Very similar to a retirement village, how to lose your life savings in one easy lesson. I find it interesting that the government encourages this scheme plus downsizing into retirement villages but at the same time moans about aged care funding costs. This scheme plus retirement villages will produce more, not less, aged Australians dependent on the taxpayer when it comes time for their aged care accommodation.

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Using the governments revere mortgage calculator, if a couple draws down an extra $689 per fortnight over 20 years, with compound interest at 5.25%, and the house is worth 1 million dollars (with no capital growth), the couple will still own nearly 40% of equity ($372,000) after 20 years. Who is doing your maths Ross? And to expect 0 capital growth over a 20 year time frame in Australia in alarmist and unlikley.

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I qualify absolutely and put in a claim for a very modest amount three months ago and still waiting, and have been told nothing- no idea if and when it will be forwarded. No mention of this before applying. Govt.

Am in trouble now as I had plans that would need the extra income for payments.

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I too have applied for this loan and at the time of submitting my application I received an email telling me a decision would be made by 1st April. I have since had two updates saying my application was progressing.

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It does come- I think they misread how many would apply & allowed everyone who wanted to, to apply at the same time which was crazy. Mine finally came after five months so it turned out to be a windfall after scrimping for months, just spending as little as possible

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