Q. My husband & I (both 63) are close to retirement age and we have a substantial mortgage to pay, I would like to know if there is any assistance available financially when we do retire as we will not have enough funds to meet the monthly payments. There must be many Elders in the same position as us, or do we have to sell our home & join the rental market to keep a roof over our heads in order to be helped with Govt rent assistance. Your advice would be greatly appreciated.
A. Dear Rose,
Unfortunately the Commonwealth Government does not offer specific mortgage repayment assistance to individuals. It is possible your state government or local council or shire may assist with rates relief etc, but you would need to contact them directly to explore this possibility. Meanwhile it is probably a good idea to take the opportunity to meet with a Centrelink Financial Information Officer (FISO) free of charge to see if there is a way of restructuring your finances to ease the burden of your mortgage.
– Centrelink’s Financial Information Service helps people, like yourself, to make informed decisions about investment and financial matters for their current and future financial needs.
– To make an appointment to speak with a FISO call 13 2300.
– FISOs also run financial information service seminars, in city and country locations, aimed at people in the workforce, as well as people who are about to retire or have already retired. The seminars are free and they cover a range of topics, including reducing your mortgage and investments for retirement.
– To find out about seminars near you and to make a booking call 13 6357 or email.