Kevin & Patricia's Story
Kevin (75) and Patricia (73) are married retirees living on the Aged Pension. Between monthly bills and living costs and an unexpected repair to their roof, they're struggling to make ends meet.
The couple are fit and active and would love to be able to spend more time visiting their grandchildren around Australia but the cost of travel has meant they've not been able to.
- Own their rural home valued at $600,000 with no mortgage
- Currently receives the full Age Pension per year
- Looking to draw the maximum HEAS payment
Their Pension Boost
-
Now
100%$600,000 -
5 Years
82% 18%$573,809 -
10 Years
65% 35%$521,104 -
20 Years
31% 69%$338,256
- Home Equity
- Loans (including HEAS)
- Value of Net Equity
We estimate that Kevin and Patricia can draw the maximum HEAS payment (CPI adjusted) for 19 years and would have 65% net equity ($521,000) after 10 years* when they're in their 80's.
This would give them $62,556 per year, which is an additional $20,852 on top of what they're already receiving.
Please note, all rates and data are as at 20 March 2023.
-
Age Pension Before Pension Boost:
$41,704 per/year -
Age Pension With Pension Boost:
$62,556 per/year
Pension Boost will take the hard work out of applying for the HEAS so that Kevin and Patricia can start enjoying their retirement, and planning their family visits sooner.
Start building your own story today by using our Home Equity Access Scheme calculator to find out how much you may be able to increase your cashflow by.
START CALCULATOR *These numbers assume the value of Kevin and Patricia's property grows by an average of 3% per year and the HEAS interest rate is 3.95% per annum.