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 PLS 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%
    $390,151
  • 10 Years
    72% 28%
    $377,282
  • 20 Years
    41% 59%
    $287,402
  • Home Equity
  • Loans (including PLS)
  • Value of Net Equity

We estimate that Frank & Mary could draw the maximum PLS payment (CPI adjusted) of $56,885 per year for 3 years.

For the lifestyle they live, they felt that they only needed $400 per fortnight ($10,400 per year) which would last 23 years.

After 10 years, they would still own approximately 72% of their property ($377,000)*.

Please note, all rates and data are as at 20th September 2021.

  • Age Pension Before Pension Boost:

    NIL per/year
  • Age Pension After Pension Boost:

    $10,400 per/year

Pension Boost will help make applying for the PLS 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 Pension Loans 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.