Kevin (75) and Patricia (73) are a married couple who own their home in rural NSW.
They have been living frugally, but struggling just to make ends meet.
Home Value: $350,000
Age Pension Before Pension Boost:$37,014 per/year
Age Pension Plus Pension Boost:$55,520 per/year
Pension Boost could help Kevin and Patricia apply for the Pension Loans Scheme (PLS). In this case, they could get an additional $18,506 per year to live on.
This would mean they would be able to afford their bills, and have money left over to spend every fortnight.
They will be able to boost their pension by this amount for 8 years - until Kevin is 83 and Patricia 81.
You get paid fortnightly by the Australian Government
Your mortgage increases by the payment amount + interest
You only need to pay the Australian Government back when you move out of your house or sell it
After 10 years they would still own approximately 50% of their property ($234,000).
If Kevin lived to 95 (20 years), they would still own approximately 41% of their home ($261,000).Note: these numbers assume the value of Louise's property grows by an average of 3% per year.
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