Pension Boost delivers $100 million in Home Equity Access Scheme approvals

Since 2019, Pension Boost has been assisting retirees access the government backed Home Equity Access Loans Scheme (HEAS) – a form of reverse mortgage. Pension Boost has now assisted seniors access more than $100 million in HEAS loans to help them live a better life.

Previously known as the Pension Loans Scheme or PLS, the HEAS pays a fortnightly amount to property-owning retirees, with a lump sum option soon to be introduced.

Paul Rogan, Pension Boost Founder commented, "Whilst demand for HEAS has predominantly come from pensioners we’ve seen a steady increase in applications from self-funded retirees. We are also finding that around 40% of applications are coming from regional and rural communities who are generally underserviced by commercial reverse mortgage providers.

The HEAS enables seniors to access the equity they have in their homes without having to deal with the cost and emotional stress of downsizing or losing their independence."

Paul went on to say, "Pension Boost's discussions with ‘asset rich but cashflow poor' seniors highlights that many wish to access more cashflow without having their Age Pensions adversely impacted."

Paul finished off stating, "Whilst we’ve seen a significant lift in interest in the Scheme in recent months, with record applications in the March 2022 quarter, we believe the market is ready to really take off with the government launching enhancements to the Scheme from July."

These enhancements were outlined in detail in our 2021 Federal Budget overview but include:

• A no negative equity guarantee to ensure that there will be nothing owing to the scheme when the property is sold, even if it sells for less than is owed under the scheme.
• Lump-sum options.
• More awareness building of the scheme by the government.

The Home Equity Access Scheme could help you tap into the equity of your biggest investment, your home, without having to leave it.

If you're retired and own your own property in Australia, you may be eligible for the HEAS.

Click on the button below to use our HEAS calculator, and find out if you're eligible today.