Can you assist your children with their home loan?
The number of Australian households who are struggling to refinance due to serviceability issues has surged from 15% to 30% in just less than six months, according to Compare Club. New data from the personal finance marketplace and advice company also showed a skyrocketing number of refinancing enquiries from mortgage holders with an LVR of […]
Are you receiving the correct pension payments?
Age Pension eligibility is calculated by a means test assessment. Both income and assets are assessed by Centrelink/DVA in order to determine eligibility and payment amounts. The current maximum age pension payments are Single $1064.00 per fortnight Couple $802.00 each per fortnight Income assessment Recipients are able to earn $204.00 per fortnight for singles ($360.00 […]
Downsizing for Seniors
From 1st July 2022, homeowners selling their home that has been owned for more than 10 years, can contribute up to $300,000 (per person) into a superannuation fund. But is it a financial advantage? The first consideration is the age pension and the second is property growth rates. Any amount contributing to a super fund for […]
The Revised Pension Loans Scheme compared to a conventional reverse mortgage
Much has been written about the recently revised Centrelink Home Equity Access Scheme (HEAS). It is a government-funded reverse mortgage loan that offers eligible seniors (not necessarily pension recipients) increased pension payments advanced as a reverse mortgage loan. Borrowers must be property owners and the loan is secured by a caveat over their home, […]