What is a Centrelink car loan? A Centrelink car loan is offered to customers who get all or most of their income via Centrelink. Many lenders will not be willing to finance a car loan to customers whose income is only via Centrelink.
Small loans from $2,050 – $5,000 approved. Apply now Apply in less than 10 minutes.
A Centrelink loan is a personal loan to suit people who are receiving Centrelink benefits. Many lenders will only consider income from earnings and often disregard income from benefits. Money3 will consider your income from earnings and benefits when assessing your loan application.
While you do not need to be employed to be eligible for a pensioner car loan, your options will be more limited than those open to someone who is employed. You may be required to agree to a shorter loan term, higher repayments or a higher interest rate.
When looking for car loans while receiving disability pension benefits from Centrelink, you should look for a lender that acknowledges your pension or allowance as an income. Some lenders do not consider payments or benefits income and may refuse to progress your application beyond the verification stage.
On 1 December 2022, a one-off $4,000 income credit was added to the Work Bonus income bank of those at least pension age and in receipt of an Age Pension, Disability Support Pension, Carer Payment or certain Veterans entitlement. Prior to 1 December 2022, the Work Bonus income bank was capped at $7,800.
People who receive Centrelink benefits or payments can get a secured car loan, even if Centrelink payments are their sole source of income. Many lenders may not approve a car loan for people on Centrelink payments, though using a broker with a wide panel of lenders increases your chances of approval.
Anyone over the age of 18 can apply for a car loan as long as they have a steady income and can make repayments without falling into financial difficulty. Your income may come from investments, assets or even government benefits, such as the Age Pension, Disability Pension or Veteran Payment.
The Centrelink age pension loan is for people currently receiving an Age Pension from Centrelink. Click here to learn about how Centrelink works.
If you get a pension
Your combined loan and pension payment each fortnight can't be more than 150% (1.5 times) of your maximum pension rate. If your pension changes, we'll adjust your loan payments so the combined amount doesn't go over 150% of your pension rate.
A payment to help students with the cost of moving from regional or remote areas for tertiary study. The Tertiary Access Payment (TAP) is a one off payment of up to $5,000. It's to help eligible students with the cost of moving to study.
Centrelink offer new parents payments of up to $2000. There are 3 ways you can access this cash: The most common payment option to support new parents is through Centrelink's Family Tax Benefit. If you already receive this, you could be eligible for up to $2091.84 in additional payments.
The one-off Australian Government Disaster Recovery Payment (AGDRP) was rolled out in July last year, offering $1000 for each eligible adult and $400 for each eligible child.
If you're receiving a Centrelink benefit, your home loan application will be processed the same as any other: you save a deposit and then borrow money from the lender, which you pay back with interest. However, not all lenders accept Centrelink payments as income and those that do, have a stricter application process.
They are often otherwise known a Pensioner Loans, Disability Income Loans, Carer Loans, JobSeeker Loans and fast cash loans for people on Centrelink. If you're in need of some quick money and you're on Centrelink, then you've come to the right place.
Frequently Asked Questions. What is the maximum loan repayment for a Centrelink loan? You can only borrow an amount that has loan repayments that are less than 10% of your income. The amount of your loan ($200-$2,000) and term of your loan (1-6 months) will affect your repayment amount.
Understanding Urgent Payments
These payments are intended to alleviate financial stress and ensure that individuals can meet their basic needs. However, it's important to note that there's a limit of two urgent payments within a 12-month period.
At Sure Cash Finance, we offer both fast Cash Loans from $300-$2000 and Personal Loans from $2001-$5000. Our Centrelink loans are these same loans with no extra catches. Put simply, Centrelink loan solutions are our fast, flexible loans, only for people on Centrelink.
But some of your assets are also 'deemed' to earn income and so they may be viewed in two ways at once by Centrelink. Your car is an asset. Unlike your primary residence, it is not exempt from the assets test. It is, however, not deemed, so there is no income attributed to this asset.
You must tell us about any lump sum you get, even if you think it's exempt from the income test.
How Is a Car an Asset? A car is a depreciating asset that loses value over time but retains some worth. Because you can convert a vehicle to cash, it can be defined as an asset.
In regards to how Centrelink assesses the value of the car, it will generally accept the market value of the vehicle, even if this is now less than what you originally paid for the car.
Your Centrelink debts won't affect your credit rating. However, we may take action if you haven't started repaying the money by the due date.
Centrelink provides a payment to people eligible for income support. Call 132 850, 8am to 5pm, Monday to Friday.