Can you get a home loan on a veteran’s pension?

This page is for people who receive a veteran’s pension and want to apply for a home loan.

In order to quality, you need to show proof that you can meet the repayments of the loan on a regular basis and that the income will continue until the end of the loan term.

There are only a handful of lenders that will accept this income so it’s best to speak with a specialist mortgage broker first.

Which veteran pensions will be accepted?

Not only do you have to have a permanent and ongoing veteran pension income, but you also have to be receiving a certain type of veteran pension.

The following are typically accepted:

  • Department of Veteran Affairs – Service and Age Pension.
  • Department of Veteran Affairs – War Widow’s or Widower’s Pension.
  • Others may be acceptable if they are considered to be permanent and ongoing.

How much you can borrow though depends on the amount received from the veteran pension and some lenders will have age restrictions which need to be taken into consideration.

Our mortgage brokers are specialists in the lending criteria for veterans. Please call us on
1300 889 743 or enquire online for further assistance.


What documents do I require?

Documents required:

  • A current Department of Veterans Affairs statement showing name of customer, frequency and amount; or
  • A current bank statement showing direct credits identifiable as the government allowance

We know which lenders can accept your income! To speak with one of our expert mortgage brokers please enquire online or call us on 1300 889 743 for further assistance.


How much can I borrow?

  • Home buyer: 95% of the property value.

  • Investor: 95% of the property value.

  • Discounts: Competitive professional package and basic loan discounts are available.

  • Note: Most home loan lenders restrict the amount you can borrow to 80% of the property value or decline your mortgage outright! There is the possibility that you may be able to borrow up to 95% of the property value using a mortgage loan if you are in a strong financial position.

Veteran’s benefits can be used as assessable income for an investment home loan if you have a strong asset position and clear credit history.


How can we help you?

  • We know which banks accept veteran pension home loans
  • We know what documents and information they will require, and how best to present your application to the bank
  • Our mortgage brokers are experts in getting tough loans approved

To find out how we can help, contact us on 1300 889 743 or enquire online today!


What is a veteran’s pension?

A veteran is someone who has had an extensive service in the ministry of defence, often serving Australia overseas. An allowance is often paid by the government to financially contribute to a serviceman who is no longer working for the military. These payments are regular and periodic.

A veterans pension (also known as a defence pension) is one type of regular financial contribution (by the government) given to a citizen who has either personally served in the armed forces or is a beneficiary of someone who has served in the armed forces such as a war veteran widow.


Apply for a home loan with a veteran pension income

As a veteran pension is a guaranteed regular income until the end of the loan term, this then meets the criteria of some lenders of being able to meet repayments of the loan on a regular basis. As a result of this you may be eligible for the same discounted interest rates that are offered to people who have a standard income from a job.

If you are interested in buying or refinancing a property with an acceptable veteran pension then please call us on 1300 889 743 or enquire online and we can help you work out how much you can borrow.

  • EthanC

    My dad is close to 60 years old so can he qualify for this?

  • Hi EthanC,

    When a borrower is 50 years or older, there are three important steps to getting approval for a home loan – you must have a defined exit strategy, must repay the loan prior to retirement and should apply with a lender that understand and accept mature age borrowers.

  • Ronald

    Can veteran pension be acceptable to the bank when assessing for an investment loan?

  • Hey Ronald,

    Veteran’s benefits can be used as assessable income for an investment home loan though you may be required to have a strong asset position and clear credit history.

  • wallace

    Hi, is a war widower pension acceptable to the bank?

  • Yes, this is acceptable although lenders may require proof that this income is permanent and ongoing.

  • Dunn

    May I please be explained a bit on exit strategy?

  • You can check out the mortgage exit strategy page for an in-depth understanding of exit strategy in mortgages. If there’s anything you’d like to get clarification on, please feel free to comment on the page. Here’s the link:
    https://www.homeloanexperts.com.au/home-loan-articles/exit-strategy-in-mortgages/

  • Plier

    What property types are generally okay to banks for investment purposes?

  • Hi, not every type of property is acceptable to the banks so as a general rule, your property should be a standard unit, house, townhouse or land and construction. It shouldn’t be greater than 50m² living area and must be in a good condition. Lenders also prefer it to be located in a high demand location meaning a major city or town with more than 10,000 people.