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]

This is Victoria  (from property data)

September Quarter 2013 Median Prices

Metro Melbourne*	Sep-13 Quarter	Quarterly change	Jun-13 Quarter	Annual change	Sep-12 Quarter
House	$595,500	8.8%	$547,500	14.9%	$518,500
Unit	$481,500	4.8%	$459,500	9.6%	$439,500

Regional Victoria*	Sep-13 Quarter	Quarterly change	Jun-13 Quarter	Annual change	Sep-12 Quarter
House	$308,000	0.8%	$305,500	0.0%	$308,000
Unit	$247,000	-1.0%	$249,500	0.2%	$246,500

* median prices are seasonally adjusted

Regional Centres^

House Prices	Sep-13	Quarterly change	Jun-13	Annual change	Sep-12
City of Greater Geelong	$405,000	3.8%	$390,000	6.6%	$380,000
City of Greater Bendigo	$315,000	1.6%	$310,000	5.0%	$300,000
City of Ballarat	$290,000	1.8%	$285,000	1.8%	$285,000

^ median prices are based on original series and 12 months ending

[*elizabeths-mum*]

Toowoomba, median for houses is $306 000. About an hour and a half west of Brisbane.
2bed $258 000 to 4bed $380 000

[kengillard]

Glass House Mountains, Sunshine Coast Qld.   Median 396...4.br. 413

[azureline**]

We will have to submit a request now for them to reassess it, and yes, the more assetts, the higher the fee, if you have no assetts, they take 85% of the pension.( They can have under $43,000? (may be changed now to $48000, not sure) in the bank.)

If a relative is living in the home, they can't assess it as assetts.

I was told they send a valuer out to do it when they do the valuation but he must have been wearing rose coloured glasses.

[kengillard]

banks always value higher than anyone else.

[izabsmiling]

---

@kengillard wrote:

banks always value higher than anyone else.

---

I can only speak from my own experience (over past 10yrs).I haven't found that to be the case.

[green.fields]

banks always value higher than anyone else.

We were told last time we sold a house that they actually value them lower than Real Estate agents and that then can become a problem if the purchaser is looking to buy a property with the minimum deposit, that there could be a problem of the buyer not getting enough finance to cover the cost of the purchase.

Back to the original topic, let's hope that it never comes in and also that Georgia, somewhere, somehow finds some common sense and educates herself on how things were and that not all things are equal.

[the_hawk*]

If these changes go ahead I think a lot will reconsider their plans and sell up and have a great time till the money runs out.

It seems pointless to work till you drop and have to give anything you have managed to accumilate by years of planning, saving and going without during your best years.

[kengillard]

sorry   what I meant to say was they value it high if it is to their advantage, and also lower, if it is to their advantage.  blow the customer.

[boots551]

yes we may as well all put our name down for housing

as why would you want to work and get ahead if abbott just going to take the bloody lot off you !!!