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Pension Loans Scheme
The Pension Loans Scheme (PLS) allows older Australians to get a non-taxable fortnightly loan. This amount can be up to 1.5 times the maximum of your pension. You must repay the loan and all costs and interest to the Commonwealth. The annual interest rate that is charged is 5.25%.
The pensions that are eligible for the PLS are:
- Age pension
- Bereavement Allowance
- Carer Payment
- Disability Support Pension
- Widow B Pension
- Wife Pension
You then must meet the following criteria to be able to access the PLS:
- You or your partner are Age Pension age (67).
- You get or are eligible for one of the above pensions
- You own real estate in Australia which can be used as security for the loan
- You have adequate and appropriate insurance covering the real estate.
- You are not bankrupt or have a personal insolvency agreement.
For more information about the Pension Loan Scheme click here.
This can be a good alternative to getting a small loan if an unexpected situation arises.
If you do still require a Cash Direct small loan the best way is to apply online, it only takes a few minutes.