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The only way for them to do it is to take a risk with debt. There is no other way, apart from selling their PPOR and renting while investing the tax-free proceeds into property. What will probably happen in their situation is they will end up not doing anything and live off their cash and their...

Under NCCP probably not much but if you do a reverse mortgage you will get some lowish (~50%) LVR out of it. Although I can't see any financial advisor asking people who are 60 and retired to gear up and invest lest the PI insurance risk of doing so.