holiday home with no income for pension
Hello I have a holiday home that I use as a weekender pretth much 46 weeks of the year. I don't rent it out and purely use it for family holidays. It is financed worth about $170,000 owing $100,000 on it I have approx $300k in super and another $290k in the bank I am going on 68 yrs of age.
I would like to eventuly qualify for the age pension even though its not that great but it is secure income for as long as one qualifies.
My mother being 89yrs of age and healthy when she passes my inheritance will be in the tune of 450k-500k. If I upgrade my home by approx 700k and eliminate the inheritance and money in bank will that qualify me for pension?
Thanks
3 comments
3 comments
According to Services Australia, for a single person who is a homeowner, the assets test cuts off all aged pensions (65.5-67+) at: $588,250. (The full pension becomes a part one between $270,500 and $588,250, at a reduced rate.)
That figure includes the net valuation of any additional, non principal home (after any loan amount is taken into account), any super, cash in bank and the 'fire sale' value of your assets.
https://www.servicesaustralia.gov.au/individuals/services/centrelink/age-pension/who-can-get-it/assets-test#a2