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Slash interest rate bill on reverse mortgages for retirees: Seniors lobby group
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A lobby group representing more than 130,000 older Australians wants an overhaul of the federal governmentâs reverse mortgage scheme for retirees, warning the interest bill is too high and out of step with the record low official cash rate.
National Seniors Australia has asked Treasury to drastically lower the interest charged on the Pension Loans Scheme, saying the 4.5 per cent rate is a deterrent for asset-rich, cash-poor retirees considering tapping into their homeâs equity for income. The group is also asking for the scheme to include an even lower rate when the funds are used for home care.