The scheme lets seniors access their home's equity with a government loan, which boosts their retirement income.
There's been a 300 per cent surge in people using the government Home Equity Access Scheme, figures obtained by 9News reveal.
National Seniors Australia CEO Chris Grice said most pensioners experience a gap in their payments and the cost of living. To be eligible for the scheme, you need to be 67 years or older, an Australian citizen, own your home and you can be a pensioner or a self-funded retiree. Once approved, seniors can receive a fortnightly payment or lump sum payment, bringing their total payment to 150 per cent of the maximum aged pension.Jobless rate remains steady on back of 64,000 new jobs
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