Superannuation and Financial Planning

Need More Money In Retirement?

Retirees that own their own home and need more money in retirement are now able to access the Home Equity Access Scheme run through Services Australia. The scheme was previously known as the Pensions Loans Scheme but along with a new name, the fortnightly interest rate has been lowered to 3.95% per annum. To access the scheme, there is no need for an individual and/or their partner to be on the Aged Pension, although there are certain other requirements which will need to be met. Loan payments under the scheme can be started and stopped at any time.