Pension Loans Scheme
The Pension Loans Scheme is available to part-rate pensioners and some self-funded retirees who own real estate in Australia, and who are not entitled to a maximum rate of pension, or any pension, because of their income or assets (but not both).
Under this scheme, a person who is of age pension age, or the partner of someone who is, may be able to obtain a loan that will increase their fortnightly pension payment from a part-rate or nil rate, up to the maximum pension rate.
Repayments can be made at any time or the debt can be left, including the accrued interest, to be recovered from the person's estate. The loan is secured against the value of any real estate they own.
Further information
For further information about the Pension Loans Scheme, please contact Centrelink on 13 2300 or visit the Pension Loans Scheme section on the Centrelink website.