In last years Federal Budget, the Coalition government announced it would expand the scheme, so it can be accessed by a far greater number of pensioners.
To qualify, you or your partner have to be at least age pension age, own your own home outright or own an investment property outright, have adequate insurance covering the secured real estate and not be a bankrupt or subject to a personal insolvency agreement.
Those who meet the criteria can apply to receive an income stream of up to 1.5 times the maximum rate of the age pension each fortnight.
For example, a single person who meets the criteria and is receiving the full pension plus supplements of about $24,000 a year will be able draw another $12,000 taking their total annual cashflow …
Read the full article at: https://www.smh.com.au/money/super-and-retirement/more-than-a-million-seniors-qualify-for-new-look-pension-loan-scheme-20190507-p51kvw.html