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A plain-English guide to the Australian Age Pension: who qualifies, how the income and assets tests work, and the extra benefits that come with it. Use the free estimator to see roughly what you could get.
The Age Pension is a regular payment from the Australian Government, made every fortnight by Services Australia (Centrelink). It’s paid from general tax revenue and is separate from your superannuation, so you can receive both.
You don’t need to have retired. Many people keep working part-time and still receive a part pension. What matters is your age, your residence history, and the income and assets you and your partner have.
To get the Age Pension you need to meet all four of these:
Age Pension age is 67 for everyone born on or after 1 January 1957.
Usually 10 years of residence in total, with at least 5 in a row, as a citizen or permanent resident. Exemptions apply, for example for refugees.
Your income, including deemed income from savings, shares and super, must be under the cut-off.
Your assets, not counting your home, must be under the cut-off for your situation.
Centrelink runs the income test and the assets test separately. Each gives a pension amount, and you’re paid whichever is lower. If both are above the maximum, you get the full pension.
Maximum rates (per fortnight, from 20 September 2026, including the Pension Supplement and Energy Supplement):
| Household | Per fortnight | About a year |
|---|---|---|
| Single | $1,237.70 | $32,180 |
| Couple, each | $933.00 | $24,258 |
| Couple, combined | $1,866.00 | $48,516 |
Assets include super (once you’re over pension age), bank accounts, shares, investment property, cars, home contents and business assets. Your principal home isn’t counted. Couples are assessed on their combined assets.
| Household | Full pension up to | Part pension stops above |
|---|---|---|
| Single, homeowner | $333,000 | $745,750 |
| Single, non-homeowner | $600,000 | $1,012,750 |
| Couple, homeowner (combined) | $499,000 | $1,121,000 |
| Couple, non-homeowner (combined) | $766,000 | $1,388,000 |
Above the full-pension limit, your pension falls by $3 a fortnight for every $1,000 of assets (for a couple, $1.50 each).
Income includes wages, net rent, overseas pensions and deemed income from financial assets. Deeming means Centrelink assumes your savings, shares and super earn a set rate, whatever they actually earn.
| Per fortnight | Single | Couple (combined) |
|---|---|---|
| Income free area | $226 | $396 |
| Reduction for each $1 over | 50c | 25c each |
| Pension stops at | $2,701.40 | $4,128.00 |
Deeming rates: 1.75% a year on the first $66,800 of financial assets for a single person ($110,600 combined for a pensioner couple), and 3.75% on anything above that.
Enter your situation to estimate your fortnightly Age Pension. It runs the income test and the assets test separately and shows which one sets your payment. Rates from 20 September 2026.
Estimated Age Pension
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Thinking about releasing equity from your home, or downsizing? Call 0415 353 927. We speak English, Mandarin and Cantonese.
Estimate only, not financial advice. Uses Services Australia rates from 20 September 2026 (the next change is 20 March 2027) and assumes both partners are Age Pension age. It leaves out Rent Assistance, transitional rates, a built-up Work Bonus balance, gifts over the limits, time overseas and grandfathered income streams. Centrelink decides the actual amount when you claim.
For a full estimate, use the Services Australia online estimators. Rules: rates · assets test · income test · deeming rates · Work Bonus.
We’re a mortgage and finance broker, so we help with the property and lending side of retirement:
We’ll explain how the government Home Equity Access Scheme compares with a commercial reverse mortgage, including the costs, how the balance grows over time, and what it means for your estate.
Buying your next home before you sell? We can arrange bridging finance or a loan for your downsize, and map out the costs and timing.
Lenders look at older borrowers differently. We’ll find the lenders whose policies suit your income, age and plans.
Talk it through with the family in the language you’re most comfortable with. Adult children are welcome to join the conversation.
We don’t give advice on super, investments or how to arrange your assets to get a higher pension. For that, speak with a licensed financial adviser or Services Australia’s free Financial Information Service.
Call 0415 353 927 or email info@vvadvisory.com.au. We speak English, Mandarin and Cantonese. You can also send us a message or add us on WeChat.
No. Your principal home is exempt from the assets test. Homeowners do have lower assets limits than non-homeowners, because non-homeowners get a higher limit to recognise that they don't own a home.
No. You don't need to have stopped work. Eligibility depends on being 67 or older, meeting the residence rules and passing the income and assets tests. Under the Work Bonus, the first $300 a fortnight of work income isn't counted.
Yes, permanent residents count as Australian residents. You generally need 10 years of Australian residence in total, with at least 5 of those years in a row. Only years as an Australian citizen or permanent visa holder count; time on a temporary visa doesn't. Some people, such as refugees, are exempt from the 10-year rule.
You can, but gifts above the gifting limits still count. You can give away up to $10,000 in a financial year, and no more than $30,000 over five financial years, without it affecting your pension. Anything above those limits is still counted as your asset, and deemed for the income test, for five years from the date of the gift. The limits are the same for singles and couples.
It's a voluntary government loan for people of Age Pension age who own real estate in Australia. You borrow against the equity in your home and receive the money fortnightly, as a lump sum, or both. Interest is charged at 3.95% a year, compounding fortnightly, and the scheme includes a no negative equity guarantee. You can repay it at any time; otherwise it's usually repaid when the home is sold or from your estate.
Yes. The Age Pension counts as taxable income, although many pensioners pay little or no tax because of the tax offsets available to seniors. Services Australia can deduct tax from your payment if you ask.
Rates and limits are indexed twice a year, on 20 March and 20 September. The figures on this page apply from 20 September 2026; we update them after each change.
This page is general information only and isn’t financial advice. Figures are based on Services Australia rates from 20 September 2026 and may change. The estimator gives an indication only; Centrelink decides the actual amount when you claim. For advice about your situation, speak with a licensed financial adviser or Services Australia’s Financial Information Service. Lending criteria, fees and charges apply. Credit services are provided under Connective Credit Services Pty Ltd, Australian Credit Licence 389328.
Whether it’s releasing equity, downsizing or a loan later in life, we’ll explain your options clearly, with no obligation. English, Mandarin or Cantonese.
Call 0415 353 927