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New law to get Boomers to sell their homes
  Animation: Helen SimmonsAustralian pensioners will be encouraged to downsize and free up their larger homes for younger families under a potential new law.
Labor’s new bill will give age pension recipients more time before the proceeds from the sale of their homes affect their pension payments.
The Albanese government’s legislation would give pensioners an additional 12-month asset test exemption on their home sale proceeds.
The additional 12 months will give retirees more time to purchase, build, or renovate a new home before the pension is impacted.
More than 8000 pensioners downsized last year and Labor hopes this number will increase if its changes are legislated.
“We don’t want people putting off downsizing to a more suitable home because they are concerned about the impact it could have on their payment rate and overall income.”
- Amanda Rishworth,Social Services MinisterThe new legislation comes as census data revealed about one in 10 Australian houses were vacant, with the majority of those thought to be holiday homes and investment properties.
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Original URL: https://www.news.com.au/web-stories/free/news-com-au/real-estate-new-law-to-get-boomers-to-sell-their-homes