在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
Just after some ideas, my parents are living on a 780sqm block 4 doors down from the beach in Parkdale Vic. Both are on the old age pension. They only have about 30k in savings. The problem is the house is falling apart and they are not sure what to do. The block as it is would be worth $1 million and they own the house out right. I'd love for them to sell and buy somewhere else but they really want to stay in the same position.
They are scared anything they do might affect their Pension.
Are there any types of loans where they could borow the money for a new house and pay back after they eventually sell or pass away?
If we did rebuild their would be plenty of space in the backyard for another house at a later date.
Any ideas or suggestions would be great!
There is something called reverse mortgages, i dont know much about them but i found that might explain it a bit better.
Thanks for that!
sell it with a 99 year lease back option, so they can keep living there and have the cash.
A reverse mortgage equity release may work, but does depend on their age
The lvrs are quite low unless they are quite experienced
this is a common situation, asset rich in the one property and on the full age pension. especially in those inner city suburbs.
this is a situation where you need to pay a financial planner on a fee for service basis so that the pension is looked after and maintained if possible.
i know many people on this forum hate financial planners, but the two ideas i have seen put forward will ruin an age pension
Zhouse01 said: ↑
There is something called reverse mortgages, i dont know much about them but i found that might explain it a bit better.will affect the income test thus pension will decrease, unless you take a very small amount
http://au.pfinance.yahoo.com/home-loans/reverse/Click to expand...
Perth Investor said: ↑
sell it with a 99 year lease back option, so they can keep living there and have the cash.Click to expand...will affect pension asset test, will become a non homeowner for asset test with 1 million in the bank, not eligble for pension
Thanks, I think they're going to have to get some advice.
After talking it out today I think they are leaning towards selling up and buying something around Chelsea Heights for $450-$600k and having some spending money.