Pension Boost has achieved a 98 per cent success rate in assisting seniors to supplement their retirement income without impacting their age pension entitlements. This company is aiding retirees to boost their age pensions, to help them make ends meet and enjoy a better quality of life by accessing the net equity in their homes.
Paul Rogan, a company director and retirement income expert, has brought together a team with Centrelink knowledge, UX design and IT experts to craft a simplified application service dedicated to the government’s expanded Pension Loan Scheme (PLS).
Pension Boost removes the hassle of dealing with Centrelink/DVA by acting as an ‘agent’ to assist seniors with their application for the PLS. The company also deals with any questions or queries raised by Centrelink/DVA for the retiree applicant.
“The PLS is a wonderful opportunity for homeowners in retirement who need to top up their age pension or self-directed retirement incomes. Even before COVID, retirees had lost considerable income with record low interest rates on deposits. COVID further smashed seniors with hits to bank dividends and investment portfolios” said Paul Rogan, Pension Boost Founder and CEO.
“Baby boomers are starting to realise that they have overlooked the third ‘pillar’ of their retirement assets/income. Whilst government policy defines the three pillars as the age pension, superannuation, and private savings to date seniors have tended not to look at the family home as a source of income. The recent Retirement Incomes Review’s terms of reference firmly placed the family home front and centre as being included in ‘private savings’.
“In a short space of time, we have helped hundreds of retirees to ‘top-up’ their income to live on by more than $30 million. The PLS was enhanced in July 2019 opening it up to all residents of age pension age owning Australian property, including those not eligible for the age pension. Many seniors struggle with the complexity of the application process with research evidencing the majority of seniors find Centrelink frustrating to deal with. We remove this hassle for seniors and charge a modest fee for them to access more income to unlock a better life,” said Mr Rogan.
Interesting statistics from Pension Boost’s PLS loan approvals to date:
- Median house value of those applying is $525,000 (ranging from $130,000 to $5 million); busting a myth that reverse mortgages are only for the wealthy
- 48% of PLS applicants still have mortgages
- Applicants are from all over Australia – the PLS is unique in that it accepts any property anywhere is Australia unlike commercial providers
- Regional and rural customers represent 55% of applications, a group underserviced by commercial providers
Who is helping retirees access more income and not lose Age pension?
Pension Boost works with Centrelink on behalf of Retirees considering 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 include:
- Raising awareness of the PLS (one of the government’s best kept secrets)
- Educating seniors on what the PLS is, its ‘rules’ and how it works
- Assisting seniors and their families decide whether the PLS may be of benefit to them
- Demonstrating to seniors via our Pension Boost Calculator what the PLS may mean for them and their families financially
- Determining the type of Pension Loan that best suits a senior’s individual circumstances
- We remove the hassle of dealing with Centrelink/DVA by acting as an ‘agent’
- Assisting seniors with their application for the Pension Loan
- Dealing with any questions or queries raised by Centrelink/DVA
- Providing ongoing reporting and reviews of a senior’s cash flow needs and Pension Loan level, to ensure they remain in control of the net equity in their home, and have the funds to make ends meet
Key facts about the government’s Pension Loans Scheme:
- A ‘reverse mortgage’ style contract offering by the Commonwealth Government since 1985
- Eligible to all citizens/residents over 66 who own freehold real property anywhere in Australia
- Designed to assist seniors meet regular costs of living and remain in their homes for longer
- Fortnightly payments of up to 150% of the Full Age Pension less whatever government pension is received – no lump sum is available
- Full age pension Couples can currently access $711.80 per fortnight ($18,507 pa) and Singles $472.15 ($12,296 pa)
Paul Rogan
Founder and CEO
Pension Boost
Sydney
M: (+61) 0423 780 113
paul@pensionboost.com.au
https://pensionboost.com.au