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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The federal government has confirmed that money borrowed from the Pension Loan Scheme will not count as assessable income, in news that will be welcomed by people hoping to stay in their homes for longer or access home care while waiting for a package.
The Turnbull Government is seeking to boost the retirement incomes of asset-rich, cash-poor pensioners by expanding the eligibility of the government’s Pension Loans Scheme.
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.