A pilot program will be introduced to assist older Australians to downsize their home without affecting the Age Pension. Would this help you move?
Housing was identified by the Advisory Panel on Positive Ageing as a major challenge for an ageing population. A pilot program will be funded at a cost of $112.4 million to assist older Australians to downsize without their pension being affected.
From 1 July 2014 those claiming the Age Pension can downsize and invest the additional funds, capped at $200,000, in a special account. The funds invested and any interest earned, will be exempt from asset and income testing for up to 10 years.
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