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How Pension Boost
could help
Kevin & Patricia

Kevin & Patricia’s Story

Kevin (75) and Patricia (73) are a married couple who own their home in rural NSW.

They have been living frugally, but struggling just to make ends meet.

Home Value: $350,000

Age Pension Before Pension Boost:

$37,014 per/year

Age Pension Plus Pension Boost:

$55,520 per/year

Their Pension Boost

Pension Boost could help Kevin and Patricia apply for the Pension Loans Scheme (PLS). In this case, they could get an additional $18,506 per year to live on.

This would mean they would be able to afford their bills, and have money left over to spend every fortnight.

They will be able to boost their pension by this amount for 8 years - until Kevin is 83 and Patricia 81.

The PLS is offered by the Australian Government allowing pensioners to boost their Age Pension by unlocking the equity from their properties.

1

You get paid fortnightly by the Australian Government

2

Your mortgage increases by the payment amount + interest

3

You only need to pay the Australian Government back when you move out of your house or sell it

Kevin & Patricia's Pension Loan

After 10 years they would still own approximately 50% of their property ($234,000).

If Kevin lived to 95 (20 years), they would still own approximately 41% of their home ($261,000).

Note: these numbers assume the value of Louise's property grows by an average of 3% per year.

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