Adviser Q&A: Should I downsize my home?
The Federal Government has recently passed legislation that, from July 1, will allow eligible individuals and couples to sell their family home and deposit up to $300,000 each into their superannuation.
Licensed financial advisers Bruce Brammall and Max Newnham, and editor Tony Kaye, discuss the pros and cons of the new measure. There are rewards, but there are also substantial risks you should know.
We apologise for the technical difficulties experienced yesterday during the webinar, 'Adviser Q&A: Should I downsize my home?'
We have pre-recorded a video answering the questions that were submitted, which you can watch below.
If you have any further questions, you can e-mail them to Tony at t.kaye@investsmart.com.au.
Frequently Asked Questions about this Article…
The new legislation allows eligible individuals and couples to sell their family home and deposit up to $300,000 each into their superannuation starting from July 1. This is part of a government initiative to encourage downsizing and boost retirement savings.
The legislation is designed for eligible individuals and couples who are considering selling their family home. Specific eligibility criteria may apply, so it's important to consult with a financial adviser to understand if you qualify.
Downsizing your home can provide financial benefits such as freeing up cash, reducing maintenance costs, and allowing you to contribute a significant amount to your superannuation, potentially enhancing your retirement savings.
While there are benefits, there are also risks such as potential impacts on your age pension eligibility, transaction costs associated with selling and buying property, and the emotional impact of leaving a long-term home.
It's important to weigh the pros and cons, consider your financial situation, and consult with a licensed financial adviser who can provide personalized advice based on your circumstances.
Yes, a pre-recorded video answering common questions about downsizing and superannuation contributions is available. This video was created to address questions submitted during a recent webinar.
If you have more questions, you can email Tony Kaye at t.kaye@investsmart.com.au for additional information and guidance.
Consider factors such as your current financial needs, future living arrangements, potential impact on government benefits, and the emotional aspects of moving. Consulting with a financial adviser can help you make an informed decision.
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