Louise (80) lost her husband five years ago and has been living in the apartment she owns in Brisbane alone ever since.
She is currently on the full Age Pension but still struggles to meet her regular living costs. Due to her ill health she needs the extra assistance and is considering the HEAS to help fund in-home care services.
We estimate that Louise can draw the maximum HEAS payment (CPI adjusted) for 24 years. This would give Louise an additional $13,832 per year to help with the in-home care service payments.
After 10 years on the HEAS, she would still own approximately 73% of her property ($516,000)*. After 20 years, at age 100, Louise would still own approximately 45% which, due to growth in the property market would be $425,000.
Please note, all rates and data are as at 20 March 2023.
Pension Boost will take the hard work out of applying for the HEAS so that Lousie can get the in-home care she needs.
Use 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 Lousie’s property grows by an average of 3% per year and the HEAS interest rate is 3.95% pa.