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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.
Do ‘reverse mortgages’ offer good value for homeowners? They once had a poor reputation, but apparently much improved.
Hi Chris. Reverse mortgages and other equity release schemes, including the Government’s Pension Loans Scheme, give homeowners the chance to supplement their income by using the equity in their home. There have been a lot of improvements since the early days and depending on your circumstances they could be terrific. But they are not for everyone as there are some risks and pitfalls and some are better than others. You should definitely get some advice if this is something you are considering
I woud like to enter into a discusion as to why our council determines the yearly rate amount taking in consideration our home and land value(s). We will expect this year a higher rate due to the fact that Melbourne house prices are sky rocketing.
We as home owners do not have any income from our property so we do not see why the council uses our home/land value (which in our view in often over valued) as basis for the new council rates. The increase in the value of our home is often caused by investors, shortage of housing etc. We did raise this issue with our council often but to no avail. We would like to see a cap on how much the council can charge especially for people in retirement.
One way the council can determine the amount of rate is to look at our income from our investment(s) the same way the government is taxing working people. The more you earn the more you pay tax.
If property values in your council area increase by 10%, your rates will not go up that much as Councils are only allowed to raise overall rate revenue to match their expenditure for the coming year. Also in Victoria the overall rate revenue cap is 2%. Individual property rates can increase by more than 2%, but they would have to have a spike in value caused by redevelopment of your property or rezoning of your land. Rates are formulated under the Victorian Local Government Act and property is valued in accordance with the Valuation of Land Act. If you have a pensioner concession card you are entitled to a rebate each year.
Hi there,
My mum’s getting age pension on this April. What should my mom have to do to get pension. She is already in myGov , should she inform to center link or she get automatically?
Regards
Hi Madhu. You don’t get the Age Pension automatically, you need to apply. Also Centrelink don’t backdate payments to when you were first eligible to apply but rather to when a completed application is lodged. Many people delay, or think it is automatic, and miss out on some of their entitlements.
Hi Madhu. You don’t get the Age Pension automatically, you need to apply. Also Centrelink don’t backdate payments to when you were first eligible to apply but rather to when a completed application is lodged. Many people delay, or think it is automatic, and miss out on some of their entitlements.
I am 66in August this year when am I eligible for pension and when do I apply, as I am intending to get help.
Hi Shirley. Thanks for your question. The Age Pension Age increases to 66 1/2 from 1 July this year. This will affect you as you turn 66 in August and therefore won’t be eligible until you are 66 1/2 in February 2022. You can however submit an application up to 13 weeks before that so you could submit your application in November this year. You can even start your online application with us well before that so it can all be completed and ready to submit as soon as you are eligible.
I recieved letter cancelling seniors card and part pension as I missed a fortnightly report in November 2020 I have since sent several letters via MY GoV and have phoned approx eight times and have had no response. End of August phoned again to be advised after approx 40mins on phone that my claim was still being assessed after 8 months can you advise who I can contact for answer as to when my card will be reinstated as for part pension I did not ask for this as at 69years old I am still semi working so as not to rely on Gov handouts
Hi Hugh, I’m sorry to hear of the delays and stress Centrelink are causing. You can call their complaints line on 1800 132 468 between 8am-5pm Monday to Friday.