At some point in your life, you may find yourself on the pension. If that happens, it doesn’t mean you need forgo a great lifestyle.
Would you say yes to the following questions?
- You’re over 50
- A homeowner
- You don’t have any dependent children
- You’d like to have a great lifestyle in retirement
If you said yes, Lyn Morrison, lifestyle adviser at Nature’s Edge Buderim, has three tips for you!
- Own your own home and get the pension. Check your eligibility because a primary place of residence is not counted in asset tests.
- Own your own home and access rental assistance. Here’s a little-known fact: buying a home in a community operating under the Manufactured Homes Act means you may be eligible for rental assistance.
- Downsize and cash up. Imagine if you could sell your existing family home, buy a new home in a gated estate, have cash in the bank and still be eligible for the pension? A home owning couple can have up to $380,500 in the bank and still get the pension (depending on your overall asset mix).
The bottom line
At Nature’s Edge Buderim, you can buy a new, architecturally designed home from $479,000, whilst remaining eligible for the pension (depending on your overall asset mix).
You will save $9394 in stamp duty, because it is not payable on homes sold under the Manufactured Homes Act.
Better still, you could be eligible for rental assistance.
Talk to the lifestyle advisers at Nature’s Edge Buderim. Call 1800 218 898; email firstname.lastname@example.org or visit naturesedgebuderim.com.au
Article does not constitute financial advice.