Senators try pension loan scheme again

Senate crossbenchers are having another go at urging the Turnbull government to let more retirees boost their incomes by using the equity in their homes.

Independent senators Jacqui Lambie, Glenn Lazarus, Nick Xenophon and the Motoring Enthusiast Party's Ricky Muir want to expand a little-known measure allowing part-pensioners to borrow against their homes.

After failing to get any traction from the government earlier this year on the pension loans scheme, they've armed themselves with new figures showing an expansion to full pensioners would help seniors unlock more than $2.8 billion to boost their retirement incomes.

There will be a significant uptake of the scheme if it is expanded, the research from the Parliamentary Budget Office also shows.

The senators believe it's a win-win situation for the government, with a budget hit of about $23 million over the forward estimates period.

"It's a no-brainer," Senator Lazarus told reporters in Canberra on Wednesday.

The federal government says it's willing to consider the measure.

"I'll have a listen to what they have to say," Social Services Minister Christian Porter said.