Selling your home may affect the amount of Age Pension that you receive. If you sell your home, the proceeds will be exempt from the assets test for up to 12 months, as long as you are planning to use the money to buy another home. The proceeds, however, will be deemed under the income test.

Does selling a house affect Centrelink payments?

How does selling my home affect my pension or payment? If you sell your home, you will need to tell us what you intend to do with the money from the sale. This means that income will be deemed to have been earned on the money under the income test, and will also be immediately counted as an asset under the assets test.

What happens to my pension if I Sell my Home?

If you sell your home, the proceeds will be exempt from the assets test for up to 12 months, as long as you are planning to use the money to buy another home. The proceeds, however, will be deemed under the income test. Susan is 69 and divorced.

Where can I find retirement homes for sale?

Rightmove’s retirement homes search facility allows you to find housing designed specifically for older people Assisted living and other resident friendly features are on offer at these developments, which are designed to cater specifically for the needs of the retired and help maintain freedom and quality of life.

Is it good to sell family home for retirement?

By the time you start considering retirement you may have substantial equity in your home. You may even own your house outright. Selling the family home is one way to free up cash for retirement. The money you receive can be invested in shares, term deposits, managed funds or superannuation.

Can you buy a new house after retirement?

Before you go ahead and apply for a loan, check if you have enough equity in your old home. Your current home equity can help you purchase a new house after retirement. With enough equity, you may be able to buy the house without taking out a mortgage.