John (80) and Margaret (77) are a married couple who own their home in Ocean Grove, Victoria. They recently helped their two kids purchase their first properties by mortgaging part of their home.
They currently use their part Age Pension to pay off this home loan, but it has left them stressed and uncomfortable with their current financial situation. Each month they are struggling to make ends meet and they want to live a comfortable lifestyle while still helping their children.
We estimate that John & Margaret could draw the maximum HEAS of $36,556 pa ($1,406 per fortnight) for 8 years.
However, they would be able to live comfortably by drawing an additional $750 per fortnight ($19,500 pa) which would last 19 years.
After 10 years they would still own approximately 52% of their property ($457,000).
Please note, all rates and data are as at 20 March 2023.
Pension Boost will help make John and Margaret's HEAS application as easy as possible so that they can live their lives without having to stress about their financial situation.
Try our Home Equity Access Scheme calculator to find out how much you may be able to increase your cashflow by.START CALCULATOR *These numbers assume the value of John and Margaret’s property grows by an average of 3% per year and the HEAS interest rate is 3.95% pa.