As specialists in the government's Pension Loans Scheme (PLS), Pension Boost has reviewed the PLS applications submitted on behalf of clients since the PLS was expanded in July 2019, and has found some surprising results.
Females dominate single (PLS) applicants with 59% share of single loans approved and make up 63% of loans by value. PLS is a government-backed reverse mortgage scheme for home-owning retirees that does not affect Age Pension rules. The PLS pays up to 150% of the full age pension rate less whatever pension is received on a fortnightly basis. For example, the maximum a single full age pensioner can access is currently $476
Single females however have a 7% lower initial Maximum Loan Amount - meaning the duration of their access to PLS payments is lower than single males. This appears to add further to the weight of evidence of the gender gap when it comes to retirement funding including super.
Paul Rogan at Pension Boost is pleased to see this level of female interest in the scheme. He noted that, “At 72, females still need on average to fund another 15-16 years of life expectancy and males 13-14 years. It's interesting that our research shows the median age of single females applying is consistent with males at 72.5 years vs 72.1 years.”
|Initial PLS Maximum Loan Amounts Approved
Source: Pension Boost
The majority (99%) of Pension Boost's PLS applications on behalf of retirees are approved. We take all the hard work out of the application process which reduces the stress on our clients and often increases the speed of approval.
If you'd like to find out if you're eligible for the PLS, click the calculator below. If you'd like to speak to a specialist, call 1300 266 786 or leave your details in the space provided at the bottom of this page.