Eligibility
It is important to us that you fully understand how a HIR® Program works before submitting an application with the help of your Trusted Partner (ASIC licensed Advisor). By doing this, you will know it is right for you? Although a HIR® Program is quite simple, your Trusted Partner will assist and support you through the entire process, ensuring you receive the very best income solution to meet your needs.
Am I eligible?
- You must be an Australian citizen who is not currently a bankrupt
- You can be if you own your own free-standing or semi-detached home/unit in an approved location within 25 km of a capital city.
- You can be if you are employed, retired or even if you are unemployed
- You can be eligible even if you don’t own a home or unit. However, this will require an adult child (next of kin) agreeing to use their own home as security for the released capital in a HIR® Program subject to conditions. In this instance, the name on the HIR® Program application will be the owner of the home (child or next of kin).
Application Process
A HIR® Program uses growth as its investment measure and does not charge interest on the capital released from your home. As a result, the HIR® Program application process focuses more on the quality and location of your home or property used as security and less on the homeowner’s financials, for example their income and assets given there is no interest charged and no periodical payments required in a HIR® Program.
However, knowing all about your income and assets is critically important in ensuring you continue to receive your full welfare entitlements such as the pension. This is where the Trusted Partner’s knowledge of the Centrelink policy settings in regards to the pension will be invaluable in determining exactly how much capital to release from your home and therefore how much income you can receive from a HIR® Program without impacting your welfare entitlements.
Each HIR® Program application must be processed online with the support of a Trusted Partner. The Trusted Partner will evaluate the homeowner’s requirements and confirm, based on the information presented and inputted by the homeowner whether or not the HIR® Program is suitable for them. Once suitability is confirmed, a HIR® Program income calculator on this website can be used by both the homeowner and Trusted Partner to establish the correct settings for the income and/or lump sum needs of the Applicant.