How Pension
Boost helped
John & Margaret

John & Margaret’s Story

John (80) and Margaret (77) are a married couple who own their home in Ocean Grove, Victoria but have a loan outstanding that helped their kids get on the property ladder.

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

Home Value: $650,000

Home Loan: $150,000

Net Equity In Home: $500,000

Age Pension Before Pension Boost:

$26,000 per/year

Age Pension Plus Pension Boost:

$45,500 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 up to an additional $1,154 per fortnight (or $30,012 per year) to live on but decide that they would be able to afford their regular bills and their home loan payments with $750 per fortnight ($19,500 per year)

Taking inflation into account, they will be able to boost their Age Pension by this amount for 18 years - until John is 98 and Margaret 95.

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 51% of their property ($449,000).

If Margaret lived to 97 (20 years), they would still own approximately 27% of their home ($314,000).

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) and that the existing home loan remains unchanged.

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