Need advice...
- Thread starter Sydney_Steve
- Start date
I think Lizzie meant the, ie the whole "thing".
It took me a while to even learn how to quote. I felt quite clever and special when I did learn it
For the sake of going "off topic" - I still haven't worked out how to bring several quotes from several different posts onto the one reply.
Nah - don't bother trying to teach me!
the button next to quote (in the posts)
you then click that for every post you want to quote and click post reply (not quick reply) and its all there just delete what you dont need from each post
whirlpool forum has a script you can download (if you use firefox, chrome) and have the addon greasemonkey
at least i think its in the script, its called quick quote where you highlight the text you want to quote and its quotes the highlighted text into the quick reply box so you can quote only the piece you want not the whole post
Righto you lot, back OT
Hi Steve,
I would favour buying a place in the Gong if Mum is prepared to live there. It is true she could rent it out in the meantime but what happens if sister moves or gets divorced as well.
If she is happy sharing a house then perhaps she could buy in Dee Why and rent rooms, it does work on 2 levels, firstly she gets some income to pay the maintenance costs and secondly she has company should anything go wrong.
I am fairly sure that the rent received would be taken into account when pension time rolls round so she may not get a full pension.
In the meantime I do think that she would be mentally and physically healthier if she had a job, life is pretty boring and unhealthy just loafing around.
Nice to see you being involved in your Mums life
Hi Steve,
I would favour buying a place in the Gong if Mum is prepared to live there. It is true she could rent it out in the meantime but what happens if sister moves or gets divorced as well.
If she is happy sharing a house then perhaps she could buy in Dee Why and rent rooms, it does work on 2 levels, firstly she gets some income to pay the maintenance costs and secondly she has company should anything go wrong.
I am fairly sure that the rent received would be taken into account when pension time rolls round so she may not get a full pension.
In the meantime I do think that she would be mentally and physically healthier if she had a job, life is pretty boring and unhealthy just loafing around.
Nice to see you being involved in your Mums life
2. does she qualify for the pension? DSP? with the cash left out of the 1m she will probably only get a part pension.
3. sounds like she doesn't know what she wants to do. perhaps she should wait a while before buying anything.
I guess you and I have misplaced our rose tinted glasses.
Steve, tell us how it turned out in a few years.
Righto you lot, back OT
Hi Steve,
I would favour buying a place in the Gong if Mum is prepared to live there. It is true she could rent it out in the meantime but what happens if sister moves or gets divorced as well.
If she is happy sharing a house then perhaps she could buy in Dee Why and rent rooms, it does work on 2 levels, firstly she gets some income to pay the maintenance costs and secondly she has company should anything go wrong.
I am fairly sure that the rent received would be taken into account when pension time rolls round so she may not get a full pension.
In the meantime I do think that she would be mentally and physically healthier if she had a job, life is pretty boring and unhealthy just loafing around.
Nice to see you being involved in your Mums life
Hi Macca thanks for the reply. I agree her life would be more fulfilling and easier if she had a job, but she has never worked, dad brought in the coin and she look after the family (Which she did a good job of). She is a good person and so is my dad they were married for 27 years, no short stint but slowly drifted apart. I think she is scared to work, but this is another topic.
I will tell my mum the that she can buy in Wollongong but doesn't have to live there, or buy here as long as someone lives with her. Would it be bad if she eventually never lived in the Wollongong (if she bought there)?? She would still receive rent and capital growth right?
Or what about renting in Dee Why and buying a cheaper house in an area like Penrith or Mt Druitt and living of the rent and gaining some capital growth?
Also I was thinking about getting an expert to help, such a Patrick Bright from EPS Property and asking them to find a property and renovate it to create capital and an income??
Also the reason I would prefer my mum didn't rent is:
1) If she rents and still has a large chunk of money in the bank when pension time comes she might not be eligible for the pension, as aposed to if she put her money into a PPOR.
2) If she wanted to move she could sell in 10 or 20 years with some extra cash, or rent it out and rent a smaller place in Sydney or Wollongong. While still going forwards rather than backwards.
Please let me know if im on the wrong track as I am new to this. Cheers
1) If she rents and still has a large chunk of money in the bank when pension time comes she might not be eligible for the pension, as aposed to if she put her money into a PPOR.
2) If she wanted to move she could sell in 10 or 20 years with some extra cash, or rent it out and rent a smaller place in Sydney or Wollongong. While still going forwards rather than backwards.
Please let me know if im on the wrong track as I am new to this. Cheers
Also the reason I would prefer my mum didn't rent is:
1) If she rents and still has a large chunk of money in the bank when pension time comes she might not be eligible for the pension, as aposed to if she put her money into a PPOR.
2) If she wanted to move she could sell in 10 or 20 years with some extra cash, or rent it out and rent a smaller place in Sydney or Wollongong. While still going forwards rather than backwards.
Please let me know if im on the wrong track as I am new to this. Cheers
Have you checked on the assets limits to be able to qualify for the pension? easily found on the centrelink webste.
I checked the centrelink website and to get the full pension the limit of assets must be less than $686,000 with an income less than $150 per week.
But this does not include your principal home. "the value of any real estate, including holiday homes, you own (this does not include your principal home)"
So I think buying an investment home wouldn't be the best option, but to by a home and live in it. This brings me back to the point that I believe the money would be better sitting in a home rather than a bank.
the asset limit for full pension is $186,750. 686k is the limit for a part pension. this is for a home owner. the income limit for full pension is $150 per fortnight not per week.
http://www.centrelink.gov.au/internet/internet.nsf/payments/chartab.htm
http://www.centrelink.gov.au/internet/internet.nsf/payments/chartc.htm
I think that she should buy a modest place in the area she likes (Dee Why), and get a boarder to help with expenses.
Invest the remainder in something safe. Live within her means, or seek extra income.
Otherwise if she isn't careful with the $$$ and likes a certain lifestyle, they will run out in NO TIME. Then she will have nothing, no $$$ or house. At 56, she needs to stretch it a long way.
Plus the house/unit will be a CGT free asset, that should maintain or grow in value.
Invest the remainder in something safe. Live within her means, or seek extra income.
Otherwise if she isn't careful with the $$$ and likes a certain lifestyle, they will run out in NO TIME. Then she will have nothing, no $$$ or house. At 56, she needs to stretch it a long way.
Plus the house/unit will be a CGT free asset, that should maintain or grow in value.
Similar threads
