How Pension
Boost helped
John & Margaret

John & Margaret’s Story

John (72) and Margaret (70) are a married couple who own their home in Ocean Grove, Victoria.

They have to make payments on an outstanding home loan using part of their Age Pension. This leaves them in an uncomfortable financial position, making it a struggle just to make ends meet.

Home Value: $550,000

Home Loan: $150,000

Net Equity In Home: $400,000

Age Pension Before Pension Boost:

$37,014 per/year

Age Pension Plus Pension Boost:

$55,520 per/year

John and Margaret's Pension Boost

Pension Boost helped John and Margaret apply for the Pension Loans Scheme. In their case, they could get an additional $712 per fortnight (or $18,507 per year) to live on.

This would mean they would be able to afford their regular bills whilst also meeting their home loan payments.

Taking inflation into account, they will be able to boost their Age Pension by this amount for 10 years - until John is 82 and Margaret 80.

The PLS is offered by the Australian Government allowing pensioners to boost their Age Pension by unlocking the equity from their properties.


You get paid fortnightly by the Australian Government


Your mortgage increases by the payment amount + interest


You only need to pay the Australian Government back when you move out of your house or sell it

John & Margaret's Pension Loan

After 10 years they would still own approximately 45% of their property ($329,000).

If Margaret lived to 90 (20 years), they would still own approximately 40% of their home ($399,000).

Note: these numbers assume the value of John and Margaret’s property grows by an average of 3% per year (which compares to the average residential property growth rate for houses in Ocean Grove VIC over the past 25 years of 6.4% per year).

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