Replacing the Family Home when in retirement
We are a couple on age pensions and jointly own our home. We expect to sell it for around $750,000 and replace it some time later, after we have finished caravanning around Australia.
We believe that Centrelink will allow us 12 months to replace our home with a possible extension before they will assess us in some way on the proceeds.
Can anyone tell us please:
- what length of extension may we have beyond 12 months for replacement of our home as we will be travelling and not able to purchase one within the normal timeframe?
- what are the Centrelink conditions attached to an extension beyond 12 months?
1 comments
1 comments
I would be ringing them or going to see them to get proper info about this.
In 12 months --or more-- homes will have gone up quite a bit (we would hope) but your caravan and car will have depreciated so you would have to have had a very good return on the money you invested for your now home. Also do not forget that any money you make OFF the investment is counted as income and will effect your pension.