The Pension Loan Scheme was designed as a tool to fund home care contributions, but when the time comes, the amount of allowable borrowings may well be exhausted, writes Paul Dwyer.
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Providers question the department’s provision of new advice on the charging of additional fees in residential care, but consumers welcome the clarification.
Changing the rules on the aged care means test for residents who pay by periodic payment is likely to force pensioners to sell their house or take out a reverse mortgage all for a meagre budget saving of $26 million over five years, according to aged care financial experts.
Benefits consumers can gain from using a home equity release product to fund their residential aged care should console aged care provider concerned over losing lump sum bonds to daily accommodation payments, according to an aged care credit advisor.