The Finder app is here! 🥳🥳 Download the new Finder app!
Get your savings sorted.Take control of your money with the all-new Finder app. Now available for free for iOS and Android. It's your new way to save, sorted.
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. However, there are lenders that will consider you for a personal loan as a retiree. 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. Find out what your loan options are in our guide below.
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 are referred to as a self-funded retiree. If you're in this situation you may require access to finance because you don't have cash assets or you need quicker access to finance than your situation allows. While your situation can make it difficult for some lenders to assess you, you are still eligible for personal loans. Make sure you have as much documentary proof of your assets and income as you can locate to prove to the lender 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 that are available to you.
Older Australians who are still employed. If you have steady employment, even if it is only part-time, this income will be considered by lenders. Remember minimum income criteria will 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 are older. You can compare temporary resident personal loans on this page.
Those in difficult financial situations. If you receive a low income due to your family situation, debts, or are 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.
What loan options can I consider as a retiree?
Below is a list of personal loans available for comparison on finder.com.au. You can find out which ones will consider you for a loan while you are retired and the eligibility criteria you will need to meet in order to apply.
Brand
Do they consider retired applicants?
Criteria
Learn about loan offerings
ANZ
You need to provide evidence of regular income, for example from investments, rental income or Centrelink
Aussie
You must be in regular paid employment
Bankwest
You need proof of income, for example a letter from Centrelink or from your super fund
Bank of Melbourne
You're required to be employed for a personal loan
BankSA
The age pension is an acceptable form of income
Bendigo Bank
You need to be in paid employment
Commonwealth Bank
You must earn over $14,000 per year and meet the residency requirements
CUA
You need to be currently employed
Fair Go Finance
Centrelink cannot be your only source of income
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
ME Bank
You can apply, applications are handled on a case-by-case basis
NAB
You need to earn a regular income and have good credit
NRMA
You need to be in regular employment
RACV
You need to be in regular employment
RACQ
You need to be earning a sufficient income to manage the loan
RateSetter
You need to have a regular source of income that you can demonstrate
SocietyOne
You need to earn more than $30,000 p.a.
St.George
You can apply, applications are handled on a case-by-case basis
Secured personal loans. These loans require you to attach a high-value asset as a guarantee, and 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.
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.
Borrow from $10,000 and benefit from no ongoing or early repayment fees. You'll receive a fixed rate between 7.50% p.a. and 20.49% p.a. based on your risk profile.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
As a couple, Linda and Grant receive $1,270 in super repayments every fortnight. They’ve paid off their house and have a small source of additional income from a rented-out investment property. While their payments are enough to support their lifestyle, they don’t have the means to make additional larger purchases. When their car stops working, they want to take out a personal loan to buy a replacement.
Option 1: They are currently with the Commonwealth Bank and want to take out a loan with them. They look and see that they can borrow $5,000 at an interest rate of 9.49% p.a* for four years. While the repayments of $125.59* are manageable, CommBank requires the car to be less than five years old. Linda and Grant can only afford an older car.
Option 2: An unsecured loan option, the Citibank Ready Credit, will let them borrow $5,000 for a fixed rate of 20.49% p.a.* for a term of 3 years. They like the fixed rate because it will let them plan for their repayments and the competitive rate on offer seals the deal for them. All they have to do is prove they have a taxable income of $35,000 per annum and they can buy the car they had in mind.
*Rates correct at time of writing
How do I know if I'm eligible?
If it isn't clear whether you meet the minimum eligibility criteria, for example, you may have income from investments that isn't "regular", then it's best to get in touch with a lender 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 you with 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 would include:
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.
Finding the right loan in retirement is key to keeping your finances secure – make sure you compare all of your options thoroughly before submitting your application.
Elizabeth Barry is Finder's global fintech editor. She has written about finance for over six years and has been featured in a range of publications and media including Seven News, the ABC, Mamamia, Dynamic Business and Financy. Elizabeth has a Bachelor of Communications and a Master of Creative Writing from the University of Technology Sydney. In 2017, she received the Highly Commended award for Best New Journalist at the IT Journalism Awards. Elizabeth's passion is writing about innovations in financial services (which has surprised her more than anyone else).
You'll receive a fixed rate between 6.99% p.a. and 28.69% p.a. based on your risk profile. Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.66% p.a. to 19.59% p.a. comparison rate) based on your risk profile An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.34% p.a. comparison rate) or less. See Comparison rate warning in (i) above. Application fee of $150 waived off.
You'll receive a fixed rate between 7.5% p.a. and 20.49% p.a. based on your risk profile A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile A loan from $5,000 to use for a range of purposes. Make additional repayments or pay off the loan early, penalty-free.
I am an aged pensioner – 82 – and want to borrow $1000, to be paid back over one year. In addition to my aged pension I receive an English Pension and earn $600/month as a school crossing supervisor.. what chance to I have to get a loan.
Thank you for leaving a question. For your query, most of our lenders have a minimum loan amount. I tried checking on $1000 but minimum found is $2000 that can be payable in a year. St.George Unsecured Personal Loan – Fixed Rate or Variable Rate has this offer. You may click on the Go To Site to check on more details and verify additional information. Hope this helps!
I am 61 still working full time have mortgage and credit card debt l would like to consolidate my husband is on a part pension would l be eligible thanks
Your eligibility for a refinancing to a debt consolidation loan would actually depend on your ability to meet the requirements and the lender’s overall assessment of your overall financial circumstance. I would suggest that you speak to your current lender and check if you can negotiate your existing rate and see options for debt consolidation if they have any. Alternatively, reach out to a mortgage broker who can help you with refinancing to a debt consolidation loan.
I am an age pensioner and this is my sole income. I own my home unencumbered. I am looking to borrow $6000 for some upgrades around my home. Who will loan money to pensioners?
If you receive Centrelink payments, including the pension, and are looking for a loan, you may find your options somewhat limited. Lenders have stricter criteria for those receiving disability support pension (DSP) carer’s pension or the age pension.
It’s important to know that there are loan and financing options out there. It’s even more important to know how to compare these options so you find the right product for you. Read on to see what’s available, compare your options and find out how to apply from THIS link.
To give yourself the best chance of being approved, make sure you have all of your information on hand before starting the application. This would include:
-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 can have a look on this page and compare your options. Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.
I am a Carer for my husband who receives Aged Pension. We have sold most of our shares but kept account open. Can one borrow ie $5000 as a personal loan to get green card for our daughter in USA or get more and buy also shares
Outlined above would be type of information you’ll need to prepare before starting the application process to give you a better chance in getting approved for a loan. This page also lists the lenders available that will consider retired applicants. You can click on “more” to get additional details about what their eligibility criteria are or how much their minimum loan amount is so you can check if applying for $1500 is possible.
You may also get in touch with a lender directly before submitting your application to get more details about their criteria.
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
My home is valued at $600K . I have an mortgage with the CBA with an unflawed history. Although I am 71 I am employed part time permanent and net $1375 per fortnight plus pension of $200 per fortnight.
My weekly mortgage payment is $280 per week and the remaining monies owing on this mortgage is $190K .
I have no debt whatsoever other than the mortgage payments and would like to increase my mortgage debt by $100K to pay off my ex wife who lent me this amount to get into the house. I own my own car and have over $10K in cash. What can I do ?
Thank you for reaching out to finder for help on this.
As a friendly reminder, please note that finder is an Australian comparison website and general information service.
While we do not represent any company we feature on our pages, we can offer you general advice.
You may go to this page for helpful tips and make use of the loan repayment calculator. While on this page, you can calculate how much you can borrow to give you an idea.
Then you can click on your preferred or ‘More’ button to see more details and click on the ‘Go to Site’ button to submit an online application.
We own a home $500,000 value no mortgage and want to borrow $175,000 for a holiday home. Old age pensioners total income $70,000 a year Can afford $35,000 deposit.
Thanks for reaching out. Just to confirm, you have reached finder.com.au -a comparison and information service, not actually a lender.
Listed on this page are lenders who might offer you a basic home loan provided that you meet the eligibility and income requirements. You may click the “Got to Site” or “More Info” links to get more details about the loan.
Before applying for a loan, you may want to go through our guide on how to get a home loan if you’re a pensioner. Better still, speak to a mortgage broker who can help you find a suitable lender.
Hi my bank commonwealth nsw told me today that if I wanted to go ahead with a personal loan application they would only consider my australian retirement pension and that no longer consider any pension foreign type of pension and that is because it as not been earned in australia or taxed in australia can you tell me is this some new type of law if so I must say never heard of anything so stupid.
Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.
Please note every bank has their own list of requirements and eligibility criteria. If you did not meet all the requirements set by CBA for their personal loan. There are other providers where you can review the eligibility requirements and inquire directly to discuss about the options available for you.
Thank you for your question and for contacting finder.com.au – we are a financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with any company we feature on our site.
If you wish to get a loan, you may review the criteria and get in touch with lender featured on this page to discuss your options and eligibility. Please also make sure that you’ve read the relevant T&Cs or PDS of the loan products before acting on the advice and consider whether the product is right for you.
How likely would you be to recommend finder to a friend or colleague?
0
1
2
3
4
5
6
7
8
9
10
Very UnlikelyExtremely Likely
Required
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
Important information about this website
finder.com.au is one of Australia's leading comparison websites. We compare from a wide set of banks, insurers and product issuers. We value our editorial independence and follow editorial guidelines.
finder.com.au has access to track details from the product issuers listed on our sites. Although we provide information on the products offered by a wide range of issuers, we don't cover every available product or service.
Please note that the information published on our site should not be construed as personal advice and does not consider your personal needs and circumstances. While our site will provide you with factual information and general advice to help you make better decisions, it isn't a substitute for professional advice. You should consider whether the products or services featured on our site are appropriate for your needs. If you're unsure about anything, seek professional advice before you apply for any product or commit to any plan.
Products marked as 'Promoted' or 'Advertisement' are prominently displayed either as a result of a commercial advertising arrangement or to highlight a particular product, provider or feature. Finder may receive remuneration from the Provider if you click on the related link, purchase or enquire about the product. Finder's decision to show a 'promoted' product is neither a recommendation that the product is appropriate for you nor an indication that the product is the best in its category. We encourage you to use the tools and information we provide to compare your options.
Where our site links to particular products or displays 'Go to site' buttons, we may receive a commission, referral fee or payment when you click on those buttons or apply for a product. You can learn more about how we make money here.
When products are grouped in a table or list, the order in which they are initially sorted may be influenced by a range of factors including price, fees and discounts; commercial partnerships; product features; and brand popularity. We provide tools so you can sort and filter these lists to highlight features that matter to you.
We try to take an open and transparent approach and provide a broad-based comparison service. However, you should be aware that while we are an independently owned service, our comparison service does not include all providers or all products available in the market.
Some product issuers may provide products or offer services through multiple brands, associated companies or different labelling arrangements. This can make it difficult for consumers to compare alternatives or identify the companies behind the products. However, we aim to provide information to enable consumers to understand these issues.
Providing or obtaining an estimated insurance quote through us does not guarantee you can get the insurance. Acceptance by insurance companies is based on things like occupation, health and lifestyle. By providing you with the ability to apply for a credit card or loan, we are not guaranteeing that your application will be approved. Your application for credit products is subject to the Provider's terms and conditions as well as their application and lending criteria.
Please read our website terms of use and privacy policy for more information about our services and our approach to privacy.
I am an aged pensioner – 82 – and want to borrow $1000, to be paid back over one year. In addition to my aged pension I receive an English Pension and earn $600/month as a school crossing supervisor.. what chance to I have to get a loan.
Hi John,
Thank you for leaving a question. For your query, most of our lenders have a minimum loan amount. I tried checking on $1000 but minimum found is $2000 that can be payable in a year. St.George Unsecured Personal Loan – Fixed Rate or Variable Rate has this offer. You may click on the Go To Site to check on more details and verify additional information. Hope this helps!
Cheers,
Val
I am 61 still working full time have mortgage and credit card debt l would like to consolidate my husband is on a part pension would l be eligible thanks
Hi Julie,
Thanks for your question.
Your eligibility for a refinancing to a debt consolidation loan would actually depend on your ability to meet the requirements and the lender’s overall assessment of your overall financial circumstance. I would suggest that you speak to your current lender and check if you can negotiate your existing rate and see options for debt consolidation if they have any. Alternatively, reach out to a mortgage broker who can help you with refinancing to a debt consolidation loan.
Hope this helps.
Cheers,
May
I am an age pensioner and this is my sole income. I own my home unencumbered. I am looking to borrow $6000 for some upgrades around my home. Who will loan money to pensioners?
Hi Craig,
Thanks for leaving a question on finder.
If you receive Centrelink payments, including the pension, and are looking for a loan, you may find your options somewhat limited. Lenders have stricter criteria for those receiving disability support pension (DSP) carer’s pension or the age pension.
It’s important to know that there are loan and financing options out there. It’s even more important to know how to compare these options so you find the right product for you. Read on to see what’s available, compare your options and find out how to apply from THIS link.
Cheers,
Joel
How I get pensioner loan?
Hi Nilkanth,
Thanks for reaching out to us.
To give yourself the best chance of being approved, make sure you have all of your information on hand before starting the application. This would include:
-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 can have a look on this page and compare your options. Please click the name of your preferred lender to find out the details and the minimum eligibility. You may then click the green “Go to Site” button to submit your loan application online.
Cheers,
Rench
I am a Carer for my husband who receives Aged Pension. We have sold most of our shares but kept account open. Can one borrow ie $5000 as a personal loan to get green card for our daughter in USA or get more and buy also shares
Con I get a loan of $1500 if on Centrelink
Hi John,
Thanks for reaching out.
Outlined above would be type of information you’ll need to prepare before starting the application process to give you a better chance in getting approved for a loan. This page also lists the lenders available that will consider retired applicants. You can click on “more” to get additional details about what their eligibility criteria are or how much their minimum loan amount is so you can check if applying for $1500 is possible.
You may also get in touch with a lender directly before submitting your application to get more details about their criteria.
Cheers,
Joanne
Hi Julia,
Thank you for contacting finder. We are a comparison website and general information service, we’re more than happy to offer general advice.
You may refer to this page for options that may suit your needs. You may review and compare the offers available on the table. Once you have selected one, you may proceed by clicking the green “Go to Site” button.
I hope this helps.
Cheers,
Danielle
My home is valued at $600K . I have an mortgage with the CBA with an unflawed history. Although I am 71 I am employed part time permanent and net $1375 per fortnight plus pension of $200 per fortnight.
My weekly mortgage payment is $280 per week and the remaining monies owing on this mortgage is $190K .
I have no debt whatsoever other than the mortgage payments and would like to increase my mortgage debt by $100K to pay off my ex wife who lent me this amount to get into the house. I own my own car and have over $10K in cash. What can I do ?
Hello David,
Thank you for reaching out to finder for help on this.
As a friendly reminder, please note that finder is an Australian comparison website and general information service.
While we do not represent any company we feature on our pages, we can offer you general advice.
In this case, you would do well to get in touch with a mortgage broker to receive proper advice on what would be best for your situation.
You may find these pages handy to guide you:
Mortgage Broker Finder
Home Loans
Home Loan Refinancing
Comparing Home Loans
Hope these pages help.
If you need further assistance, please feel free to contact us again.
Cheers,
Gru
How much can I borrow and how long will it take to repay? I will use my home as collateral worth about $400,000.
Hi Cee,
Thanks for reaching out to us.
You may go to this page for helpful tips and make use of the loan repayment calculator. While on this page, you can calculate how much you can borrow to give you an idea.
Then you can click on your preferred or ‘More’ button to see more details and click on the ‘Go to Site’ button to submit an online application.
Hope this information helped.
Cheers,
Rench
We own a home $500,000 value no mortgage and want to borrow $175,000 for a holiday home. Old age pensioners total income $70,000 a year Can afford $35,000 deposit.
Hi James,
Thanks for reaching out. Just to confirm, you have reached finder.com.au -a comparison and information service, not actually a lender.
Listed on this page are lenders who might offer you a basic home loan provided that you meet the eligibility and income requirements. You may click the “Got to Site” or “More Info” links to get more details about the loan.
Before applying for a loan, you may want to go through our guide on how to get a home loan if you’re a pensioner. Better still, speak to a mortgage broker who can help you find a suitable lender.
I hope this has helped.
Best regards,
Liezl
Hi my bank commonwealth nsw told me today that if I wanted to go ahead with a personal loan application they would only consider my australian retirement pension and that no longer consider any pension foreign type of pension and that is because it as not been earned in australia or taxed in australia can you tell me is this some new type of law if so I must say never heard of anything so stupid.
Hi James,
Thank you for your inquiry.
Our company finder.com.au is a financial comparison website and general information service designed to help consumers to make a better decision. Please note we do not represent any company we feature on our pages.
Please note every bank has their own list of requirements and eligibility criteria. If you did not meet all the requirements set by CBA for their personal loan. There are other providers where you can review the eligibility requirements and inquire directly to discuss about the options available for you.
Cheers,
Harold
as a 68 year old person on the pension i require a 5000 loan to purchase a vehicle
iam a home owner
is this possible?
Hi David,
Thank you for your question and for contacting finder.com.au – we are a financial comparison website and general information service designed to help consumers make better decisions. Please note that we are not affiliated with any company we feature on our site.
If you wish to get a loan, you may review the criteria and get in touch with lender featured on this page to discuss your options and eligibility. Please also make sure that you’ve read the relevant T&Cs or PDS of the loan products before acting on the advice and consider whether the product is right for you.
Hope this helps.
Cheers,
May