We speak to literally hundreds of seniors each week and we get to know a bit about them including what they’re concerned about, and the issues they’re trying to deal with as best they can.
There seems to be four broad groups of seniors we to talk to, those who are:
In need of a large upfront amount of finance
Their reasons can range from:
Really struggling to live on the Age Pension and not managing to make ends meet
Their quality of life is lower than they envisaged before they retired. The range of things this group is looking to finance are quite broad and commonly includes the following:
Currently managing to live on the Age Pension and other sources of income, but want to know what their options are in case they need them in future; and
The kids (and even grandkids) who are worried about how their parents are coping, and are seeking options to help them live a better life
When seniors talk to us about the Government’s Pension Loans Scheme (PLS) we find overwhelmingly that very few seniors are even aware that it is an option for them, despite it being offered by the Australian Government since 1985.
When we explain how the PLS works, with its regular fortnightly payment structure, but no lump sum option, we advise the first group to talk to mortgage brokers or financial planners because the PLS is not a suitable option for them (as Pension Boost is not licensed to discuss these options).
However, with the second and third groups, we are learning that a large proportion worry about the risks of them blowing their spending discipline if they were to access a lump sum or a Line of Credit. Furthermore, these groups seem to gain comfort in that the Government (and not the banks) is behind the PLS. They find that being able to receive a payment each fortnight is a benefit (not a constraint), as it gives them a sense of forced control over their spending.
The PLS provides flexibility to Australian Seniors including:
By having these options, seniors can unlock a better life whilst keeping control of their PLS and the net equity in their home.
To find out if you’re eligible for the PLS, visit our quick and easy online PLS calculator.
Leave your details below or call us on 1300 BOOSTNOW (1300 266 786).