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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.
Hi my name is Warren Russell,
I have a share in an investment property where the debt is greater than it’s sale value due to local market slump.How will Centrelink treat this and the repayments i make when i apply for a pension?
Regards warren
Hi Warren, thanks for kicking off the comments on this article! Centrelink do assess investment properties based on their net value (sale price minus loan amount) BUT only if the loan is secured against the investment property itself. If the loan is secured against your primary residence, or any other property at all, then the loan balance is not deducted from the property’s value.
Good Morning,
My wife and myself are planning to sell our home and downsize into a newer house, the sale of property we hope will have left over funds and this will be
all our assets.
We are applying for the age pension and how would this be see our leftover funds, and how these assets would be seen by Centrelink when we apply for the age pension
I am curious about HELP debt and how this is viewed in retirement. If someone owns their own home and has savings, what happens to the HELP debt? Is it expected that it would be paid off through savings, which in turn could mean the person has little savings left?
I am 66 year old male, married & wife works.
I will be applying for a part pension in Oct.
Question – I am considering withdrawing $20 K from my super to put on my
home loan & wondering if such a withdrawal will affect my future pension application in any way ?
Hi John. The money in your super will be assessable for the Age Pension while equity in your home is not. So in this particular example if you reduce your mortgage from super savings you will have reduced your assessable assets. Depending on your other assets and income this could result in more Age Pension.