The maximum we could lend with 100% Centrelink income is $10,000.
With security on your personal loan, you could borrow up to $30,0001
If you are receiving Centrelink and looking for a loan, then Money3 may be able to help.
Getting a loan on Centrelink may help in a number of circumstances, from managing unexpected one off expenses from car repairs, medical or vet bills, to assistance providing a bond or moving costs towards a new rental property. Travel and holiday loans are also available on Centrelink, as well as loans towards anniversaries, birthdays or other celebrations.
Whether your income is 100% from Centrelink benefits or a mix of earnings and benefits, your combined or total income must be over $2,080 a month in order to qualify.
If you are looking for a secured loan on Centrelink, then your weekly income must be over $480 a week to qualify1.
We will consider the following Centrelink benefits:
Unfortunately, we are unable to consider the following benefits:
* When accompanied with Family Benefits (A & B) or when as a low income supplement.
1. Subject to verification, suitability and affordability
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,110 | $7,110 |
| 24 Months at 16.95% APR & 37.39% Comparison Rate | ||
| $7,500 | $5,042 | $12,542 |
| 24 Months at 16.95% APR & 37.79% Comparison Rate | ||
| $10,000 | $6,247 | $16,247 |
| 36 Months at 16.95% APR & 35.44% Comparison Rate | ||
|
EXAMPLE: A platinum unsecured personal loan of $5,000 for 24 months has fees and charges totalling $2,109.60 and a total repayment of $7,109.60. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 16.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 37.39%.
EXAMPLE: A platinum secured personal loan of $25,000 for 60 months has fees and charges totalling $14,850.43 and a total repayment of $39,850.43. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 13.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 20.38%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,521 | $7,521 |
| 24 Months at 22.95% APR & 43.88% Comparison Rate | ||
| $7,500 | $6,017 | $13,517 |
| 24 Months at 22.95% APR & 44.03% Comparison Rate | ||
| $10,000 | $7,534 | $17,534 |
| 36 Months at 22.95% APR & 41.71% Comparison Rate | ||
|
EXAMPLE: A silver unsecured personal loan of $5,000 for 24 months has fees and charges totalling $2,520.67 and a total repayment of $7520.67. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 22.95%. The Comparison Rate, based on a loan of $5,000 over two years, is 43.88%.
EXAMPLE: A silver secured personal loan of $25,000 for 60 months has fees and charges totalling $20,883.12 and a total repayment of $45,883.12. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 19.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 27.39%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases.> |
||
| Borrow | Costs | Repay |
|---|---|---|
| $5,000 | $2,661 | $7,661 |
| 24 Months at 28.00% APR & 46.04% Comparison Rate | ||
| $7,500 | $6,352 | $13,852 |
| 24 Months at 28.00% APR & 46.12% Comparison Rate | ||
| $10,000 | $7,977 | $17,977 |
| 36 Months at 28.00% APR & 43.82% Comparison Rate | ||
|
EXAMPLE: A bronze unsecured personal loan of "5,000 for 24 months has fees and charges totalling 2,660.80 and a total repayment of $7,660.80. The Minimum loan term is 12 months and the Maximum term 24 months. The term will be 24 months if you repay monthly, 52 fortnights or 104 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $10,000 over three years, is 46.04%.
EXAMPLE: A bronze secured personal loan of $25,000 for 24 months has fees and charges totalling $25,625.34 and a total repayment of $50,625.34. The Minimum loan term is 24 months and the Maximum term 60 months. The term will be 60 months if you repay monthly, 130 fortnights or 260 weeks. The Maximum APR is 24.95%. The Comparison Rate, based on a loan of $25,000 over five years, is 32.59%. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Please Note: Advertised costs and repayments have been rounded up to the nearest dollar amount, so costs may be slightly cheaper in most cases. |
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A Centrelink focused 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.
The maximum we could lend someone who receives 100% of their income from Centrelink benefits is $10,0001. A higher loan amount is possible, if the borrower has an asset such as a vehicle that could be used as security against the loan. Also see Car Loans on Centrelink
No, most are considered but not all. We are unable to lend against Newstart Alowance, Youth Allowance, Abstudy or Austudy.
The good news is yes we do1 offer flexible loans to pensioners on Centrelink.
The application process is quick and simple, so the information you need to complete your application should be easily on hand. You'll need to confirm your contact details, address, employment details and regular expenses. After that, due to responsible lending concerns, we require 90 days bank statements which can be given securely online in a few minutes.
Yes, you could1. Money3 likes to give everyone a fair go, so we will look at your application afresh, taking into consideration your current financial situation and your ability to repay your loan.
Yes, it is possible, when accompanied with Family Benefits (A & B) or when as a low income supplement.
Yes, it is possible1. The maximum you could borrow on Centrelink for a car loan or other vehicle on Centrelink is $75,000. However if 100% of your income is from Centrelink, then the maximum you could borrow is $30,000. Please see Car Loans on Centrelink for more information or to get started.
1. Subject to verification, suitability and affordability
Customers who have viewed this page and shown an interest in loans on centrelink, have also visited the following pages:
Personal LoansCar Loans on CentrelinkSingle Parent LoansSingle Parent Car LoansPensioner Car LoansSecond Chance Car LoansHow to Get a Car Loan
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