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Media Release | 29th June, 2022Pension Boost reaches $100 million in HEAS approvals

1.9 million age pensioners own property[1]

  • Regional / rural areas account for 40% of Pension Boost’s clients
  • HEAS is one of the cheapest reverse mortgages available @ 3.95%[2]
  • Paul Rogan seeing significant enquiries in scheme’s new lump sum option 

Pension Boost, which is the leading independent specialist assisting retirees to benefit from the Home Equity Access Scheme (HEAS), has reached a key milestone of $100 million in HEAS approvals. 

The government’s reverse mortgage solution Home Equity Access Scheme - Services Australia is expanding its features from 1 July 2022.The HEAS pays a fortnightly amount to property-owning retirees with a lump sum option to be introduced from July 2022. Also, from July, a “no negative equity guarantee” is being introduced meaning that HEAS borrowers or their estate will never be required to repay more than the market value of the property when sold.

“The recent growth in reverse mortgage options for retirees is important as more senior Australians prefer to age in their homes rather than being forced to downsize. Asset rich cash poor seniors are increasingly seeking to supplement their retirement cash flow to help them make ends meet given rising cost of living pressures. 

“HEAS is a stand-out option because the scheme provides a regular fortnightly cash boost, is very competitively priced, and, unlike commercial reverse mortgage options, the government accepts any type of real property anywhere in Australia as security for the scheme. Over 40 per cent of Pension Boost’s clients are from regional and rural areas.

“The expanding choice of reverse mortgage options is a positive industry development for those seniors living in the prime lending areas of capital cities and certain regional cities. 

The HEAS evens up the odds for the many Australian retirees who live outside these locations or in non-traditional housing,” said Paul Rogan, Pension Boost Founder. 

[1] Source Services Australia Annual Report 2021 - 2.59 million pensioners x 73% owning property (per the Retirement Income Review 2020)

[2] HEAS interest rate as at 31 May 2022, with no ongoing fees and charges