Seniors crying out for better downsizing options

Published 11th June 2019

National Seniors’ research has consistently shown that while many consider downsizing, there are barriers which discourage this.

Barriers such as the cost of stamp duty, the cost of moving and the potential impact of sale proceeds on the age pension.

Victoria, the Australian Capital Territory and Northern Territory have schemes in place to encourage downsizing. 

The ACT scheme is the most generous, waiving stamp duty on the sale of houses that sell below $680,500, with the value of the concession declining on a sliding scale up to $895,000.

Thanks to our lobbying efforts, Tasmania now offers a concession! However, there is no commitment to this beyond the 2019-20 financial year. 

To read the full article, please visit the website.

Source:
Unknown Author, 2019, National Seniors (https://nationalseniors.com.au/)