Pension changes proposed.

[kengillard]

The Productivity Commission has suggested that the pension age be lifted to 70.

Also that those pensioners who own their own home have an "equity release" applied (basically a reverse mortgage)  and paid to the govt.   Hope it doesn't happen!!

[izabsmiling]

I would imagine that people can get their own independent valuations for this equity release?

[debra9275]

I don't want to know about it, i hope it never happens

[*elizabeths-mum*]

That's higher than I would have guessed, Deb. Now I know how big a peasant I am. 😄

[azureline**]

Centrelink valued my FIL's home at $100,000 over the actual value. No amount of requests have made them change their mind as his assett test is what his nursing home fees are set at.

They will need to do a reassessment now that it has been sold though. I hope he has nothing left at the end of his life, it's his money, he deserves to have it spent on him. His children have had ample opportunity to amass their own assetts.

[debra9275]

I've learnt something too Em, I thought the medians would be higher than they are in some capital cities

[debra9275]

will they reassess it Az??

that's so wrong, so the higher valuation means higher nursing home fees?

[*elizabeths-mum*]

I wonder how Centrelink assessed it? $100 000 is a pretty decent amount of money.

[cherry*135]

Median value for houses where I live is $586 000.
Small town 1.5 -2 hrs south if Sydney.
That is for a fairly average house.

[*elizabeths-mum*]

It's funny how post codes can make a difference. Our (sold 12 years ago) house apparently is now worth $800 000 + while a similar house in a suburb walking distance away is worth half the amount.

[cherry*135]

$497 000 median house value in Wollongong city (1 hr sth of Sydney).