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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 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.
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.
|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|
|Plenti||You need to have a regular source of income 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|
|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|
|Westpac||You need to have a regular income|
There are a few different types of personal loans available to you as a retiree.
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 1 year. 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
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:
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.
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You'll receive a fixed rate between 6.99% p.a. and 25.69% 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 of 10.5% 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. Note: These rates are available until 2 February 2021. Credit, eligibility criteria and terms & conditions apply.
You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% 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. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% 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.
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