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Hi, Paul, this comment is not directed at Henry. Good luck to him but not means testing the family home is a travesty. By way of example, 70 yo Jack owns a small manufacturing business valued at say three million dollars ... he produces, he employs people and he pays taxes but has no entitlement to the pension. Jim who is also 70 owns a three million dollar home, has cash in the bank and is entitled to a full pension. So Jack who is a taxpaying productive member of the community is entitled to nothing ... Jim who does nothing but warm the couch is entitled to a full pension. Neither political party will ever change this because the pension vote is too large but it is so wrong on every level. You want more houses for the young. Means test the family home. The government shouldn't reward the productive but more importantly, it shouldn't reward the nonproductive. Cheers, Peter

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A good answer Paul.

I would note that, if Henry decides to stay where he is, the Pension Loan Scheme (now known as Home Equity Access Scheme) will only provide a maximum of $744 p/f for a full pension couple.

If Henry has a greater need, the traditional reverse mortgage will provide a higher amount.

Henry should speak with an experienced reverse mortgage adviser who can give guidance on all product options.

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I will be 66 in September and can apply for the pension in March next year , I want to downsize as well , my worry is if I sell my home and buy a small home I will have money left in the bank , which means I cannot receive the pension , is that correct . How much money can I have in the bank to receive the pension please

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Hi Marianna,

You can learn more about the pension assets test here:

https://www.servicesaustralia.gov.au/assets-test-for-pensions?context=22526

- Money team

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Story time, folks... My parents, who've been 'self employed' my entire life, bought an amazing block of land many years ago. It was large, had it's own little rainforest, close to the beach/waterfall/quaint shops and not far from a major city. They sold their old home, built a big new home on the block while relying on the pension and benefits to support them. Fast forward many years and my parents' property has grown extremely valuable and desirable - but not their relationship which broke down in spectacular fashion. To this day, they bicker about the property they refuse to sell but can't maintain, while holding dearly to their pensions having let go of their family. I wonder, if they had more education on selling their property and the pension, they would be happier and most likely better off in the long run. Sometimes, a house is not where the home is.

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Hi Paul

can you please advise me on how to became more financial

On a old age pension and I own my town house but no money in the bank

Thanks

Nina Martin

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Hi Nina,

Unfortunately, Paul Clitheroe cannot respond to questions or comments here. To submit your question for consideration, please email money@moneymag.com.au or fill in the form here: https://www.moneymag.com.au/contact.

- Money team

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