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Federal Budget 2018 – Social Security

2018-10-05T09:13:40+00:00

The Pension Loan Scheme allows eligible individuals to access some of the equity in their home or other property via a Government loan. These payments are advanced in fortnightly instalments. Effective 1 July 2019, maximum payments will increase from 100% of the aged pension to 150%.

This article is published by Modoras Accounting (QLD) Pty Ltd ABN 81 601 145 215

Federal Budget 2018 – Social Security

Federal Budget 2018 Social Security

Pension Loan Scheme increase to maximum payments

Effective 1 July 2019

The Pension Loan Scheme allows eligible individuals to access some of the equity in their home or other property via a Government loan. These payments are advanced in fortnightly instalments. Effective 1 July 2019, maximum payments will increase from 100% of the aged pension to 150%.

This scheme will be available to all Australians whose property meets eligibility requirements regarding value of the property used as loan security.

Increase in residential aged care funding

Effective 1 July 2018

Residential aged care funding for residential aged care and short-term restorative care places will be increased by $60 million in the coming financial year in support of new places. This is in addition to the $82.5 million to support mental health services for residents of aged care facilities.

Providing better access to aged care

Effective 1 July 2018

An additional 14,000 new high level home care packages will be provided over a 4 year period from 1 July 2018. This is in addition to the 6,000 high level packages delivered in the 17/18 Mid-Year Economic and Fiscal Outlook.

The additional home care packages will be complemented by the release of a further 13,500 residential aged care places and 775 short-term restorative care places.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215.The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.

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