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Media Release | 27th October, 2021Pension Boost has $75 million in Pension Loans Scheme approvals

Pension Boost, the leading independent specialist helping retirees apply for the government’s Pension Loans Scheme (PLS), recently passed $75 million in loan approvals milestone.

Since 2019, Pension Boost has been assisting retirees access the government backed PLS – a form of reverse mortgage to help them live a better life.

The PLS pays a fortnightly amount to property-owning retirees with a lump sum option to be introduced from July 2022.

Key benefits of the PLS vs. commercial reverse mortgages
Interest rate Upfront fees and ongoing charges Lending criteria No negative equity guarantee Lump sum option
Lowest interest rate in the market* Low upfront fees and no ongoing charges PLS is unique in accepting every type and location of property in Australia Coming in 2022 Coming in 2022, but not as large as commercial options

*Pension Boost continues to advocate for a fairer, more transparent rate setting mechanism.

Self-funded retiree demand for PLS is increasing

While demand for PLS has predominantly come from aged pensioners, with the expansion of the scheme in 2019 to include self-funded retirees, interest in the PLS from this segment is growing.

We are also finding that enquiries are often being initiated by the children of retirees who see their parents are struggling to make ends meet but don’t wish to deal with the cost and emotional stress of downsizing or lose their independence.

More AFSLs drawn into PLS as their clients seek solutions for their parents

Pension Boost anticipates more interest from financial advisers resulting from the 2021 Budget announcements: no negative equity on estates, lump sum payments and a government PLS education and awareness campaign.

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