch.

      Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

      Hope this information helped.

      Best regards,
      Rench