In this guide
Key points about the Age Pension assets test:
- Assets limits from 20 September 2026: A single person can have assets up to $745,750 before the Age Pension cuts out completely, or $1,012,750 if they don’t own a home. For a couple living together the combined limits are $1,121,000 and $1,388,000.
- Assets limits for a full Age Pension: A single person can have assets up to $333,000, or $600,000 if they don’t own a home. For a couple living together the combined limits are $499,000 and $766,000. These limits change on 1 July each year, not in September.
- Your home is not counted: The family home is excluded from the assets test. Almost everything else you own is included, from super and investments to your car, caravan and household contents.
- How the reduction works: Once your assets pass the limit for a full Age Pension, your payment reduces by $3 a fortnight for every $1,000 of assets above it.
- You must also pass the income test: If you are over the limit in both tests, your Age Pension is based on whichever test gives the lower amount.
A common question for people nearing or in retirement is ‘How much money can I have before it affects my pension?’. The answer lies in the total value of your savings and other assets and your income from various sources.
This article details the rules of the Age Pension assets test (often mistakenly called the ‘asset test’), which is one half of the means test used by Centrelink to determine how much Age Pension you could be eligible for.
You must also pass the Age Pension income test, have reached your eligibility age and satisfy Australian residency rules.
Statistics consistently indicate that more retirees pass the Age Pension assets test than the income test. According to the Centre of Excellence in Population Ageing Research (CEPAR), only one third of Australians receiving part pensions have too much assessable wealth (assets) to be eligible for the full pension. The other two thirds are ineligible to receive the full pension because they earn too much income. CEPAR research also reveals that 54% of full pensioners have assessable assets worth below $50,000.
Age Pension assets test limits from 20 September 2026
The upper assets limits, which decide whether you qualify for a part Age Pension, increase on 20 September 2026. The figures below are confirmed and take effect from that date. The limits that apply until 19 September 2026 are further down this page.
| Situation | From 20 Sep 2026 | To 19 Sep 2026 | Increase | |
|---|---|---|---|---|
| Single | Homeowner | $745,750 | $733,500 | $12,250 |
| Single | Non-homeowner | $1,012,750 | $1,000,500 | $12,250 |
| Couple (combined) | Homeowner | $1,121,000 | $1,102,500 | $18,500 |
| Couple (combined) | Non-homeowner | $1,388,000 | $1,369,500 | $18,500 |
| Couple (illness-separated, combined) | Homeowner | $1,324,500 | $1,300,000 | $24,500 |
| Couple (illness-separated, combined) | Non-homeowner | $1,591,500 | $1,567,000 | $24,500 |
Source: Department of Social Services, Social Security Payment Parameters, 20 September 2026 indexation.
The limits for a full Age Pension do not change on 20 September. They are $333,000 for a single homeowner, $600,000 for a single non-homeowner, $499,000 for a couple who own their home and $766,000 for a couple who do not. Those limits last changed on 1 July 2026 and next change on 1 July 2027.
Non-resident limits from 20 September 2026
If you live outside Australia the cut-off points are slightly lower, and they rise by much less because non-residents lose access to the basic amount of the pension supplement from 20 September 2026.
| Situation | From 20 Sep 2026 | To 19 Sep 2026 | Increase | |
|---|---|---|---|---|
| Single | Homeowner | $711,500 | $710,000 | $1,500 |
| Single | Non-homeowner | $978,500 | $977,000 | $1,500 |
| Couple (combined) | Homeowner | $1,070,000 | $1,068,500 | $1,500 |
| Couple (combined) | Non-homeowner | $1,337,000 | $1,335,500 | $1,500 |
| Couple (illness-separated, combined) | Homeowner | $1,256,000 | $1,253,000 | $3,000 |
| Couple (illness-separated, combined) | Non-homeowner | $1,523,000 | $1,520,000 | $3,000 |
The maximum Age Pension rate also rises on 20 September 2026, so the payment you receive at any given level of assets increases as well. A single homeowner with $500,000 in assets goes from $699.90 a fortnight to $736.70. A couple who own their home with $800,000 in combined assets go from $907.40 a fortnight to $963.00.
See the full Age Pension rates from 20 September 2026.
How does the Age Pension assets test work?
The market value of any assets you or your partner own will be assessed by Centrelink to determine your potential eligibility for the Age Pension.
Important: Your residential home is not included in the Age Pension assets test.
According to research by the ANU Centre for Social Research and Methods, 73% of households with at least one Age Pensioner are homeowners and 17.6% of these households have a home worth more than $1 million.
Any debts owing on assets other than your home are subtracted from their market value for the purposes of your assets test assessment. For example, if you have an investment property valued at $600,000 and you still owe $200,000 to the bank for the loan you obtained to buy it, the value of your investment property asset will be assessed at $400,000.
To be eligible for either a full or part Age Pension, there are limits on the value of the assets you (and your partner combined) can own. The limits depend on whether you own your own home, as well as your living arrangements (including if you have a partner and whether they are age-eligible for the pension or not). The asset limits are higher for non-homeowners in recognition of the higher cost of housing for pensioners who rent their home.
The asset limits that apply until 19 September 2026 are itemised in the tables below. To be eligible for a full Age Pension the value of your assets must be below the following thresholds.
Age Pension asset limits
Assets limits for a full Age Pension
| Situation | Latest limit | Previous limit | Increase | |
|---|---|---|---|---|
| Single | Homeowner | $333,000 | $321,500 | $11,500 |
| Single | Non-homeowner | $600,000 | $579,500 | $20,500 |
| Couple (combined) | Homeowner | $499,000 | $481,500 | $17,500 |
| Couple (combined) | Non-homeowner | $766,000 | $739,500 | $26,500 |
- Latest limits apply from 1 July 2026
- Previous limits apply 1 July 2025 to 30 June 2026
Source: Department of Social Services
Need to know
You also need to pass the income test and age and residency requirements.
The asset-free thresholds for full Age Pension are the same for couples living together and those separated by illness.
If the value of your assets is above the thresholds in the above table, you may still be eligible for a part Age Pension. The table below shows the maximum values of assets you can hold to still be eligible to receive any part-pension payment.
The amount of Age Pension you are eligible for reduces by $3 per fortnight per $1,000 of assets until it cuts off completely when the value of your assets exceeds the figures below.
Assets limits for a part Age Pension (residents)
| Situation | Latest limit | Previous limit | Increase | |
|---|---|---|---|---|
| Single | Homeowner | $733,500 | $722,000 | $11,500 |
| Single | Non-homeowner | $1,000,500 | $980,000 | $20,500 |
| Couple (combined) | Homeowner | $1,102,500 | $1,085,000 | $17,500 |
| Couple (combined) | Non-homeowner | $1,369,500 | $1,343,000 | $26,500 |
| Couple (illness-separated, combined) | Homeowner | $1,300,000 | $1,282,500 | $17,500 |
| Couple (illness-separated, combined) | Non-homeowner | $1,567,000 | $1,540,500 | $26,500 |
- Latest limits apply 1 July 2026 to 19 September 2026
- Previous limits apply 20 March 2026 to 30 June 2026
Source: Department of Social Services
To illustrate how the Age Pension reduces as the value of your assets rises, the examples below show the payments that apply until 19 September 2026 at a range of asset levels, provided you also meet the other eligibility requirements (age, passing the income test and Australian residency).
Note: The examples include the Pension supplement and Energy supplement.
Click each example name to view.
Example 1: Single homeowner
| Assets value | Age Pension payment (per fortnight) | Age Pension payment (per year) |
|---|---|---|
| $333,000 | $1,200.90 | $31,223 |
| $350,000 | $1,149.90 | $29,897 |
| $375,000 | $1,074.90 | $27,947 |
| $400,000 | $999.90 | $25,997 |
| $425,000 | $924.90 | $24,047 |
| $450,000 | $849.90 | $22,097 |
| $475,000 | $774.90 | $20,147 |
| $500,000 | $699.90 | $18,197 |
| $525,000 | $624.90 | $16,247 |
| $550,000 | $549.90 | $14,297 |
| $575,000 | $474.90 | $12,347 |
| $600,000 | $399.90 | $10,397 |
| $625,000 | $324.90 | $8,447 |
| $650,000 | $249.90 | $6,497 |
| $675,000 | $174.90 | $4,547 |
| $700,000 | $99.90 | $2,597 |
| $725,000 | $24.90 | $647 |
Example 2: Single non-homeowner
| Assets value | Age Pension payment (per fortnight) | Age Pension payment (per year) |
|---|---|---|
| $600,000 | $1,200.90 | $31,223 |
| $625,000 | $1,125.90 | $29,273 |
| $650,000 | $1,050.90 | $27,323 |
| $675,000 | $975.90 | $25,373 |
| $700,000 | $900.90 | $23,423 |
| $725,000 | $825.90 | $21,473 |
| $750,000 | $750.90 | $19,523 |
| $775,000 | $675.90 | $17,573 |
| $800,000 | $600.90 | $15,623 |
| $825,000 | $525.90 | $13,673 |
| $850,000 | $450.90 | $11,723 |
| $875,000 | $375.90 | $9,773 |
| $900,000 | $300.90 | $7,823 |
| $925,000 | $225.90 | $5,873 |
| $950,000 | $150.90 | $3,923 |
| $975,000 | $75.90 | $1,973 |
| $1,000,000 | $0.90 | $23 |
Example 3: Couple homeowner (combined)
Note: This doesn’t apply to couples separated by illness
| Assets value | Age Pension payment (per fortnight) | Age Pension payment (per year) |
|---|---|---|
| $499,000 | $1,810.40 | $47,070 |
| $500,000 | $1,807.40 | $46,992 |
| $525,000 | $1,732.40 | $45,042 |
| $550,000 | $1,657.40 | $43,092 |
| $575,000 | $1,582.40 | $41,142 |
| $600,000 | $1,507.40 | $39,192 |
| $625,000 | $1,432.40 | $37,242 |
| $650,000 | $1,357.40 | $35,292 |
| $675,000 | $1,282.40 | $33,342 |
| $700,000 | $1,207.40 | $31,392 |
| $725,000 | $1,132.40 | $29,442 |
| $750,000 | $1,057.40 | $27,492 |
| $775,000 | $982.40 | $25,542 |
| $800,000 | $907.40 | $23,592 |
| $825,000 | $832.40 | $21,642 |
| $850,000 | $757.40 | $19,692 |
| $875,000 | $682.40 | $17,742 |
| $900,000 | $607.40 | $15,792 |
| $925,000 | $532.40 | $13,842 |
| $950,000 | $457.40 | $11,892 |
| $975,000 | $382.40 | $9,942 |
| $1,000,000 | $307.40 | $7,992 |
| $1,025,000 | $232.40 | $6,042 |
| $1,050,000 | $157.40 | $4,092 |
| $1,075,000 | $82.40 | $2,142 |
Example 4: Couple non-homeowner (combined)
Note: This doesn’t apply to couples separated by illness
| Assets value | Age Pension payment (per fortnight) | Age Pension payment (per year) |
|---|---|---|
| $766,000 | $1,810.40 | $47,070 |
| $800,000 | $1,708.40 | $44,418 |
| $825,000 | $1,633.40 | $42,468 |
| $850,000 | $1,558.40 | $40,518 |
| $875,000 | $1,483.40 | $38,568 |
| $900,000 | $1,408.40 | $36,618 |
| $925,000 | $1,333.40 | $34,668 |
| $950,000 | $1,258.40 | $32,718 |
| $975,000 | $1,183.40 | $30,768 |
| $1,000,000 | $1,108.40 | $28,818 |
| $1,025,000 | $1,033.40 | $26,868 |
| $1,050,000 | $958.40 | $24,918 |
| $1,075,000 | $883.40 | $22,968 |
| $1,100,000 | $808.40 | $21,018 |
| $1,125,000 | $733.40 | $19,068 |
| $1,150,000 | $658.40 | $17,118 |
| $1,175,000 | $583.40 | $15,168 |
| $1,200,000 | $508.40 | $13,218 |
| $1,225,000 | $433.40 | $11,268 |
| $1,250,000 | $358.40 | $9,318 |
| $1,275,000 | $283.40 | $7,368 |
| $1,300,000 | $208.40 | $5,418 |
| $1,325,000 | $133.40 | $3,468 |
| $1,350,000 | $58.40 | $1,518 |
Assets limits for a part Age Pension (non-residents)
The assets limits for non-residents are slightly lower and summarised in the table below.
Learn more about Age Pension residency requirements.
| Situation | Latest limit | Previous limit | Increase | |
|---|---|---|---|---|
| Single | Homeowner | $710,000 | $698,500 | $11,500 |
| Single | Non-homeowner | $977,000 | $956,500 | $20,500 |
| Couple (combined) | Homeowner | $1,068,500 | $1,051,000 | $17,500 |
| Couple (combined) | Non-homeowner | $1,335,500 | $1,309,000 | $26,500 |
| Couple (illness-separated, combined) | Homeowner | $1,253,000 | $1,235,500 | $17,500 |
| Couple (illness-separated, combined) | Non-homeowner | $1,520,000 | $1,493,500 | $26,500 |
- Latest limits apply 1 July 2026 to 19 September 2026
- Previous limits apply 20 March 2026 to 30 June 2026
Source: Department of Social Services
Note: You also need to pass the income test and age and residency requirements.
The Age Pension assets limits are adjusted three times a year based on movements in the consumer price index (CPI). The thresholds for the full Age Pension change in July, while thresholds for the part Age Pension change in March and September.
Discover the latest Age Pension rates here.
Try our Age Pension calculator to get an indication of your potential Age Pension entitlements.
What is included in the Age Pension assets test?
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