A scheme that lets older Australians get a voluntary non-taxable fortnightly loan from the government.
You can choose to get a maximum of 150% of the pension less the actual pension received.
you don’t get the PLS as a lump sum.
You must repay the loan and all costs and accrued interest to the Commonwealth. You can make repayments at any time.
You can ask us to stop your loan payments at any time.
The scheme is available to full age pensioners as well as part-pensioners and self-funded retirees.
No repayments are required until you die or the house is sold, at which point the full loan (including accumulated interest) is repayable.
Am I eligible?
Individual or partner is at least age pension age /owns real estate in Australia/meets residency requirements.
Maximum fortnight loan – 150% of the maximum pension less actual pension received.
Total loan limit = age component x value of real assets/10,000.
Available to non-pensioners. A self retiree couple can draw 150 per cent of the maximum rate of pension, or up to $2154 per fortnight, combined.
Bob is 76 and single. He owns the following:-
Car /Contents $25,000
He receives the full age pension of $24,551.80 per annum or $944.30 per fortnight.
Using the PLS, Bob will have the opportunity to access a loan of up to $472.15 per fortnight.
This will give Bob an additional cash flow of $12,275.90 per annum which can help cover Bob’s living costs.
How do I apply?
You can access your Centrelink online account through myGov.
myGov is a secure way to access a range of government services online with one username and password. You can create a myGov account at www.my.gov.au and link it to your Centrelink online account. To make a claim online, access your Centrelink online account through myGov, then select Make a Claim.
Important information: The information is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.