The surging cost of living has more of us looking for ways to support our day-to-day living costs. For some, their first thought might be to cut down on activities, such as trips to the cinema or lunch out with friends, while others are overwhelmed every time they open a bill or visit the shops. 

Yet, there are ways to boost your income without sacrificing your lifestyle and that can help you combat the rising cost of living using a major asset - your home.  

Many older Australians have accessed the equity built up in their home to counter the increased cost of living. Retirement funding provider, Household Capital, has witnessed the effect of the current economic landscape, seeing an increased demand for home equity access over the last two months. 

Household Capital offers a Household Loan through which you can draw on your home equity to improve your retirement lifestyle. So as your daily costs increase, your lifestyle doesn’t have to suffer. 

Inflation and the rising cost of living mean that each dollar of retirement income buys less. If you’re living on a fixed income, inflation and rising costs can be confronting. However, there are two ways a Household Loan can help you enjoy a comfortable retirement despite the spiraling cost of living:  

1. Draw a regular income stream 

You can draw on a portion of your home equity to receive a monthly or fortnightly income stream, to top up income from your super fund or the Age Pension. That way, you can live the retirement lifestyle you deserve without worrying about every dollar you spend. 

2. Establish a contingency fund 

Many of Household Capital’s clients establish a contingency fund they can draw on as required. It’s handy to know you have access to funds if you need to pay a large bill, medical expenses, body corporate fees or have to repair your home or car. Plus, with a contingency fund, your regular income does not have to stretch to meet these expenses. 

• Is generally tax-free 

• Will usually not impact your pension entitlements 

• Can be paid to you fortnightly or monthly 

• Provides you with choice and flexibility 

• Does not stop you from accessing lump sum capital as required 

Speaking to a financial adviser or Centrelink can help to ensure that accessing your home equity is the right decision for your circumstances and will not impact your Age Pension or other entitlements.  

A Household Loan from Household Capital allows you to live in the home you love while enjoying the lifestyle you deserve. After all, home can be both the best place to live and the right way to fund retirement.  

If you’d like to learn more about using your home equity to improve your retirement funding and look to the future with confidence: 

• Speak to a Household Capital retirement specialist by calling 1300 760 139   

• Read this free e-guide (insert NSA link to eGuide page with UTM) 

• Check out Household Capital’s online calculator to see how using your home equity could improve your retirement.