How Much Age Pension Does a Single Homeowner Get? Worked Example With $400,000 in Super
If you are single, own your home, and have around $400,000 in super, the answer is roughly $905.40 per fortnight — not the full $1,200.90. The reason: Centrelink runs two means tests and pays the lower of the two, and at $400,000 the assets test is what drags your payment down. Below I walk through the exact arithmetic with a named example so you can re-do it for your own numbers.
The two-minute version
Centrelink (administered by Services Australia) decides your Age Pension by calculating it two separate ways and paying whichever gives the smaller amount:
- Assets test — how much you own (excluding your home).
- Income test — how much income you have, including deemed income on financial assets.
Both start from the same maximum single rate and chip away from there. The test that chips away more is the one that applies. Let's price it out.
Reference figures (single, from 20 March 2026)
Every number below is the current rate for the period 20 March 2026 – 19 September 2026. Always confirm against the live Services Australia — How much Age Pension you can get page, because these reset every March and September with indexation.
| Item (single) | Amount |
|---|---|
| Maximum base rate | $1,100.30 / fortnight |
| Pension Supplement | $86.50 / fortnight |
| Energy Supplement | $14.10 / fortnight |
| Maximum single rate (total) | $1,200.90 / fortnight |
| Assets test free area (homeowner) | $321,500 |
| Assets test taper | $3.00 / fortnight per $1,000 over |
| Assets test cut-off (homeowner) | $722,000 |
| Income test free area | $218 / fortnight |
| Income test taper | 50c per $1 over |
| Income test cut-off | $2,619.80 / fortnight |
| Deeming: lower rate (first $64,200) | 1.25% p.a. |
| Deeming: upper rate (balance) | 3.25% p.a. |
Sources: Services Australia — payment rates, assets test, income test and deeming.
Worked Example
Meet Susan: single, 67, owns her home
Susan reached Age Pension age (67) this year. She owns her home outright, so the home doesn't count. Her assessable position is:
- $400,000 in financial assets (super now in account-based pension phase, plus a term deposit)
- $20,000 in home contents, car and personal effects (Centrelink's fire-sale, second-hand value — not insured value)
Total assessable assets: $420,000. Now we run both tests.
Step 1 — The assets test
Subtract the homeowner free area, then apply the $3 taper for every full $1,000 over:
- $420,000 − $321,500 = $98,500 over the free area
- $98,500 ÷ $1,000 = 98.5, rounded down to 98 full thousands (the taper applies per complete $1,000)
- 98 × $3.00 = $294.00 / fortnight reduction
(If you instead use the un-rounded 98.5 × $3, you get $295.50. Services Australia counts only complete $1,000 increments, so the precise reduction is $294.00. We'll show both so you can see the small rounding effect.)
Assets test payment: $1,200.90 − $294.00 = $906.90 / fortnight (or $905.40 using the un-rounded $295.50).
Step 2 — The income test (using deeming)
Susan has no wages and her account-based pension is deemed, so her only assessable income is the deemed return on her $400,000:
- First $64,200 × 1.25% = $802.50 / year
- Remaining $335,800 × 3.25% = $10,913.50 / year
- Total deemed income = $11,716.00 / year
- Per fortnight: $11,716.00 ÷ 26 = $450.62 / fortnight
Apply the income test taper:
- $450.62 − $218.00 free area = $232.62 over
- $232.62 × 50c = $116.31 / fortnight reduction
Income test payment: $1,200.90 − $116.31 = $1,084.59 / fortnight.
Step 3 — Take the lower payment
| Test | Reduction | Fortnightly pension |
|---|---|---|
| Assets test | ~$294–$295.50 | ~$905–$907 ← binding |
| Income test | $116.31 | $1,084.59 |
The assets test pays less, so Susan's actual Age Pension is approximately $905–$907 per fortnight (about $23,560–$23,580 a year), plus she keeps full Pensioner Concession Card benefits.
So how does this change "I have $X in super, what pension do I get?"
The headline lesson: for a single homeowner with a few hundred thousand in financial assets, the assets test almost always binds, not the income test. That means your pension drops by a clean, predictable $78 a fortnight (~$2,028 a year) for every extra $26,000 of assessable assets ($3/ft per $1,000, × 26 fortnights). Useful rules of thumb for a single homeowner:
| Assessable assets (incl. ~$20k contents) | Approx. fortnightly pension |
|---|---|
| Up to $321,500 | $1,200.90 (full rate) |
| $420,000 (our example) | ~$906 |
| $500,000 | ~$665 |
| $600,000 | ~$365 |
| $722,000+ | $0 (cut-off reached) |
This is why the question "I have $X in super, what pension do I get?" has no single answer until you also count all your other assessable assets and apply the right homeowner/non-homeowner thresholds. Two people with identical super can land on very different pensions once contents, cars, and savings are added in.
The two single cut-offs to remember
A single person loses the Age Pension entirely once either test reaches its disqualifying limit:
- Assets: $722,000 (homeowner). The home is still excluded.
- Income: $2,619.80 per fortnight of assessable income.
Whichever you hit first ends the payment. For most retirees relying on deemed financial assets rather than wages, the assets cut-off is the one that bites.
Things that quietly change the result
- The Work Bonus lets you earn up to $300/fortnight from employment before it counts under the income test — irrelevant to Susan, but big if you keep working part-time.
- Account-based pensions started before 1 January 2015 may be grandfathered under different income rules — check with Services Australia.
- A partner changes everything: couples are assessed on combined assets and income against couple thresholds, not the single ones used here.
- Indexation: every 20 March and 20 September the rates, free areas and cut-offs move. Re-run your numbers twice a year.
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Frequently asked questions
How much Age Pension will I get as a single with $400,000 in super?
For a single homeowner aged 67 with $400,000 in financial assets plus $20,000 of contents, the assets test gives the lower (binding) result: about $905–$907 per fortnight, down from the maximum single rate of $1,200.90. The exact figure depends on your full asset and income picture, so confirm with Services Australia.
Does Centrelink use the income test or the assets test?
Both. It calculates your pension under the income test and the assets test, then pays whichever produces the LOWER payment. In our example the assets test paid ~$906 and the income test paid $1,084.59, so the assets test wins.
How does deeming work on my super?
Once you reach Age Pension age, Centrelink ignores your actual investment returns and instead "deems" your financial assets to earn a set rate. From 20 March 2026 the first $64,200 (single) is deemed at 1.25% and the balance at 3.25%. That deemed income feeds the income test.
At what level of assets do I lose the Age Pension entirely as a single homeowner?
A single homeowner stops qualifying for any Age Pension once assessable assets reach $722,000 (assets test cut-off) or once assessable income reaches $2,619.80 per fortnight (income test cut-off), whichever bites first.
What is the maximum single Age Pension rate right now?
From 20 March 2026 the maximum single rate is $1,200.90 per fortnight. That is the base rate of $1,100.30, plus the Pension Supplement of $86.50, plus the Energy Supplement of $14.10.
Is my home counted in the assets test?
No. Your principal home is exempt from the assets test, which is why homeowners and non-homeowners have different thresholds. Contents, vehicles, super, bank balances and investments ARE counted.
General information, not personal Australia tax/legal advice. Verify with a qualified professional.
Figures sourced from Services Australia (servicesaustralia.gov.au): payment rates, assets test, income test and deeming, current for 20 March 2026 – 19 September 2026.