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How
Pension Boost
helped Frank & Mary

Frank & Mary's Story

Frank (75) and Mary (73) are a married couple who own their home outright in Lutana, Tasmania.

Previously they used to receive a part Age Pension however due to the changes in 2017, they no longer qualify. Since then, they’ve found it challenging to maintain the quality of life they used to enjoy. They are interested to see how the HEAS can help them get back to living their best lives in retirement.

  • Own their home in Lutana, Tasmania valued at $390,000 with no mortgage.
  • Currently not receiving any in Aged Pension payments.
  • Looking to draw on their home equity to live a more joyful life.

Their Pension Boost

  • Now
    100%
    $390,000
  • 5 Years
    86% 14%
    $391,025
  • 10 Years
    73% 27%
    $381,414
  • 20 Years
    44% 56%
    $311,059
  • Home Equity
  • Loans (including HEAS)
  • Value of Net Equity

We estimate that Frank & Mary could draw the maximum HEAS payment (CPI adjusted) of $62,556 per year for 2 years.

For the lifestyle they live, they felt that they only needed $400 per fortnight ($10,400 per year) which would last 24 years.

After 10 years, they would still own approximately 73% of their property ($381,000)*.

Please note, all rates and data are as at 20 March 2023.

  • Age Pension Before Pension Boost:

    NIL per/year

  • Age Pension With Pension Boost:

    $10,400 per/year

Pension Boost will help make applying for the HEAS as smooth and seamless as possible. This will help Frank and Mary afford their regular bills while enjoying some of life's little luxuries.

Feel like you're not living your best life in retirement? Use 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 Frank and Mary’s property grows by an average of 3% per year and the HEAS interest rate is 3.95% pa.