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Independent senators Jacqui Lambie, Glenn Lazarus and Nick Xenophon yesterday called for the Government to extend the Pension Loans Scheme – a state-run reverse mortgage scheme that allows eligible retirees to borrow against their homes to receive payments from the Government equivalent to the full age pension – to all retirees. From The New Daily:
The scheme, which allows retirees to unlock the equity in their family home to top up their pension, is currently only open to retirees on a part pension. The senators say it should be open to retirees on a full pension as well.
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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