Writing for afr.com<\/a>, Phil Coorey says the Pension Loans Scheme will be \u201cexpanded so eligible retirees can borrow a maximum of 150 per cent of the age pension\u201d.<\/p>\n Along with the expanded loans scheme, Treasurer Scott Morrison is also expected to announce funding for 20,00 extra home-care packages and an extension of the Pensioner Work Bonus so pensioners can earn more money without having their benefit affected.<\/p>\n\n Budget's big Baby Boomer bonus and tax cuts https:\/\/t.co\/vvEDZkt4Lt<\/a> via @FinancialReview<\/a><\/p>— Phillip Coorey (@PhillipCoorey) May 7, 2018<\/a><\/blockquote>
\n\u201cThe loan is paid fortnightly, is tax-free and attracts compound interest of 5.25 per cent on the outstanding balance.<\/h3>\n
\u201cCurrently, the scheme entitles pensioners to borrow up to 100 per cent of the age pension which, with bonuses, is about $900 a fortnight for singles. Part-pensioners and self-funded retirees who own real estate in Australia are eligible for the loans while full pensioners are not. The loans can be spent on whatever the borrower wishes, including their aged care.\u201d<\/h3>\n<\/blockquote>\n