David* has health issues that affect his decision-making ability. The Public Trustee was appointed to support David in managing his financial affairs and help him make decisions about his ongoing income.
David inherited his family home when his mother passed away. This home had great sentimental value, and he did not want to part with it. His situation was made difficult because he already owned a home, which meant he was “asset rich, but cash poor.” This resulted in his Centrelink age pension being cut.
With no savings or other income, David’s bills began to pile up, and he had no income to cover his living expenses. David’s Client Account Manager (CAM) at the Public Trustee understood how important it was for him to keep his family home, as it was a place of peace and respite for him. Respecting his wishes, the CAM worked closely with David, his support people, and the Public Trustee Investment Management to find a solution that would not involve selling or renting out the house.
The Public Trustee investigated the Australian Government’s Home Equity Access Scheme (HEAS). This scheme allows older Australians to get a non-taxable loan, providing both a lump sum and regular income payments. It was a great way to support David while assisting him to keep his cherished family home.
The CAM explained the HEAS to David, ensuring he understood how it worked and how it could help him. David agreed it was a good solution, and the CAM took care of the application process for him. There were several rounds of communication and follow-ups with the HEAS, but the Public Trustee remained persistent and dedicated to securing the best outcome for David.
Finally, David’s application was approved. He received a lump sum that allowed him to pay off his accumulated bills, and he now receives regular fortnightly payments that cover his ongoing expenses. Most importantly, David was able to keep his family home as a place of sanctuary for him.
*Name changed for privacy
83% of clients feel satisfied that the Public Trustee understands their needs – Myriad Research, Independent Client Satisfaction Report 2024
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