Since the onset of COVID-19, Pension Boost has received a material increase in enquiry from self-funded retirees with around 10% of PLS applications being from this segment. They are highly anxious about the adverse impact of the pandemic on their investment portfolios and the cash flows they used to rely on being decimated. Cash rates are negligible, bank dividends have been dramatically reduced (and in some institutions ceased) as has the rentals from investment properties.
Self-funded retirees had relied on these sources to fund their lifestyle. Moreover, this group is highly reluctant to sell down assets given market volatility impacts on portfolios, with the ASX200 whilst it has recovered, still 15% off its pre COVID highs. The temporary 50% reduction in the minimum drawdown rates from super pensions in SMSFs has provided some shelter but that does not solve their need for income to live on.
Median house value of clients is $540,000
Pension Boost has found that the median house price for the retirees it is helping apply for a PLS loan is $540,000 and from all corners of Australia.
Example: Self-funded couple aged 74 with $2m in their SMSF; accessing PLS
Pension Boost works on behalf of Retirees considering the PLS
Pension Boost is a private commercial venture founded by Paul Rogan in 2019, and our purpose is to assist everyday Australian seniors to live a better life. There are 1.8 million seniors on the Age Pension who own property, with many struggling to make ends meet.
Pension Boost are specialists in the Australian Government’s Pension Loans Scheme (PLS). We act as your agent when dealing with Centrelink/DVA to take the hassle out of the process for you.
Some of the ways Pension Boost assists seniors includes:
Leave your details below or call us on 1300 BOOSTNOW (1300 266 786).