Since 2019, Pension Boost has been assisting retirees access the government backed Pension Loans Scheme (PLS) – a form of reverse mortgage. Pension Boost has now assisted seniors access more than $50 million in PLS loans to help them live a better life.
The PLS pays a fortnightly amount to property-owning retirees, with a lump sum option to be introduced from July 2022.
Paul Rogan, Pension Boost Founder commented, "Whilst demand for PLS has predominantly come from pensioners, approximately 10% is from self-funded retirees who are now eligible. We are also finding that enquiries are often being initiated by the children of retirees who see their parents are struggling to make ends meet but don't want them to have to deal with the cost and emotional stress of downsizing or losing their independence."
Paul went on to say, "Pension Boost's discussions with advice dealer groups is highlighting increasing interest in embracing this opportunity for their senior ‘asset rich but cashflow poor' clients to access more cashflow, and not have their Age Pensions adversely impacted."
Paul finished off stating, "We also believe advisers will start educating clients on the PLS opportunity off the back of the 2021 Federal Budget announcements of enhancements to the PLS which are expected to drive greater uptake."
Excerpt from Pension Boost's 2021 Federal Budget overview
Federal Budget and seniors: PLS changes are welcomed
Major enhancements that Pension Boost has been advocating for will be made to the Pension Loans Scheme (PLS) from 1 July 2022:
A Pension Loans Scheme could help you tap into the equity of your biggest investment, your home, without having to leave it.
If you're retired and own your own property in Australia, you may be eligible for the PLS.
Click on the button below to use our PLS calculator, and find out if you're eligible today.