Comprehensive approach needed for those unwilling to downsize
The Government’s move to allow people aged over 65 to downsize their home and contribute an extra $300,000 to their superannuation has been welcomed by Homesafe Solutions.
Responding to the Government’s Budget, Homesafe said the Government should now consider a more comprehensive approach to the broader issues that faced the growing demographic of senior homeowners, including those that did not wish to downsize.
Homesafe general manager, Dianne Shepherd, said: “We hope the Government has left the door open to consider a more comprehensive approach in this area, in particular the interaction between superannuation and Age Pension policies”.
The debt free equity release solution provider said that those who did not want to downsize had untapped wealth tied up in the family home which could be used for various purposes, while providing them the security to remain in their family home.
“The Government has an unprecedented opportunity to recognise the role of equity release in Australia, it not only benefits the individuals but also the wider economy, and to support the efficacy of the industry by ensuring providers of equity release products protect the right for senior homeowners to live in their home for the remainder of their life,” Homesafe said.
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