Home downsizer scheme extended to 55-59 year olds
The Federal Government is extending the home downsizer scheme to encourage more older Australians to free up housing stock for younger families.
The Government has announced that it is extending the exemption of home sale proceeds from pension asset testing from 12 months to 24 months.
The Budget documents said this would give pensioners more time to purchase, build or renovate a new home before their pension is affected.
“In addition, the Government is expanding access to the downsizer superannuation contributions for people aged 55 to 59,” it said.
“The Government will also provide $46.2 million to assist current and former Australian Defence Force members to purchase their own home through the Defence Home Ownership Assistance Scheme,” the Budget papers said.
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