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 23 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 6.9 Standard Greater Bank Ultimate Line of Credit Home Loan	Finder score 6.9 Standard	Interest Rate 7.35%	Comparison Rate	Fees Application: $500 Ongoing: $0 p.a.	Principal & Interest10% min. equityOwner-occupierNSW, QLD & ACT onlyLMI	Monthly Payment $1,035 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 6.1 Standard Greater Bank Line of Credit Home Loan	Finder score 6.1 Standard	Interest Rate 8.05%	Comparison Rate	Fees Application: $0 Ongoing: $0 p.a.	Principal & Interest10% min. equityOwner-occupierNSW, QLD & ACT onlyLMI	Monthly Payment $1,107 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

Showing 20 of 23 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 680 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

nicoleSeptember 5, 2017

Im on TAC and return to work on light duties as well as i get topped up by centrelink for carers payment and allowance. I have a nice size deposit and after a mortgage but finding it hard while im on TAc as they wont take that income into account. who could i go with to get the mortgage?

DanielleSeptember 6, 2017

Hi Nicole,

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

I recommend you check our list of pensioner loans. You may review and compare the offers available on the table or on the list. Once you have selected one, you may proceed by clicking the green “Go to Site” button.

I hope this helps.

Cheers,
Danielle

joeAugust 29, 2017

Hi there I would like to know if is there any Banks that can help as to get a home loan.I’m a 50 year old man who has a disability pension,and I live with my wife who is a career to our daughter who also has a disability pansion.I think this means that we all together have 3 stable incomes,for the last 8 years we have been paying the rent to a real estate agency which is right now $ 700 a week.I would like to know if is there any way to get a home loan on our 3 combined incomes.

DanielleAugust 30, 2017

Hi Joe,

Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.

You are on the right page. You may review and compare the offers available at the bottom of the page. Once you have selected one, you may proceed by clicking the orange “More Info” button.

I hope this helps.

Cheers,
Danielle

JuanitaJuly 23, 2017

We are a couple over 50 both employed with good paying jobs. We are renting and would like to purchase a home together. We can afford about 20000 deposit and want to borrow 350000. We have been told we need at least 50 to 80k deposit. Please advise

Finder

RenchJuly 24, 2017Finder

Hi Juanita,

Thanks for reaching out to us.

Generally, you would need a 20% deposit for the amount you plan to borrow. So, if you need $350,000, then you would most likely need a deposit of $70,000. Thankfully, there are low deposit home loans, which allows you to only have a 5-10% deposit.

Please note though that low deposit home loans often come with higher rates, and with the extra cost of lenders mortgage insurance (LMI), which can amount to several thousands of dollars.

To further explore your options and have someone take into consideration your whole situation, a mortgage broker may help. A mortgage broker is a professional who compares and helps you apply for home loans on your behalf. A good mortgage broker will give you personalised service all the way through to settlement.

Cheers,
Rench

PatriciaJune 27, 2017

Can I use the house I want to buy as collateral for a loan also how much deposit would I need for a 250,000 dollar loan I am on a disability pension?

JonathanJune 27, 2017

Hi Patricia!

There are some lenders who can allow you to use your property as security. This means that you will use the property you intend to buy as a collateral and will just hold on to the deed until it is paid off. As for the deposit, usually, they require 20% of the loan value and this varies per lender.

Please consult with your lender of choice to know exactly the requirements and deposit required.

All the best!

Cheers,
Jonathan

RosemaryJune 7, 2017

Hi! I was wondering if I’m able to obtain a loan from your company. I’m waiting for my paperwork to go through Centrelink for single parenting payments and disability.

JonathanJune 7, 2017

Hi Rosemary!

Thanks for the comment.

We have a few pages that may help you as a Centrelink recipient:

Please go through those pages to find the right loan products for you.

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

Hope this helps.

Cheers,
Jonathan

More guides on Finder

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.
Calculate the income needed to buy a home in any suburb in Australia
Work out how much you need to earn to buy a house in any Australian suburb.
Average Australian mortgage statistics
Our comprehensive guide to home loan statistics.
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.
Low deposit home loans
You may be able to get a low deposit home loan with just a 5% cash deposit. Here are the lenders who are more likely to lend you a 95% loan.
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.
Compare construction loan rates
Construction loan comparison is as simple as finding out how much you can borrow, then reviewing some of the best construction loans on the market to find the right fit.
Best home loans with offset accounts
What is an offset account? It can save you thousands in interest and help you own your home sooner.

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.