Graham (77) is a single part pensioner who owns his apartment in Mooloolaba on the Sunshine Coast in Queensland. Graham has an outstanding home loan which is impacting his ability to afford to travel after his loan repayments are paid from his Aged Pension.
Graham plans on moving closer to family when he’s done travelling and his need for care increases but right now he’s not ready to give up his lifestyle.
We estimate that Graham can draw the maximum HEAS payment (CPI adjusted) for 10 years. After 10 years, he would still own approximately 34% of his property ($183,000)* when he does decide to sell and move closer to family.
This would give Graham $41,496 per year, which is an additional $20,696 on top of what he’s already receiving.
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 Graham can get to his travelling sooner. Not sure if your story has a HEAS ending?
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 Graham’s property grows by an average of 3% per year and the HEAS interest rate is 3.95% pa.