Loans for retired people

Some lenders handle applications on a case-by-case basis. You may need to earn over $14,000 per year to be eligible.

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Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
ANZ Fixed Rate Personal Loan
8.99% (fixed)
9.88%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 8.99% p.a. with a comparison rate of 9.88% p.a. if you're approved.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

⭐Special Offer: A $500 cashback offer available for loans of $10,000 or more that been applied for before 28 February 2022. Loans approved and drawn down by this date are also eligible for the reduced rate of 8.99% p.a.
NAB Personal Loan Unsecured Fixed

From 6.99% (fixed)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
SocietyOne Unsecured Personal Loan

From 6.45% (fixed)
6.45%
$5,000
2 to 5 years
from $0 to $595
$0
You'll receive a fixed rate between 6.45% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
ANZ Variable Rate Personal Loan
10.50% (variable)
11.38%
$5,000
1 to 7 years
$150
$10
You'll receive a guaranteed rate of 10.50% p.a. with a comparison rate of 11.38% p.a. if you're approved. Note: This rate may vary during the loan term.
A flexible loan with amounts starting $5,000 that offers flexible repayments and a redraw facility.

⭐Special Offer: A $500 cashback offer available for loans of $10,000 or more that been applied for before 28 February 2022. Loans approved and drawn down by this date are also eligible for the reduced rate of 10.50% p.a.
NAB Personal Loan Unsecured Variable Rate

From 6.99% (variable)
7.91%
$5,000
1 to 7 years
$150
$10
You'll receive a variable rate between 6.99% p.a. and 18.99% p.a. (7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
Borrow from $5,000 to $55,000, with 1 to 7 year loan terms available. This loan comes with no fees for extra repayments and no early exit fees.
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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 when you are retired. 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.

Retired couple looking at loan options

What are retired personal loans?

A retired personal loan is a type of personal loan that is either specifically designed for retired applicants, or simply a personal loan from a lender that does not deem retirees ineligible. Not having an income, as well as being more senior, can sometimes make getting a personal loan more difficult for people, as 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, and there are many lenders who may be willing to work with you when you are retired.

How do retired personal loans work?

Retired personal loans work much like any other personal loan, but they are available for people who are currently in retirement. If you are 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, because 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, in order 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.

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 that 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.

On the age pension, carer allowance or disability support pension?

What loan options can I consider as a retiree?

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 will need to meet in order to apply.

BrandDo they consider retired applicants?CriteriaLearn about loan offerings
ANZtransparent--green-tickYou need to provide evidence of regular income, for example from investments, rental income or Centrelink.
AussieNoYou must be in regular paid employment.
Bankwesttransparent--green-tickYou need proof of income, for example a letter from Centrelink or from your super fund.
Bank of MelbourneNoYou're required to be employed for a personal loan.
BankSAtransparent--green-tickThe age pension is an acceptable form of income.
Bendigo BankNoYou need to be in paid employment.
CommBanktransparent--green-tickYou must earn over $14,000 per year and meet the residency requirements.
CUANoYou need to be currently employed.
Fair Go FinanceNoCentrelink cannot be your only source of income.
Gateway BankNoYou need to be currently employed.
Latitude Financial ServicesNoYou need to be currently employed.
IMBNoYou need to be employed in addition to your Centrelink income.
ME Banktransparent--green-tickYou can apply, applications are handled on a case-by-case basis.
NABtransparent--green-tickYou need to earn a regular income and have good credit.
NRMANoYou need to be in regular employment.
Plentitransparent--green-tickYou need to have a regular source of income that you can demonstrate.
RACVNoYou need to be in regular employment.
RACQtransparent--green-tickYou need to be earning a sufficient income to manage the loan.
SocietyOnetransparent--green-tickYou need to earn more than $30,000 p.a.
St.Georgetransparent--green-tickYou can apply, applications are handled on a case-by-case basis.
Westpactransparent--green-tickYou need to have a regular income.

Looking for information on home loans for retirees?

Loans that are available to retired people

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, 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.
  • 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 specifically tailored to debt consolidation if that's the loan purpose you have in mind.

Linda and Grant

As a couple, Linda and Grant receive $1,270 in super payments 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 CommBank 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 4 years. While the repayments of $125.59* are manageable, CommBank requires the car to be less than 5 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 $75,000 for a fixed rate of 3.99% 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 $40,000 per annum and they can buy the car they had in mind.

*Rates correct at time of writing

Pros and cons of retired personal loans

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 that 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 of time. 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 in full time employment. Depending on your age, you may also find your options more limited than a younger person.
  • Higher cost. You may be offered a higher interest rate than an employed person. This could be especially true if you are looking for an unsecured personal loan.
  • Lower chance of approval. A lender may be more likely to reject your application if you are not receiving an income from employment. You can mitigate this risk by checking the eligibility criteria carefully before applying, and speak to the lender directly to ascertain whether or not being approved is likely in your current situation.
  • Financial stress. As a pensioner, 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 retired personal loan for?

The dos and don'ts of personal loans for retired applicants

Dos

  • Read the eligibility criteria. Reading through the eligibility criteria carefully is essential before you apply for any loan. This is especially true if you are retired, as you may be less likely to be eligible for loans than someone who has a regular income. Ensure that your lender will consider retired applicants, and ideally speak to them beforehand if you are uncertain.
  • Check your credit score. You are generally more likely to be approved for a personal loan if you have a good credit score. If you are unsure about your current credit rating, you can check it for free with our credit report checking technology.
  • Consider using asset security. Using collateral will likely increase your chances of approval and potentially lower your interest rate, so it's worth considering as an option. However, you should also weigh up the risks involved; if for any reason you are unable to repay the loan, you will 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 opting for a loan guarantor. This could be an adult child (18 years+), another family member, or a friend. A guarantor could increase your chances of loan approval. Just be aware that if you are for any reason 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 which consists of your current incomings and outgoings. Once you have this to hand, factor in your potential loan repayments (you can use our personal loan calculator to help you) and see whether you will be able to comfortably afford your repayments.

Don'ts

  • Over-borrow. When you consider your potential loan repayments alongside your budget, it's important that you are 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 generally 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 potentially 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. Ensure that you 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?

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.

More guides on Finder

    Personal Loan Offers

    Important Information*
    Logo for Harmoney Unsecured Personal Loan
    Harmoney Unsecured Personal Loan

    You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
    Apply for a loan up to $70,000 and repay your loan over 3 or 5 years terms.

    Logo for ANZ Fixed Rate Personal Loan
    ANZ Fixed Rate Personal Loan

    You'll receive a fixed rate of 8.99% p.a.
    Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.

    Logo for NAB Personal Loan Unsecured Fixed
    NAB Personal Loan Unsecured Fixed

    You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
    Borrow from $5,000 to $55,000, with 1 years to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees.

    Logo for SocietyOne Unsecured Personal Loan
    SocietyOne Unsecured Personal Loan

    You'll receive a fixed rate between 5.95% p.a. and 19.99% p.a. based on your risk profile
    A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

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    28 Responses

      Default Gravatar
      JohnMarch 6, 2019

      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.

        Avatarfinder Customer Care
        ValMarch 6, 2019Staff

        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

      Default Gravatar
      JulieOctober 5, 2018

      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

        Avatarfinder Customer Care
        MayOctober 7, 2018Staff

        Hi Julie,

        Thanks for your question.

        Your eligibility for refinancing to a debt consolidation loan would 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 a debt consolidation loan.

        Hope this helps.

        Cheers,
        May

      Default Gravatar
      CraigJune 1, 2018

      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?

        Default Gravatar
        JoelJune 1, 2018

        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 the 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 for a pensioner loan. On the page is a table where you can find a list of lenders who may consider you for a loan.

        Please click the name of the lender to be redirected to our review page and learn more about the lender’s loan offer, rates, and requirements as well as the pros and cons of using their loan service. When you are ready, you may then click on the “Go to site” button and you will be redirected to the lender’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

        Cheers,
        Joel

      Default Gravatar
      NilkanthOctober 8, 2017

      How I get pensioner loan?

        Avatarfinder Customer Care
        RenchOctober 8, 2017Staff

        Hi Nilkanth,

        Thanks for reaching out to Finder.

        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 check our list of brands that consider pensioners for a loan. 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.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

        Cheers,
        Rench

      Default Gravatar
      JuliaSeptember 19, 2017

      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

        Default Gravatar
        JohnDecember 22, 2017

        Con I get a loan of $1500 if on Centrelink

        Avatarfinder Customer Care
        JoanneDecember 22, 2017Staff

        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

        Default Gravatar
        DanielleSeptember 20, 2017

        Hi Julia,

        Thank you for contacting Finder.

        Our list of Pensioner loans has a comparison table you can use to find the right lender for you. Once you have selected one, you may proceed by clicking the green “Go to site” button.

        Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. You can also contact the provider if you have specific questions.

        I hope this helps.

        Cheers,
        Danielle

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