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2 Jul 2018

To help pensioners who are rich in assets but poor in income, the government launched a version of a commercially available financial product, the reverse mortgage.

The government's answer for pensioners who find themselves in the above situation is its pension loans scheme (PLS), whereby a pensioner can apply for a non-taxable loan using some form of real property as security.  The PLS does not provide a lump sum, but a regular fortnightly payment.

At present the scheme is only open to those on a full pension, but...

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July 1, 2020

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