{"id":279,"date":"2019-03-26T07:59:14","date_gmt":"2019-03-25T21:59:14","guid":{"rendered":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/?p=279"},"modified":"2019-03-26T07:59:16","modified_gmt":"2019-03-25T21:59:16","slug":"the-pension-loan-scheme","status":"publish","type":"post","link":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/","title":{"rendered":"The Pension Loan Scheme"},"content":{"rendered":"<div class=\"entry\">\n\n\n<p>The Pension Loans Scheme (PLS) for retirees will be useful in certain circumstances. But, as a reader has just pointed out, it is not available to everybody.<\/p>\n\n\n\n<p>He has chosen to retire to a manufactured home which is situated on leasehold land. Because the land is leasehold, he has no title to the property, and is unable to access the PLS.<\/p>\n\n\n\n<p>A departmental spokesperson tells me that&nbsp;the Pension Loans Scheme (PLS) is a form of reverse mortgage that allows older Australians to access the equity in their home to improve their standard of living in retirement by receiving additional fortnightly payments from Centrelink in the form of a loan.&nbsp;<\/p>\n\n\n\n<p>Consistent with any reverse mortgage the loan needs to be adequately secured to make sure the loan can be repaid. Under the PLS, a loan needs to be secured against a real asset on which the Commonwealth can register a charge (section 1138 of the&nbsp;Social Security Act 1991).<\/p>\n\n\n\n<p>This means a person must own the property and have their name on the title to be eligible. For example, people who have ownership (freehold title) of their premises in a retirement village would be eligible for a loan under the Scheme, however those with a leasehold, loan or licence to occupy arrangement, would not.<\/p>\n\n\n\n<p>Assets, which by themselves, may depreciate in value, such as many manufactured homes, cannot be used to secure a PLS loan as they do not adequately protect the Commonwealth\u2019s interest in recovering the loan debt, nor do they adequately protect the person\u2019s interest in being able to repay the loan debt.<\/p>\n\n\n\n<p>This is a complex issue, and a warning to anybody considering downsizing to make sure that the new residence is available for the Pension Loan&#8217;s Scheme if they think they might need it.<\/p>\n\n\n<\/div>","protected":false},"excerpt":{"rendered":"<p>The Pension Loans Scheme (PLS) for retirees will be useful in certain circumstances. But, as a reader has just pointed out, it is not available to everybody. He has chosen to retire to a manufactured home which is situated on leasehold land. Because the land is leasehold, he has no title to the property, and &#8230;<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[18],"tags":[],"class_list":{"0":"post-279","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-retirement","7":"anons"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>The Pension Loan Scheme - Noel Whittaker&#039;s Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Pension Loan Scheme - Noel Whittaker&#039;s Blog\" \/>\n<meta property=\"og:description\" content=\"The Pension Loans Scheme (PLS) for retirees will be useful in certain circumstances. But, as a reader has just pointed out, it is not available to everybody. He has chosen to retire to a manufactured home which is situated on leasehold land. Because the land is leasehold, he has no title to the property, and ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/\" \/>\n<meta property=\"og:site_name\" content=\"Noel Whittaker&#039;s Blog\" \/>\n<meta property=\"article:published_time\" content=\"2019-03-25T21:59:14+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-03-25T21:59:16+00:00\" \/>\n<meta name=\"author\" content=\"Noel Whittaker\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Noel Whittaker\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/\"},\"author\":{\"name\":\"Noel Whittaker\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/person\/cbeebc824327813db45f0ffc70c5c7ab\"},\"headline\":\"The Pension Loan Scheme\",\"datePublished\":\"2019-03-25T21:59:14+00:00\",\"dateModified\":\"2019-03-25T21:59:16+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/\"},\"wordCount\":305,\"publisher\":{\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#organization\"},\"articleSection\":[\"Retirement\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/\",\"url\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/\",\"name\":\"The Pension Loan Scheme - Noel Whittaker&#039;s Blog\",\"isPartOf\":{\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#website\"},\"datePublished\":\"2019-03-25T21:59:14+00:00\",\"dateModified\":\"2019-03-25T21:59:16+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"The Pension Loan Scheme\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#website\",\"url\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/\",\"name\":\"Noel Whittaker's Blog\",\"description\":\"By Noel Whittaker\",\"publisher\":{\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#organization\",\"name\":\"Noel Whittaker's Blog\",\"url\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-content\/uploads\/2018\/01\/bantacs150-e1516659025608.png\",\"contentUrl\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-content\/uploads\/2018\/01\/bantacs150-e1516659025608.png\",\"width\":120,\"height\":120,\"caption\":\"Noel Whittaker's Blog\"},\"image\":{\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/person\/cbeebc824327813db45f0ffc70c5c7ab\",\"name\":\"Noel Whittaker\",\"url\":\"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/author\/noel_whit\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The Pension Loan Scheme - Noel Whittaker&#039;s Blog","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/","og_locale":"en_US","og_type":"article","og_title":"The Pension Loan Scheme - Noel Whittaker&#039;s Blog","og_description":"The Pension Loans Scheme (PLS) for retirees will be useful in certain circumstances. But, as a reader has just pointed out, it is not available to everybody. He has chosen to retire to a manufactured home which is situated on leasehold land. Because the land is leasehold, he has no title to the property, and ...","og_url":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/","og_site_name":"Noel Whittaker&#039;s Blog","article_published_time":"2019-03-25T21:59:14+00:00","article_modified_time":"2019-03-25T21:59:16+00:00","author":"Noel Whittaker","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Noel Whittaker","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/#article","isPartOf":{"@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/"},"author":{"name":"Noel Whittaker","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/person\/cbeebc824327813db45f0ffc70c5c7ab"},"headline":"The Pension Loan Scheme","datePublished":"2019-03-25T21:59:14+00:00","dateModified":"2019-03-25T21:59:16+00:00","mainEntityOfPage":{"@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/"},"wordCount":305,"publisher":{"@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#organization"},"articleSection":["Retirement"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/","url":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/","name":"The Pension Loan Scheme - Noel Whittaker&#039;s Blog","isPartOf":{"@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#website"},"datePublished":"2019-03-25T21:59:14+00:00","dateModified":"2019-03-25T21:59:16+00:00","breadcrumb":{"@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/the-pension-loan-scheme\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/"},{"@type":"ListItem","position":2,"name":"The Pension Loan Scheme"}]},{"@type":"WebSite","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#website","url":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/","name":"Noel Whittaker's Blog","description":"By Noel Whittaker","publisher":{"@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#organization","name":"Noel Whittaker's Blog","url":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/logo\/image\/","url":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-content\/uploads\/2018\/01\/bantacs150-e1516659025608.png","contentUrl":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-content\/uploads\/2018\/01\/bantacs150-e1516659025608.png","width":120,"height":120,"caption":"Noel Whittaker's Blog"},"image":{"@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/#\/schema\/person\/cbeebc824327813db45f0ffc70c5c7ab","name":"Noel Whittaker","url":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/author\/noel_whit\/"}]}},"_links":{"self":[{"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/posts\/279","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/comments?post=279"}],"version-history":[{"count":1,"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/posts\/279\/revisions"}],"predecessor-version":[{"id":280,"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/posts\/279\/revisions\/280"}],"wp:attachment":[{"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/media?parent=279"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/categories?post=279"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bantacsfinancialsolutions.com.au\/Nblog\/wp-json\/wp\/v2\/tags?post=279"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}