Financial Help

  • Pension loan scheme
    Retired people of Age Pension age (or their partners) who can’t get a pension because of their income or assets (but not both), can apply for some pension under the PLS. The loan is paid as regular fortnight pension payments and it is secured against your home or other real assets in Australia. For eligibility information and other details see this Centrelink page. You can get advice from Centrelink’s Financial Information Service. The PLS is also available to veterans who should apply through their local DVA office.
  • Pension Bonus Scheme
    The Pension Bonus Scheme provides a tax-free lump sum for people who voluntarily defer claiming Age or Service Pension. To get the benefit you have to register and continue to work for at least 12 months. The bonus is paid when you finally retire and receive a pension. You should register within 13 weeks of meeting the requirements. For details of registration, eligibility, payment and other matters check the Centrelink site.
  • Home equity loans
    Home equity conversion or a reverse mortgage involves a reversal of the cash flow associated with the traditional mortgage. The equity in the home is converted into a lump sum or an income stream whereby the homeowner receives a regular cash payment until his or her death or the house is sold. Interest, fees and charges accrue until the loan is finally paid off with the sale of the house or from the borrower’s estate. This can appeal to those who have a substantial equity in their home but don’t want to move to a smaller and cheaper property, so unlocking some of their capital.
  • Carer Payment and Carer Allowance
    See above under Carer Program.
  • Concession cards
    See our Seniors Card page for information on the Seniors Card for all states and territories, the Commonwealth Seniors Health Card, Pensioner Concession Card and the Health Care Card.

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