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James Coyle
James has over 35 years experience in financial services with particular expertise in two of the key components of retirement finance - Superannuation and the Age Pension. He is passionate about providing the guidance and support that can help older Australians enjoy their best possible retirement. He lives in regional Victoria surrounded by dogs and chooks.
Further to paying down or eliminating your mortgage, I found that with CBA if you pay off your outstanding mortgage balance in full (deliberately or accidentally if you miscalculate), they automatically terminate the loan facility. If you have a line of credit secured by your home, instead of a standard mortgage, you can pay it all off and even go into credit, but the facility remains open. This then gives you the ability to access large sums of emergency money very quickly if needed, without withdrawing from your super. Note that if you withdraw from a pension paying account, you can’t later put that money back into it.
my wife has ms and needs a lot of medicines .we will lose our cshc because i had to sell our rental which put us over the threhhold for this year even though the investment return will still make us low earners
Is there any way we can keep the cshc we are in our 80.s
Hi Kevin, thank you for clarifying your situation. With the CSHC the eligibility criteria is simple but also steadfast. To stay on the card you must continue to earn less than the yearly threshold which for a couple is currently $92,416.