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?

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.

Mortgage-free by retirement? Not for many Aussies

Retiring with a mortgage still hanging over your head is becoming the norm rather than the exception. 44% of Australians expect to carry their home loan into retirement, and only 55% are confident they'll have it paid off beforehand. If that's looking like your situation, it's worth exploring your options, from downsizing to specialist retirement lending, well before you actually stop working.

Source: Finder's 2026 Home Loan Report

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.

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

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

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

5 of 5 results

Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Features	Monthly Payment
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	View details Compare product selectionCompare	loading
Finder score Not scored yet Heartland Standard Reverse Mortgage	Finder score Not scored yet	Interest Rate 9.24%	Comparison Rate 9.27%	Fees Application: $900 Ongoing: $0 p.a.	Interest only50% min. equityOwner-occupier	Monthly Payment $1,234 per month	View details Compare product selectionCompare	loading
Finder score Not scored yet Australian Seniors Advantage Group Reverse Mortgage	Finder score Not scored yet	Interest Rate 9.24%	Comparison Rate 9.35%		Principal & InterestOwner-occupierInvestment	Monthly Payment $1,234 per month	View details Compare product selectionCompare	loading
Finder score Not scored yet P&N Bank Reverse Mortgage Home Loan	Finder score Not scored yet	Interest Rate 9.25%	Comparison Rate 9.28%	Fees Application: $0 Ongoing: $0 p.a.	Principal & Interest65% min. equityOwner-occupier	Monthly Payment $1,235 per month	View details Compare product selectionCompare	loading
Finder score Not scored yet Unity Bank Retirees Access Reverse Mortgage	Finder score Not scored yet	Interest Rate 9.75%	Comparison Rate 9.84%	Fees Application: $500 Ongoing: $0 p.a.	Interest only60% min. equityOwner-occupier	Monthly Payment $1,290 per month	View details Compare product selectionCompare	loading

Showing 5 of 5 results

Compare line of credit loans

19 of 19 results

Finder Score	Interest Rate p.a.	Comparison Rate p.a.	Fees	Features	Monthly Payment
Finder score 8.7 Great AMP Bank Professional Package Line of Credit	Finder score 8.7 Great	Interest Rate 7.09%	Comparison Rate 7.37%	Fees Application: $0 Ongoing: $415 p.a.	Interest only40% min. equityInvestment$1M+	Monthly Payment $1,008 per month	View details Compare product selectionCompare	loading
Finder score 8.7 Great AMP Bank Professional Package Line of Credit	Finder score 8.7 Great	Interest Rate 7.09%	Comparison Rate 7.38%	Fees Application: $0 Ongoing: $415 p.a.	Interest only40% min. equityInvestment$500k+	Monthly Payment $1,008 per month	View details Compare product selectionCompare	loading
Finder score 8.6 Great AMP Bank Professional Package Line of Credit	Finder score 8.6 Great	Interest Rate 7.19%	Comparison Rate 7.48%	Fees Application: $0 Ongoing: $415 p.a.	Interest only20% min. equityInvestment$500k+	Monthly Payment $1,018 per month	View details Compare product selectionCompare	loading
Finder score 8.6 Great AMP Bank Professional Package Line of Credit	Finder score 8.6 Great	Interest Rate 7.19%	Comparison Rate 7.46%	Fees Application: $0 Ongoing: $415 p.a.	Interest only20% min. equityInvestment$1M+	Monthly Payment $1,018 per month	View details Compare product selectionCompare	loading
Finder score 8.4 Great AMP Bank Professional Package Line of Credit	Finder score 8.4 Great	Interest Rate 7.09%	Comparison Rate 7.35%	Fees Application: $0 Ongoing: $415 p.a.	Interest only40% min. equityOwner-occupier$1M+	Monthly Payment $1,008 per month	View details Compare product selectionCompare	loading
Finder score 8.2 Great AMP Bank Professional Package Line of Credit	Finder score 8.2 Great	Interest Rate 7.19%	Comparison Rate 7.43%	Fees Application: $0 Ongoing: $415 p.a.	Interest only20% min. equityOwner-occupier$500k+	Monthly Payment $1,018 per month	View details Compare product selectionCompare	loading
Finder score 8.2 Great AMP Bank Professional Package Line of Credit	Finder score 8.2 Great	Interest Rate 7.19%	Comparison Rate 7.42%	Fees Application: $0 Ongoing: $415 p.a.	Interest only20% min. equityOwner-occupier$1M+LMI	Monthly Payment $1,018 per month	View details Compare product selectionCompare	loading
Finder score 8.1 Great AMP Bank Professional Package Line of Credit	Finder score 8.1 Great	Interest Rate 7.59%	Comparison Rate 7.90%	Fees Application: $0 Ongoing: $415 p.a.	Interest only40% min. equityInvestment$100K to < $500K	Monthly Payment $1,059 per month	View details Compare product selectionCompare	loading
Finder score 8 Great AMP Bank Professional Package Line of Credit	Finder score 8 Great	Interest Rate 7.64%	Comparison Rate 7.95%	Fees Application: $0 Ongoing: $415 p.a.	Interest only20% min. equityInvestment$100K to < $500K	Monthly Payment $1,065 per month	View details Compare product selectionCompare	loading
Finder score 7.8 Great AMP Bank Professional Package Line of Credit	Finder score 7.8 Great	Interest Rate 7.59%	Comparison Rate 7.90%	Fees Application: $0 Ongoing: $415 p.a.	Interest only40% min. equityOwner-occupier$100K to < $500K	Monthly Payment $1,059 per month	View details Compare product selectionCompare	loading
Finder score 7.7 Great AMP Bank Professional Package Line of Credit	Finder score 7.7 Great	Interest Rate 7.64%	Comparison Rate 7.95%	Fees Application: $0 Ongoing: $415 p.a.	Interest only20% min. equityOwner-occupier$100K to < $500K	Monthly Payment $1,065 per month	View details Compare product selectionCompare	loading
Finder score 7 Great BCU Bank All-In-One Line of Credit	Finder score 7 Great	Interest Rate 8.15%	Comparison Rate	Fees Application: $0 Ongoing: $0 p.a.	Principal & Interest20% min. equityInvestment	Monthly Payment $1,118 per month	View details Compare product selectionCompare	loading
Finder score 6.9 Standard BCU Bank All-In-One Line of Credit	Finder score 6.9 Standard	Interest Rate 7.99%	Comparison Rate	Fees Application: $0 Ongoing: $0 p.a.	Principal & Interest20% min. equityOwner-occupier	Monthly Payment $1,101 per month	View details Compare product selectionCompare	loading
Finder score 5.8 Standard Queensland Country Bank Ultimate Home Loan Package Line of Credit	Finder score 5.8 Standard	Interest Rate 8.94%	Comparison Rate	Fees Application: $0 Ongoing: $395 p.a.	Interest only20% min. equityOwner-occupierInvestment	Monthly Payment $1,202 per month	View details Compare product selectionCompare	loading
Finder score 5.3 Standard Hume Bank Line of Credit Loan	Finder score 5.3 Standard	Interest Rate 9.50%	Comparison Rate	Fees Application: $600 Ongoing: $0 p.a.	Interest only20% min. equityOwner-occupier	Monthly Payment $1,262 per month	View details Compare product selectionCompare	loading
Finder score 5.3 Standard Queensland Country Bank Line of credit	Finder score 5.3 Standard	Interest Rate 9.44%	Comparison Rate	Fees Application: $0 Ongoing: $100 p.a.	Interest only20% min. equityOwner-occupierInvestment	Monthly Payment $1,256 per month	View details Compare product selectionCompare	loading
Finder score 5.3 Standard Hume Bank Line of Credit Loan	Finder score 5.3 Standard	Interest Rate 9.75%	Comparison Rate	Fees Application: $600 Ongoing: $0 p.a.	Interest only20% min. equityInvestment	Monthly Payment $1,290 per month	View details Compare product selectionCompare	loading
Finder score 4.7 Basic Gateway Bank Equitismart Line of Credit	Finder score 4.7 Basic	Interest Rate 9.75%	Comparison Rate	Fees Application: $200 Ongoing: $0 p.a.	Principal & Interest20% min. equityOwner-occupier	Monthly Payment $1,290 per month	View details Compare product selectionCompare	loading
Finder score 4.3 Basic Gateway Bank Equitismart Line of Credit	Finder score 4.3 Basic	Interest Rate 10.37%	Comparison Rate	Fees Application: $200 Ongoing: $0 p.a.	Principal & Interest20% min. equityInvestment	Monthly Payment $1,359 per month	View details Compare product selectionCompare	loading

Showing 19 of 19 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.
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

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. Finder's State of Women's Wealth Report 2025
2. Home Equity Access Scheme, Services Australia

Thank you for your feedback!

Written by

Richard Whitten

Senior Money Editor

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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

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136 Responses

disabilityMarch 1, 2016

wanting to buy a home for my disabled daughter who is on a pension she would have a good deposit to put down and i could go guarantor for her could this house go solely in her name with me and older siblings staying with her as a tag team or would the house need to go into my name as well

BelindaMarch 2, 2016

Hi there,

Thanks for reaching out.

I’ve sent you an email to follow up with this enquiry.

Thanks,
Belinda

GloriaNovember 21, 2015

I am on a sole parent pension an ftb i have 20000 in savings an i able to get a home loan an being 46 can i get 1st home buyers grand . I have a 23yo son living at home with a traineeship at the mines an works casual. Do i qualify for a loan or reverse mortgage as i live in dept housing for last 8yrs an have gr8 rental history.

JodieNovember 23, 2015

Hi Gloria,

Thank you for contacting finder.com.au a financial comparison website.

To see if you qualify for a home loan please use the table above to reach out to a mortgage broker who can advise you on which lender can assist you with a home loan. Each first home owners grant has different eligibility requirements, in general, the main eligibility requirement is that you have not held property in your name previously, please review our page on the grants in each state to see what you may be eligible for.

In terms of a reverse mortgage, these can only be obtained if you own your own home and have equity, have paid off part or all of it, as this will be used to offer you funds for use so if you have never purchased property before you will not be eligible for a reverse mortgage.

Regards
Jodie

TonyOctober 7, 2015

My wife and I are both on pensions, my wife is on a disability pension and I am on a Blind Pension. We would like to move to the country and buy a home for approx $70,000 to $100,000 we have approx $20,000 for a deposit do you think we would be able to find a lender who would lend us the rest of the amount even though we are on a pension.

JodieOctober 7, 2015

Hi Tony,

Thank you for contacting finder.com.au.

We are a financial comparison website and general information service so are not able to offer you specialised advice on your specific needs.

Generally speaking there are lenders who will offer borrowers on a pension a loan it would be best to use one of the enquire buttons above to contact a mortgage broker who will be able to assist you with your search for a home loan.

Regards
Jodie

BevAugust 26, 2015

I am 69 and on a aged pension. I have $130000.00 cash and I am at present paying $440 weekly rent. I also have a boarder who is paying $180 per week. Can I get a loan of $70,000 to purchase a unit on the Gold Coast Queensland? Many Thanks

BelindaAugust 27, 2015

Hi Bev,

Thanks for your enquiry.

Generally, lenders will review these types of applications on a case-by-case basis but they will take into account your age, assets, and any existing debts that you have to determine your ability to meet the repayments.

Please note that you will need to provide evidence of genuine savings to complete the deposit, provide 6 months of bank statements showing the benefit being deposited into your account, and a letter from Centrelink confirming the status of your pension. The aged pension is typically only considered as a secondary source of income, so you may need to have another source of earnings to qualify with certain lenders.

You can read more about home loans for Centrelink recipients. I recommend getting in touch with a licensed mortgage broker. A broker can help you understand your financial position and they can leverage their panel of networks to find a lender that’s more inclined to review your application.

All the best,
Belinda

filizJune 5, 2015

Hi I’m a disability pensioner 53 years old diagnosed with ms I’m living in housing but I like to buy my own house I have no deposit, all I like to know is who can help me with my low income without paying interest to buy a house and how much is the loan maximum. Thank you so much.

BelindaJune 9, 2015

Hi Filiz,

Thanks for your enquiry.

To find a home loan that you can service with your disability pension, you can contact one of the mortgage brokers listed above on this page.

Depending on the lender, it is likely that you will still need to come up with a 20% deposit. However, banks have different lending criteria so they will assess your ability to service the loan with the benefit that you receive.

Please note that you’ll need to provide bank statements showing the benefit being deposited into your bank account and you may also need a letter from Centrelink confirming the status of your disability pension.

Thanks,
Belinda

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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.