Louise (80) has been a single widower since her husband passed away five years ago. She lives in the apartment she owns in Brisbane.
She is on the full Age Pension and struggles to meet her regular living costs. Louise needs assistance due to ill health, and is considering the Pension Loans Scheme (PLS) to help fund in-home care services.
Home Value: $525,000
Age Pension Before Pension Boost:$24,770 per/year
Age Pension Plus Pension Boost:$37,155 per/year
Pension Boost could help Louise apply for the PLS. Based on her current situation, she could get an additional $12,385 per year to live on.
This would mean she could afford the in-home care service she needs.
She will be able to boost her pension by this amount for 25 years - until well after she’s turned 100.
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
After 10 years she would still own approximately 75% of her property ($531,000).
If she lived to 100 (20 years), she would still own approximately 48% of her home ($452,000).Note: these numbers assume the value of Louise's property grows by an average of 3% per year.
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Leave your details below or call us on (02) 8417 1139.