The current 5.25 per cent interest rate for reverse mortgages under the Government's Pension Loans Scheme has not fallen despite three official cash rate cuts this year.
Treasurer Josh Frydenberg will review the Government's reverse mortgage scheme to reflect Reserve Bank interest rates in the face of"gouging" claims from retirees.The Pension Loans Scheme was established in 1985 to allow retirees to supplement their retirement income by drawing down in equity in their homesNational Seniors Australia describes the rate as a 'double standard'
The Pension Loans Scheme was established in 1985 to allow retirees to supplement their retirement income by drawing down on equity in their home for a line of credit.
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