How much can I borrow as a pensioner?

How much you'd be able to borrow as a pensioner is really dependent on the equity you already have (if you have any) and how much income you receive. Your income can be across different streams, but if you only rely on the pension you might find it difficult to borrow any money at all. You can use a borrowing power calculator to get a better idea of how much you could borrow, but with such specific circumstances it might be better for you to speak to a mortgage broker.

Can I get a 30 year home loan as a pensioner?

Whether or not you can get a 30 year home loan as a pensioner is dependent on the lender's eligibility criteria. It will be deemed a high risk of the loan not being repaid, so many lenders are likely not to approve the loan. But every lender's risk appetite is different and you may be able to come to an agreement. It's a good idea to speak to a mortgage broker, who will understand different policies.

Can I get a 30 year home loan as a pensioner?

Australian law requires lenders to be certain that borrowers are financially able to make their loan repayments. This is the biggest reason pensioners might be denied a loan. That's because pensioners don't necessarily have the stability of longer term income to comfortably meet their repayments each month. The loan term doesn't technically come into that, but a lender believes your income won't be stable for the duration of the loan, they can reject your application. Whether or not you can get a 30 year home loan as a pensioner is really dependent on the lender's eligibility criteria. Every lender's risk appetite is different and you may be able to come to an agreement. It's a good idea to speak to a mortgage broker, who will understand different policies.

Home Loans for Pensioners

Lenders view pensioners as higher-risk borrowers for home loans because they are typically older and on smaller incomes.
A lender may be willing to offer a home loan to a pensioner, and may consider your pension as a form of income when assessing your application.
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

How can I get a home loan on a pension?

Getting a loan as a pensioner always comes down to the lender's eligibility criteria and your individual circumstances. This includes your savings and other sources of income, whether you have outstanding debts or not and the amount you are hoping to borrow.

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

However, there are several ways a pensioner might be able to apply for mortgage finance.

1) Apply for a standard home loan

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

2) Apply with a specialist lender

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

Non-conforming lenders may be able to help where the big banks can't. But they often charge higher interest rates and fees.

Keep in mind that many lenders that specialise in "senior's finance" don't actually lend to pensioners who don't already own property. Instead they offer reverse mortgages and other forms of equity access to older Australians who already own property.

3) 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.

What documents do pensioners need for a home loan?

As a pensioner you'll 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 (or other relevant government department) confirming the status and nature of your disability pension.

Women more likely to be financially vulnerable in retirement

Women are more likely to reach retirement with little to no savings. Finder research shows that 35% of women aged 65+ have less than $1,000 set aside, compared to just 22% of men. This gap leaves many women financially vulnerable, with 1 in 3 single women over 60 living in income poverty.

Source: Finder's State of Women's Wealth Report 2025

What about borrowers on disability pensions and veterans' pensions?

Disability Support 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.
Home Equity Access Scheme. This scheme is offered by the Australian government. Australians receiving the pension can take out a voluntary non-taxable loan using the equity in their home. The loan can act as a supplementary income to their pension. Borrowers can choose to receive the finance in a fortnightly instalments, a lump sum advance payment or a combination of both. It offers a much lower rate than a reverse mortgage.

Looking to compare loan options?

In the tables below you can compare various finance options, from normal home loans to reverse mortgages and lines of credit. Please be aware that not all of the options presented in the table will be available for pensioners. If you're a pensioner and are looking for expert guidance, contact a mortgage broker for personal advice.

Reverse mortgages
Line of credit loans

Compare reverse mortgages

6 of 6 results

Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Custom Badges	Monthly Payment
Finder score Not scored yet G&C Mutual Bank Retirees Access Reverse Mortgage	Finder score Not scored yet	Interest Rate 8.35%	Comparison Rate 8.44%	Fees Application: $500 Ongoing: $0 p.a.	Interest only60% min. equityOwner-occupier	Monthly Payment $1,139 per month	Go to site More info Compare product selectionCompare	loading
Finder score Not scored yet P&N Bank Reverse Mortgage Home Loan	Finder score Not scored yet	Interest Rate 8.25%	Comparison Rate 8.28%	Fees Application: $300 Ongoing: $0 p.a.	Principal & Interest65% min. equityOwner-occupier	Monthly Payment $1,128 per month	More info Compare product selectionCompare	loading
Finder score Not scored yet Unity Bank Retirees Access Reverse Mortgage	Finder score Not scored yet	Interest Rate 8.35%	Comparison Rate 8.44%	Fees Application: $500 Ongoing: $0 p.a.	Interest only60% min. equityOwner-occupier	Monthly Payment $1,139 per month	More info Compare product selectionCompare	loading
Finder score Not scored yet Australian Seniors Advantage Group Reverse Mortgage	Finder score Not scored yet	Interest Rate 8.74%	Comparison Rate 8.86%		Principal & InterestOwner-occupierInvestment	Monthly Payment $1,180 per month	More info Compare product selectionCompare	loading
Finder score Not scored yet Heartland Standard Reverse Mortgage	Finder score Not scored yet	Interest Rate 9%	Comparison Rate 9.03%	Fees Application: $0 Ongoing: $0 p.a.	Interest only50% min. equityOwner-occupier	Monthly Payment $1,208 per month	More info Compare product selectionCompare	loading
Finder score Not scored yet Household Capital Reverse Mortgage Variable Home Loan	Finder score Not scored yet	Interest Rate 9.20%	Comparison Rate 9.23%	Fees Application: $950 Ongoing: $0 p.a.	Principal & Interest50% min. equityOwner-occupier	Monthly Payment $1,230 per month	More info Compare product selectionCompare	loading

Showing 6 of 6 results

Compare line of credit loans

20 of 21 results

Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Custom Badges	Monthly Payment
Finder score 8.6 Great AMP Bank Professional Package Line of Credit	Finder score 8.6 Great	Interest Rate 5.84%	Comparison Rate 6.03%	Fees Application: $0 Ongoing: $349 p.a.	Interest only40% min. equityOwner-occupier$1M+	Monthly Payment $885 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 8.5 Great AMP Bank Professional Package Line of Credit	Finder score 8.5 Great	Interest Rate 5.84%	Comparison Rate 6.07%	Fees Application: $0 Ongoing: $349 p.a.	Interest only20% min. equityInvestment$1M+No LMI	Monthly Payment $885 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 8.5 Great AMP Bank Professional Package Line of Credit	Finder score 8.5 Great	Interest Rate 5.84%	Comparison Rate 6.08%	Fees Application: $0 Ongoing: $349 p.a.	Interest only40% min. equityInvestment$500k+	Monthly Payment $885 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 8.5 Great AMP Bank Professional Package Line of Credit	Finder score 8.5 Great	Interest Rate 5.89%	Comparison Rate 6.07%	Fees Application: $0 Ongoing: $349 p.a.	Interest only20% min. equityOwner-occupier$500k+No LMI	Monthly Payment $890 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 8.5 Great AMP Bank Professional Package Line of Credit	Finder score 8.5 Great	Interest Rate 5.89%	Comparison Rate 6.07%	Fees Application: $0 Ongoing: $349 p.a.	Interest only10% min. equityOwner-occupier$1M+LMI	Monthly Payment $890 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 8.4 Great AMP Bank Professional Package Line of Credit	Finder score 8.4 Great	Interest Rate 5.89%	Comparison Rate 6.13%	Fees Application: $0 Ongoing: $349 p.a.	Interest only20% min. equityInvestment$500k+No LMI	Monthly Payment $890 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 8.4 Great AMP Bank Professional Package Line of Credit	Finder score 8.4 Great	Interest Rate 5.89%	Comparison Rate 6.10%	Fees Application: $0 Ongoing: $349 p.a.	Interest only20% min. equityInvestment$1M+No LMI	Monthly Payment $890 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 7.9 Great AMP Bank Professional Package Line of Credit	Finder score 7.9 Great	Interest Rate 6.34%	Comparison Rate 6.60%	Fees Application: $0 Ongoing: $349 p.a.	Interest only40% min. equityInvestment$100K to	Monthly Payment $934 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 7.8 Great AMP Bank Professional Package Line of Credit	Finder score 7.8 Great	Interest Rate 6.39%	Comparison Rate 6.65%	Fees Application: $0 Ongoing: $349 p.a.	Interest only20% min. equityInvestment$100K to No LMI	Monthly Payment $939 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 7.7 Great AMP Bank Professional Package Line of Credit	Finder score 7.7 Great	Interest Rate 6.59%	Comparison Rate 6.77%	Fees Application: $0 Ongoing: $349 p.a.	Interest only40% min. equityOwner-occupier$100K to	Monthly Payment $958 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 7.6 Great AMP Bank Professional Package Line of Credit	Finder score 7.6 Great	Interest Rate 6.64%	Comparison Rate 6.82%	Fees Application: $0 Ongoing: $349 p.a.	Interest only20% min. equityOwner-occupier$100K to No LMI	Monthly Payment $963 per month	Enquire now More info Compare product selectionCompare	loading
Finder score 7.3 Great BCU Bank All-In-One Line of Credit	Finder score 7.3 Great	Interest Rate 6.99%	Comparison Rate	Fees Application: $0 Ongoing: $0 p.a.	Principal & Interest21% min. equityOwner-occupier	Monthly Payment $998 per month	More info Compare product selectionCompare	loading
Finder score 7 Great BCU Bank All-In-One Line of Credit	Finder score 7 Great	Interest Rate 7.15%	Comparison Rate	Fees Application: $0 Ongoing: $0 p.a.	Principal & Interest21% min. equityInvestment	Monthly Payment $1,014 per month	More info Compare product selectionCompare	loading
Finder score 6.5 Standard Auswide Bank Freedom Package Line of Credit	Finder score 6.5 Standard	Interest Rate 7.26%	Comparison Rate	Fees Application: $0 Ongoing: $395 p.a.	Interest only10% min. equityOwner-occupierLMI	Monthly Payment $1,026 per month	More info Compare product selectionCompare	loading
Finder score 5.7 Standard Auswide Bank Freedom Package Line of Credit	Finder score 5.7 Standard	Interest Rate 7.78%	Comparison Rate	Fees Application: $0 Ongoing: $395 p.a.	Interest only10% min. equityInvestmentLMI	Monthly Payment $1,079 per month	More info Compare product selectionCompare	loading
Finder score 5.6 Standard Hume Bank Line of Credit Loan	Finder score 5.6 Standard	Interest Rate 8.50%	Comparison Rate	Fees Application: $600 Ongoing: $0 p.a.	Interest only20% min. equityOwner-occupierNo LMI	Monthly Payment $1,155 per month	More info Compare product selectionCompare	loading
Finder score 5.5 Standard Queensland Country Bank Ultimate Home Loan Package Line of Credit	Finder score 5.5 Standard	Interest Rate 7.94%	Comparison Rate	Fees Application: $0 Ongoing: $395 p.a.	Interest only20% min. equityOwner-occupierInvestmentNo LMI	Monthly Payment $1,096 per month	More info Compare product selectionCompare	loading
Finder score 5.1 Standard Hume Bank Line of Credit Loan	Finder score 5.1 Standard	Interest Rate 8.75%	Comparison Rate	Fees Application: $600 Ongoing: $0 p.a.	Interest only20% min. equityInvestmentNo LMI	Monthly Payment $1,181 per month	More info Compare product selectionCompare	loading
Finder score 4.6 Basic Queensland Country Bank Line of credit	Finder score 4.6 Basic	Interest Rate 8.44%	Comparison Rate	Fees Application: $250 Ongoing: $100 p.a.	Interest only20% min. equityOwner-occupierInvestmentNo LMI	Monthly Payment $1,148 per month	More info Compare product selectionCompare	loading
Finder score 4.5 Basic Gateway Bank Equitismart Line of Credit	Finder score 4.5 Basic	Interest Rate 8.75%	Comparison Rate	Fees Application: $200 Ongoing: $0 p.a.	Principal & Interest20% min. equityOwner-occupierNo LMI	Monthly Payment $1,181 per month	More info Compare product selectionCompare	loading

Showing 20 of 21 results

Frequently asked questions about home loans for pensioners

How much you'd be able to borrow as a pensioner is really dependent on the equity you already have (if you have any) and how much income you receive. Your income can be across different streams, but if you only rely on the pension you might find it difficult to borrow any money at all.
You can use a borrowing power calculator to get a better idea of how much you could borrow, but with such specific circumstances it might be better for you to speak to a mortgage broker.
Whether or not you can get a 30 year home loan as a pensioner is dependent on the lender's eligibility criteria. It will be deemed a high risk of the loan not being repaid, so many lenders are likely not to approve the loan. But every lender's risk appetite is different and you may be able to come to an agreement. It's a good idea to speak to a mortgage broker, who will understand different policies.
Australian law requires lenders to be certain that borrowers are financially able to make their loan repayments. This is the biggest reason pensioners might be denied a loan. That's because pensioners don't necessarily have the stability of longer term income to comfortably meet their repayments each month.
The loan term doesn't technically come into that, but a lender believes your income won't be stable for the duration of the loan, they can reject your application.
Whether or not you can get a 30 year home loan as a pensioner is really dependent on the lender's eligibility criteria. Every lender's risk appetite is different and you may be able to come to an agreement. It's a good idea to speak to a mortgage broker, who will understand different policies.

What is Finder Score?

The Finder Score crunches 7,000 home loans across 120+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.

To provide a Score, we compare like-for-like loans. So if you're comparing the best home loans for cashback, you can see how each home loan stacks up against other home loans with the same borrower type, rate type and repayment type. We also take into consideration the amount of cashback offered when calculating the Score so you can tell if it's really worth it.

Read the full breakdown

Sources

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been reviewed by Rebecca Pike, a member of Finder's Editorial Review Board.

Written by

Richard Whitten

Senior Money Editor

Richard Whitten is Finder’s Senior Money Editor, with over eight years of experience in home loans, property, credit cards and personal finance. His insights appear in top media outlets like Yahoo Finance, Money Magazine, and the Herald Sun, and he frequently offers expert commentary on television and radio, helping Australians navigate mortgages and property ownership. Richard started his career in education and textbook publishing in South Korea. He holds multiple industry certifications, including a Certificate IV in Mortgage Broking (RG 206) and Tier 1 and Tier 2 certifications (RG 146), as well as a Bachelor of Education from the University of Sydney and a Graduate Certificate in Communications from Deakin University. See full bio

Richard's expertise

Richard has written 677 Finder guides across topics including:

Home loans
Credit cards
Personal finance
Money-saving tips

More resources on Finder

Ask a question

Click here to cancel reply.

Display name

Your email (will not be published)

Your question

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

136 Responses

mjOctober 9, 2014

Will any lenders approve me for a home loan? I am a single mum of 3 on family payments and I’ve just received my abn to start a freelance business, no clients yet but should pick up once I get started.

Finder

ElizabethOctober 9, 2014Finder

Hi MJ,

Thanks for your question.

Some of the lenders discussed on this page might be a good place to start. You might want to consider discussing your situation with a mortgage broker to find out what options you have available to you, or considering a non-conforming lender.

Hope this has helped.

Thanks,

Elizabeth

JeanOctober 9, 2014

I am a pensioner I have owned my own house in the past but due to bad marriages all I can do is rent I would like a Reverse Mortgage Home loan so I can buy my own house again and put the rent money into my house. Who do I get in touch with to find out more and what is the interest rates.

PaulineMay 24, 2015

Iam 45 years. Old n I’m on a disability pension n my 18 yr old is on a carers pension I have $15,000 n my daughter has $5,000 would we b able 2 get a home loan??? This will b our first time n not sure who 2 phone

BelindaMay 25, 2015

Hi Pauline,

Thanks for your enquiry.

There are some lenders that issue home loans for pensioners. I suggest that you contact one of the mortgage brokers listed above on this page to see whether you could be approved for a loan.

Thanks,
Belinda

Finder

ElizabethOctober 9, 2014Finder

Hi Jean,

Thanks for your question.

You can read about reverse mortgages and compare rates from lenders for this.

Hope this has helped.

Thanks,

Elizabeth

kSeptember 11, 2014

My home is in the bankruptcy trustees hands.
My ex is bankrupt, I wish to buy out his share of our home which has been valued at $700000.
I need $350000.
I am on disability pension.
My son is an in-school-apprentice carpenter (year 12) and lives with me. He isn’t keen to leave home, his girlfriend stays, he has the whole self contained private end of the house.
It’s his third year with this job, doing school too. The home is on 12 acres, has a separate apartment renting for $650 a week including some land.
There’s also a workshop that is presently $850 a month. We need this loan asap. I have $50000 in the bank. Can I get a loan? thank you

Finder

ShirleySeptember 12, 2014Finder

Hi K,

Thanks for your question.

Please get in touch with the lenders on this page to discuss your options and your eligibility.

Cheers,
Shirley

GregAugust 24, 2014

Can I borrow to buy into a home with my daughter, she is trying to buy another home while trying to sell her existing home, our only source of income is our pension, we are looking to move in with her, we currently pay $300 per week rent , could we get a $100000 loan.

Finder

MarcAugust 25, 2014Finder

Hi Greg,

Thanks for the question.

Every borrower is evaluated on a case-by-case basis, and each lender will have their own unique lending criteria which will decide whether or not they will accept the pension as a source of income. It could be a good idea to compare home loans and then contact a lender directly to find out if you’d be eligible, or speak to a mortgage broker as they are familiar with a range of lender’s lending policies and might know which lenders to steer you towards.

I hope this helps,
Marc

StanAugust 23, 2014

As old age pensioners which bank would advance you the funds if you had 200k and needed another 50k to purchase an existing property in Northam Western australia

Finder

MarcAugust 25, 2014Finder

Hi Stan,
thanks for the question.

Unfortunately each bank keeps their lending criteria quite closely guarded. One way to find this out would be through a mortgage broker. Mortgage brokers are experienced in dealing with many different lenders and as such know what types of incomes and borrowers are accepted by a particular bank. You can compare mortgage brokers on the page above.

I hope this helps,
Marc.

More guides on Finder

Home equity loans aren’t just for renovations
Whether you're eyeing a reno or consolidating debt, here's what you need to know about home equity loans (without the financial fluff).
No deposit home loans: Dream now, pay later-ish
Think you need a 20% deposit to buy a home? Think again. We break down no deposit home loans: how they work, who offers them, and what to watch out for.
Home loan cashback offers
Home loan cashback deals can help you refinance to a cheaper interest rate and get a lump sum cash payment. Compare the latest deals and check your eligibility today.
Help to Buy scheme
Learn more about the Help to Buy scheme and how it can help home buyers.
Current home loan interest rates in Australia
We compile the average home loan interest rates in the market and update them monthly.
Compare bank interest rates in December 2025
Compare current bank interest rates for home loans, credit cards, personal loans, savings accounts and term deposits to find the best deal for you.
Investment home loan rates
The best investor home loan rates that have been offered in years have hit the market. Compare investment property loan rates today.
Cheap Home Loans Australia
Find the cheapest home loan rates and learn how to decide which one best fits your needs and will save you the most money.
Best variable home loan rates
Find a great deal on a variable interest rate home loan from lenders large and small. Start comparing and saving today.
Best Home Loan Rates Australia
Learn how to compare rates to find the best home loan and start saving money on your mortgage today.

Home Loans for Pensioners

While it is harder, you can get a home loan while on a pension. It depends on how much you want to borrow, your spending, assets and if you have other income sources.