Client Stories

After Covid19 started we thought we would see an increase in aged care loans as families would have trouble selling properties to pay for aged care. This has not happened as much as one would think. What we have seen is a big increase in loans to pay for aged care in the home. It seems more people are staying out of aged care, but they need assistance. Government Aged care packages only help so much and if you need more care then it costs. A family can use their parents’ home to access funds to pay for aged care in the parents’ home. Henry’s daughter has organised a loan facility to help pay for her father’s in home care. The loan is providing $5,000 per month to start with and can be increased if necessary as Henry needs greater care levels.

I hope all’s well with you both. This has been a very useful facility for me & I’ve appreciated the great service both Heartland & you two have given me in setting it up. I have no doubt it will go just as smoothly at this stage.

Many thanks & kind regards,

Robyn

Property valued at $2.5million. They found their property maintenance and living costs were $80,000 per annum.

Income of aged pensions and superannuation earnings was $50,000 so their superannuation was decreasing by $30,000 per annum. The Franked dividend and capital returns were over 10% after tax so they did not want to continue reducing their superannuation.

Borrowed funds to add battery to solar system to get rid of electricity bills, do some needed house and yard repairs and to maintain their lifestyle going forward.

Over the last 5 years, the loan has increased to $270,000 but their home has increased from $2.5 million to $4.5 million.

This lady had a body corporate special levy to pay for repairs to the building and had run out of investment funds.

She was able to borrow $70,000 for the special levy, and has a cash reserve that she draws as needed to continue her lifestyle of bowling, golf and 2 cruise holidays per year.

After 5 years she will owe $270,000 but her property has increased in value from $1.5M to $2.5M in value.

Mike and Jan’s daughter needed $120,000 to be able to finalise the divorce from her husband. Mike and Jan received advice that gifting or lending this money to their daughter would not reduce their pension. This is because they would still be under the Centrelink assets test. We made sure they checked with Centrelink that their plans would not have an unexpected consequence for them. The daughter is now able to move on with her life.