(02) 6620 1800 [email protected]

The Federal Governments Pension Loans Scheme allows pensioners to receive a tax free, fortnightly income stream by taking out a loan against the equity in their home.

Each fortnight a pensioner is paid an agreed amount, which increases the amount that must be repaid when the house is sold (usually from the estate).

Payments continue until the balance of the loan reaches the maximum loan available. The fixed interest rate for Pension Loans Scheme (PLS) loans of 4.50% p.a. applies (current at 1 January 2020), with compound interest on the outstanding loan balance.

To be eligible you need to meet the criteria outlined in the full article here.