My mum sold her house and is on Age Pension. Will she lose it while renting and house hunting?
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Replying to @Arabella any funds received from the sale of your home will be exempt from the assets test for up to 2 years while you make the move to find your new primary residence. This exemption can push out for three years for unusual circumstances where it makes it very hard to purchase your new home. The funds will also be deemed for the income test which is generally not a problem for retirees on the age pension that are not receiving any income from employment. I highly recommend people seek financial advice when it comes to Centrelink and the age pension in special circumstances like these.
General advice only.
#financialadvice #agepension #superannuation #retirementplanning #retirement
The information provided in this article is general in nature only and does not constitute personal financial advice.