How much can I borrow as a pensioner?

The amount you can borrow as a pensioner depends on various factors, including your income, credit history and the lender's criteria. Generally, lenders may offer loan amounts to pensioners ranging from $2,000 to $100,000, depending on your financial situation and ability to repay the loan.

Can pensioners get personal loans?

Yes, pensioners can get personal loans, although the options may be more limited compared to those for working individuals. Lenders will assess your income, which may include your pension, as well as any other assets or savings.

What is the Home Equity Access Scheme?

The Home Equity Access Scheme (formerly the Pension Loans Scheme) is a government initiative that lets eligible pensioners borrow against the equity in their property to top up their retirement income. It's a genuine loan: interest compounds on the balance (currently 3.95% p.a.) until it's repaid, usually when the property is sold or the pensioner passes away. How much you can borrow depends on your home equity and age.

Can I borrow money if I'm retired?

Yes, you can borrow money if you're retired. Lenders will usually consider your retirement income, such as superannuation, investments or pension payments, when assessing your loan application. It's important to demonstrate your ability to repay the loan, so you'll need to provide documentation that proves your income in retirement. Some lenders may have specific loan products designed for retirees.

Personal Loans for Pensioners 2026:

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Interest rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan Finder AwardFixed18 Months - 7 Years $5,000 - $50,000	Interest Rate (p.a.) 5.95% to 26.95%	Comp. Rate (p.a.) 5.95% to 26.95%	Application Fee $0	Monthly Fee $0	Monthly Repayment $607.99	Borrow up to $50,000 for any worthwhile purchase and pay no establishment or ongoing fees without providing collateral. You can also benefit from a more competitive interest rate if you have a strong credit score.	Go to site View details Compare product selectionCompare	loading
OurMoneyMarket Unsecured Low-Rate Personal Loan ($20,000-$100,000) ExclusiveFixed1 - 7 Years $20,000 - $100,000	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $607.99	Finder exclusive: Receive a $100 eGift Card if you have Excellent Credit (as determined by OMM’s credit assessment and scorecard), apply via Finder by 30 November 2026, and settle by 15 December 2026. For loans between $20,000 and $100,000 only. T&Cs apply.	Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.	Go to site View details Compare product selectionCompare	loading
Latitude Variable Rate Secured Personal Loan Variable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 8.99% to 28.39%	Comp. Rate (p.a.) 10.11% to 29.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $652.40	$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
OurMoneyMarket Unsecured Low-Rate Personal Loan ($5,000-$100,000) Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 5.95% to 18.99%	Comp. Rate (p.a.) 5.95% to 21.78%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $607.99	No monthly or early exit fees. Loan amounts range from $5,000 to $75,000, and up to $100,000 for home improvement projects and motor vehicles. Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Fixed Rate Personal Loan Fixed1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $637.12	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
NAB Unsecured Variable Rate Personal Loan Variable1 - 7 Years $5,000 - $55,000	Interest Rate (p.a.) 7.50% to 22.00%	Comp. Rate (p.a.) 8.54% to 22.88%	Application Fee $0	Monthly Fee $15	Monthly Repayment $637.12	$250 application fee is waived for valid applications started from 8 October 2026 until 3 December 2026. Applications must be completed within 30 days. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
ING Personal Loan Most LovedFixed2 - 7 Years $5,000 - $60,000	Interest Rate (p.a.) 6.19% to 19.99%	Comp. Rate (p.a.) 7.03% to 20.78%	Application Fee $199	Monthly Fee $8	Monthly Repayment $624.23	No early repayment fees and same-day funding for existing ING customers. Eligibility: Applicants must be 18+, Australian/ NZ citizen or permanent resident of Australia, and earning at least $36,000 a year (before tax) with PAYG payslips.	Go to site View details Compare product selectionCompare	loading
Latitude Variable Rate Unsecured Personal Loan ExclusiveVariable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $661.75	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Jacaranda Finance Unsecured Personal Loan Fixed25 Months - 3 Years $3,000 - $15,000	Interest Rate (p.a.) 27.95% to 29.95%	Comp. Rate (p.a.) 44.50% to 46.50%	Application Fee $13.50 - $950	Monthly Fee $26	Monthly Repayment $892	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Unsecured Personal Loan ExclusiveFixed2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.99% to 29.39%	Comp. Rate (p.a.) 11.10% to 30.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $661.75	Finder exclusive: $395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
OurMoneyMarket Unsecured Low-Rate Personal Loan ($20,000-$100,000) - Excellent Credit ExclusiveVariable1 - 7 Years $20,000 - $100,000	Interest Rate (p.a.) 5.95% to 5.95%	Comp. Rate (p.a.) 5.95% to 5.95%	Application Fee $0 min.	Monthly Fee $0	Monthly Repayment $607.99	Finder exclusive: Receive a $100 eGift Card if you have Excellent Credit (as determined by OMM’s credit assessment and scorecard), apply via Finder by 30 November 2026, and settle by 15 December 2026. For loans between $20,000 and $100,000 only. T&Cs apply.	Eligibility: Applicants must have an Equifax credit score of 500 or above, an annual income of more than $25k, and must be an Australian citizen or permanent resident.	Go to site View details Compare product selectionCompare	loading
Latitude Fixed Rate Secured Personal Loan Variable2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 8.99% to 28.39%	Comp. Rate (p.a.) 10.11% to 29.29%	Application Fee $0	Monthly Fee $16.50	Monthly Repayment $652.40	$395 establishment fee waived for approved personal loan applications for a limited time. Latitude may withdraw the offer at any time. T&Cs apply.	Go to site View details Compare product selectionCompare	loading
Fair Go Finance Medium Loan Fixed6 Months - 2 Years $2,001 - $5,000	Interest Rate (p.a.) 29.90% to 59.20%	Comp. Rate (p.a.) 47% to 64.99%	Application Fee $400	Monthly Fee $18	Monthly Repayment $882.90	Go to site View details Compare product selectionCompare	loading
Fair Go Finance Large Loan Fixed16 Months - 2 Years $5,050 - $10,000	Interest Rate (p.a.) 21.90% to 29.21%	Comp. Rate (p.a.) 25.90% to 33.76%	Application Fee $795	Monthly Fee $14	Monthly Repayment $807.10	Go to site View details Compare product selectionCompare	loading

Showing 14 of 14 results

You may be eligible for personal loans in retirement if you can demonstrate a steady income stream (such as pension, super, or investments).
Secured loans are often easier for pensioners to get approval on, as they reduce lender risk.
Comparing lenders before applying can improve your chances of approval and help avoid higher fees or interest costs.

What are personal loans for pensioners?

A personal loan for pensioners is simply a loan available to people no longer in full-time employment and above a certain age.

As you move into your older years your lifestyle changes and so do your finances. When that happens, you may find that accessing finance is not as easy as it was when you were earning an income from employment.

Not having an income as well as being more senior can sometimes make getting a personal loan more difficult for people. Lenders can view it as a sign that you could be less likely to be able to repay the loan. However, this is not always the case. There are many lenders who may be willing to work with you when you are retired, particularly if you can show a regular income from something like your pension, super, investments or even part-time work.

These loans can help you access money if you don't have sufficient time to save for it or if you don't want to dip into your equity.

How do personal loans for pensioners work?

Personal loans for pensioners work much like any other personal loan, but they are available for people who are currently in retirement.

If you're retired, you may find it easier to qualify for a secured personal loan than an unsecured one. This is because securing a loan with collateral poses less risk to a lender as they can recoup the funds by selling your property if you become unable to repay the loan.

If you opt for an unsecured personal loan, you may find that as a retiree you are offered a shorter loan term than younger people or people in full-time employment to mitigate the risk to the lender. You may also be offered a higher interest rate and/or fees, although this will depend on the lender and on your credit rating.

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 type of retirement situations are considered?

Self-funded retirees. If you earn income from investments such as rental properties, super or your own nest egg, you're a self-funded retiree. You might require access to finance because you don't have cash assets or you need quicker access to finance than your situation allows. While it can be difficult for some lenders to assess you, you're still eligible. Make sure you have as much proof of your assets and income as possible to prove you'll be able to manage your loan.
Those on the age pension, carer's supplement or disability pension. Earning Centrelink payments as income even if it is your sole income does not disqualify you from finance. Check the table below for loan options available to you.
Older Australians who are still employed. If you have steady employment, even if it's only part-time, this income will be considered by lenders. Minimum income criteria apply so check this before submitting your application.
Non-residents. The majority of lenders will require that you be an Australian citizen or permanent Australian resident. However, some lenders consider non-residents for loans even if they're older. You can compare temporary resident personal loans on this guide.
Those in difficult financial situations. If you receive a low income due to your family situation, you have debts or you're in need of emergency finance, there are options for you. Give the free financial counselling hotline a call on 1800 007 007 to find out what's available.

Which banks and lenders accept retiree applicants?

Below is a list of personal loans available for comparison on Finder. You can find out which ones will consider you for a loan while you are retired and the eligibility criteria you'll need to meet to apply.

Even if a lender does accept your pension income, your application will still be considered on a case-by-case basis.

Brand	Criteria	Learn about loan offerings
ANZ	Provide bank statements showing your income credits over a consecutive 3 month period, with your most recent credit made within 30 days of application. Also you must provide a Centrelink letter or statement from the last 60 days or a copy of your annual investment statement.
Bank of Melbourne	You can provide a Government Authority statement confirming your pension or allowance.
BankSA	You can provide a Government Authority statement confirming your pension or allowance.
Bendigo Bank	You may be eligible, but you'll need to call the bank directly to discuss your income.
CommBank	You'll need to go into a branch with your pension card.
Fair Go Finance	At least 50% of your income must come from employment.
Gateway Bank	You need to be currently employed.
Latitude Financial Services	You need to be currently employed.
IMB	You need to be employed in addition to your Centrelink income.
NAB	You need to prove a regular income and have good credit.
Plenti	You need to have a regular source of income above $25,000 a year that you can demonstrate.
RACV	You need to be in regular employment.
RACQ	You need to be earning a sufficient income to manage the loan.	More
SocietyOne	You need to earn more than $30,000 p.a.
St.George	You must receive a regular, taxable income.
Westpac	You must receive a regular, taxable income.

Looking for information on home loans for retirees?

Personal loans that are available for pensioners

There are a few different types of personal loans available to you as a retiree.

Secured personal loans. These loans require you to attach a high-value asset as a guarantee. In return, you are able to borrow the value of that asset as a loan. Examples of assets include vehicles, term deposits or equity in your home.
Unsecured personal loans. You don't have to attach any asset to this loan as it's unsecured. You can use this loan for investment purposes, to take a holiday, buy a used vehicle or to consolidate debt.
Car loans. If you're looking to purchase a new or used vehicle, you can consider a car loan. These loans offer competitive rates because the vehicle you purchase is used to guarantee the loan.
Reverse mortgages. These loans offer you a line of credit, regular income stream or lump sum payment by borrowing against the equity in your home. While traditionally thought of as high-risk, reverse mortgages are becoming a more mainstream borrowing method.
Overdrafts. This is a convenient credit product that lets you draw over and above your account balance in your everyday transaction account.
Short-term loans. If you have bad credit or need emergency finance, a small amount loan may be one to consider. Keep in mind the high cost of these loans before you apply.
Bad credit loans. There are still loan options if your credit history has a few black marks. Some loans are available up to $5,000 or more for bad-credit applicants.
Debt consolidation loans. Some loan options are tailored to debt consolidation if that's the loan purpose you have in mind.
Government options. The federal government has a loan scheme for older Australians who want to access equity they have in their home.You can withdraw the loan amount as a lump sum, a fortnightly amount or a combination. The interest rate is lower than other personal loans, at 3.95%.

Pros and cons of personal loans for pensioners

There are a number of benefits and potential drawbacks to applying for a personal loan as a retiree. These include:

Pros

Cover expenses. A personal loan can help you to enjoy your retirement in the way you want to. Whether you want to take a trip away, renovate your home, buy a new car or any other legitimate purpose, a personal loan can help you to achieve this.
Protect your super/savings. Utilising a personal loan rather than dipping into your personal savings or superannuation fund means you aren't spending money that you may need later down the line.
Spread out the cost. Using a personal loan rather than paying for a large expense out of your personal savings enables you to spread the cost of your purchase(s) over a significant period. This can make budgeting much easier.
Cost-effective if secured. Using collateral on a personal loan, which may be easier to qualify for when you are retired, can reduce your interest rate.

Cons

Fewer options. You may find as a retiree that your options are more limited than someone younger and in full-time employment.
Higher cost. You may be offered a higher interest rate, especially if you're looking for an unsecured personal loan.
Lower chance of approval. A lender may be more likely to reject your application if you're not receiving an income from employment. Check the eligibility criteria carefully before applying and speak to the lender directly to see what your chances are.
Financial stress. You may be offered a shorter loan period than someone with a regular income. Having a shorter loan term will generally mean higher repayments, which might be difficult to keep on top of if you have a tight budget.

What can I use a personal loan for as a pensioner?

Weddings

Whether it's your own wedding or the wedding of a child, you can use a personal loan to cover the costs.

Home renovation

Does your home need a facelift? A personal loan can help you to pay for home renovations.

Holidays

Personal loans for retirees help lots of senior Australians to fund their dream getaways.

Cars

Securing your car loan can make it easier to get approved if you are in retirement.

What to do when applying for a personal loan for pensioners

Read the eligibility criteria. You don't want to apply for a loan you're not eligible for, as this will ruin your credit score. You can speak to the lender directly if you're uncertain.
Check your credit score. You're generally more likely to be approved for a personal loan if you have a good credit score. You can check it for free with our credit report checking technology.
Consider using asset security. Using collateral can increase your chances of approval and potentially lower your interest rate. But you should also weigh up the risks involved. If you're unable to repay the loan, you'll likely lose your property when the lender sells it to recoup the loan funds and costs.
Consider a guarantor. If you don't have or wish to use asset security, you can also consider a loan guarantor. But if for any reason you're unable to meet your repayments, your guarantor will be responsible for your loan.
Make a budget. If you don't already have a budget, it's a good idea to make one that consists of your current inflow and outflow. Then factor in your potential loan repayments (you can use our personal loan calculator to help you) and see whether you will comfortably afford your repayments.

What to avoid when applying for a personal loan for pensioners

Over-borrow. When you consider your potential loan repayments alongside your budget, it's important to be realistic about how much you can reasonably afford to repay. If you're retired, the loan term you could be offered may end up being shorter than you would ideally prefer, and a longer loan term means higher repayments. Make sure that you can factor this comfortably into your budget before submitting an application.
Take big risks. Don't use asset collateral or a guarantor if you are unsure if you can meet the repayments comfortably. You could lose your property or the property of a loved one if for any reason you are unable to meet your repayments.
Avoid doing your homework. Reverse mortgages and refinancing could be risky and/or expensive if you are not sure about everything that is involved. Know exactly what you're applying for and how much it will cost you before submitting a loan application.

How do I know if I'm eligible?

Most lenders will display their eligibility requirements on their website. Some will also have quizzes you can take where you can input more about your financial circumstances to know if you're eligible.

If it's unclear whether you meet the minimum eligibility criteria (like if you have income from investments that isn't regular) then it's best to get in touch with a lender directly before submitting your application.

Every personal loan application will be listed on your credit file and can hurt your chances at being approved for subsequent loans. Lenders will not be able to tell you for sure whether you will be approved until you submit your application, but they may be able to clarify certain criteria or provide additional details.

To give yourself the best chance of being approved, make sure you have all of your information on hand before starting the application. This includes:

Personal information. Your name, contact, identification information and details regarding your family situation.
Loan details. Explain how much you need and the purpose of the loan.
Financials. Remember to include all sources of income and provide evidence of this. You'll also need details of debts and liabilities.
Assets. What assets do you hold? This may be your own home, rental properties or vehicles.

You may be able to save the form if you don't have all of your information on hand to come back to it later, or download a PDF of the application form from the lender's website to find out everything you need before you start.

Personal loan applications usually don't take more than 10 to 15 minutes to complete if you have all of your information on hand.

Frequently asked questions about personal loans for pensioners

The Home Equity Access Scheme (formerly the Pension Loans Scheme) is a government initiative that lets eligible pensioners borrow against the equity in their property to top up their retirement income. It's a genuine loan: interest compounds on the balance (currently 3.95% p.a.) until it's repaid, usually when the property is sold or the pensioner passes away. How much you can borrow depends on your home equity and age.
Yes, you can borrow money if you're retired. Lenders will usually consider your retirement income, such as superannuation, investments or pension payments, when assessing your loan application. It's important to demonstrate your ability to repay the loan, so you'll need to provide documentation that proves your income in retirement. Some lenders may have specific loan products designed for retirees.

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.

Why compare personal loans with Finder?

Addicted to details. We know taking out a personal loan is something you'll be hooked up with for a while. That's why we put hours into research for this guide (and still do at least once a month)

Rates obsessed. Lenders come in all shapes and sizes, that's why we don't just track the big banks, but all the digi folk too. Pretty much everyone but your parents to be honest.

Cash for whatever you need. Lending rates verified from 180+ products day and night. Whether you're buying a car, renovating your home or heck just ready to let loose with the spending - we got you.

Thank you for your feedback!

To make sure you get accurate and helpful information, this guide has been edited by Joselle Delos Reyes as part of our fact-checking process.

Written by

Elizabeth Barry

Journalist

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Elizabeth Barry is an experienced journalist with over 10 years of expertise in personal finance, contributing to outlets like the ABC, Sydney Morning Herald, and 7News. She holds a Master of Arts in Creative Writing and a Bachelor of Arts in Communication from the University of Technology Sydney, and has earned multiple award nominations, including a Highly Commended recognition at the 2017 Lizzies. Elizabeth began her career at Finder in 2013, progressing through roles to become Lead Editor, where she oversaw a wide range of personal finance coverage until 2024. See full bio

Elizabeth's expertise

Elizabeth has written 151 Finder guides across topics including:

Banking
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Co-written by

Bria Horne

Writer

Bria Horne was a writer for Finder, with a specialist knowledge of personal loans, car loans and business loans. Originally from the UK, Bria has been a professional personal finance writer in Australia for over 2 years. She has an M.A and B.A in Philosophy and Literature from the University of Sussex, and previously worked on the UK’s leading hospitality publication. See full bio

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Latitude Financial Services Fixed Rate Personal Loan
A fixed rate secured personal loan from Latitude Financial Services with personalised interest rates.
Harmoney Personal Loan
An unsecured personal loan with interest rates tailored to your risk profile.
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Find out how you can apply for a Jacaranda Finance personal loan.
Westpac Flexi Loan – Unsecured Personal Loan
The unsecured Westpac Flexi Loan offers flexible loan terms and repayment options, helping you to pay off your debt sooner. As a flexible line of credit, you can also enjoy unlimited withdrawals without penalty to ensure the loan fits your needs.
Westpac Unsecured Personal Loan
An Unsecured Personal Loan from Westpac can help you finance a dream holiday or pay off an existing debt. With a fixed interest rate and flexible repayment terms, you can tailor this loan to suit your budget. Find out if you're eligible to apply.
NAB Unsecured Variable Rate Personal Loan
Get a variable rate personal loan with personalised rates and same-day funding.
NAB Unsecured Fixed Rate Personal Loan
The NAB unsecured 10k+ personal loan allows you to borrow money for the consolidation of debts, a holiday trip or a new car. Learn more about the features and benefits of this loan and how to apply online.

Personal loans for pensioners

Looking for a loan in retirement? Here’s how age, income type, and pension eligibility affect your chances.