Thinking of downsizing your home? You’re in the right place
Downsizing your home can offer significant financial and tax effective benefits, allowing you to top up your Super and enhance your lifestyle, but the timing is critical.
Boost your Super and lifestyle when downsizing your home
Whatever our financial situation, we’d all like a little bit more, so we can enjoy an stress-free retirement. Whether we are ‘asset rich, cash poor’, an ‘empty nester’ or simply wanting to downsize to a home that’s easier to manage, seeking advice can help maximise the benefits and incentives offered so you can downsize your home and upsize your life enjoyment.
The Australian government offers incentives such as the superannuation downsizer contribution scheme to encourage those aged 55 years and older to access equity in their property to boost their retirement savings. But timing is everything, to ensure you maximise the benefits available it is crucial to understand the nuances of the downsizing incentive and seek advice from a qualified financial adviser.
Start a conversation
Whether it’s the first time you’ve sought advice, or you’re looking for a fresh perspective, our advisers will help you gain clarity, confidence and opportunity.
Superannuation Downsizer Contributions
The downsizer contribution scheme is a government initiative that allows eligible Australians to enhance their superannuation balance using proceeds from the sale of their home.
• Available to individuals aged 55 years and older
• Contribute up to $300,000 to Super per person from sale of home
• Contributions must be made within 90 days of receiving sale proceeds
• Contributions are exempt from the ‘total balance test,’ allowing you to further top up your Super
• Contribute up to $1,560,000 over 2 financial years
• Must have owned your property for at least 10 years prior to the sale
This information is general in nature, and any advice is general advice and does not consider your personal circumstances; you should determine its suitability to you.
Advice for your downsizing journey
Downsizing your home is a multifaceted process that requires careful deliberation and planning. To take advantage of the superannuation downsizer contribution scheme there are factors that need to be taken into consideration. Whatever stage you are at, we’ll match you with an adviser with experience to see you through.
An Ord Minnett adviser can help you thoroughly understand the eligibility criteria, tax considerations, and practical steps required for you to make an informed decision about downsizing that supports your retirement lifestyle and financial well-being. Specialists in investment advice and management, your Ords adviser can also help you explore ways to invest any surplus funds from the sale of your home to generate income and protect or grow your wealth.
Take the first step
Ready to further investigate the financial opportunities that downsizing your home can offer? Then take the first step by starting a conversation with a qualified, experienced Ord Minnett adviser today.