Centrelink Pension Loans Scheme

March 14 2019.

 

The new and improved Pension Loans Scheme

In the 2018-19 Federal Budget, the Government announced an expansion of the Pension Loans Scheme (PLS). Legislation has now passed through Parliament for the changes to come into effect on 1 July 2019.

The PLS, in its new format, allows qualifying Age Pension-age Australians who own property to take out a loan, irrespective of whether they qualify for an Age Pension payment.

The loan is in the form of a fortnightly payment from Centrelink up to 150% of the maximum Age Pension rate. For a single person, this loan potential is about $36,000 per year, and for a couple, about $54,000. Full or part pensioners will be able to borrow the difference between their current Age Pension and the maximum 150% rate.

centrelink 0 104199Please findInformation on the new and improved Pension Loans Scheme (PLS)

Click here to read the update.

ft logo new

Quadrant Securities Wodonga Pty Ltd (CAR No. 434366), Neil Evans Financial Services Pty Ltd (CAR No. 343738) are Trading as Quadrant Financial Planning Wodonga and are Corporate Authorised Representatives of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services Licence No. 223135.