Search results

Hey Greedy, Thanks for the detailed and insightful post. We did also speak about the 5 year gift so was aware of that. My intention has never been to maxamise mums pension. The topic was originally started because my concern is this: Grandpa has a reverse mortgage at around 7% on 140k (20k...

That was my understanding of the conversation and I did definitely confirm it about 3 times just to be sure.

What I also found interesting was basically the asset test is really an honesty system. You need to declare to them the value of your assets. A house asset is different because they would ask for the rates notice (Which let's be honest is going to be less than market value). Cash as well they...

As would have I but I quote "This is the rate we assess income from interest on, if you can get higher returns then great for you".

Hey Paul and Terry, I just wanted to give an update on this as I met with a Centrelink financial adviser yesterday and must say I was surprised by the answers. As you know there are 2 ways in which a pension is assessed (asset and income). As my mum does not work at all and given when she...

Thanks Terry and Paul I will start with a conversation with Centrelink with mum and based on the feedback will update you both via this thread. I may require assistance so could be in contact. Thank You

I was hoping for some advice on a situation. My grandfather has a reverse mortgage on his home at around 8% for 140k. My mum is about to sell her home and rent and we anticipate after paying off her mortgage and other debt she will have around 280k in the bank. Both mum and my grandfather...