Aged Pension Increases

by Darren Moffatt 7 October 2009

On September 20th, a number signifcant changes to the government aged pension came into effect. The single pensioner rate will increase by $65 per fortnight. The pension for couples will also increase by $20.30 per fortnight combined. The income test and ‘taper rate’ has also changed: the rate at which excess income affects the pension will […]

Read the full article →

Seniors First among top reverse mortgage brokers

by Darren Moffatt 14 September 2009

Seniors First continue to lead the way in showing people over 60 how to find the best reverse mortgage lenders and loan products as they’ve again been named as a finalist for equity release / reverse mortgage broker of the year at the 2009 Australian Mortgage Awards. This year however, Seniors First has received the rare honour of […]

Read the full article →

More over 55s retiring with debt

by Darren Moffatt 2 September 2009

As highlighted in the Sydney Morning Herald yesterday, more people are still paying off mortgages into their late 50s and beyond as higher house prices fuel bigger loans. According to an analysis of Bureau of Statistics data, the SMH found that the proportion of people over 55 who own their home outright has fallen from […]

Read the full article →

Today Tonight gets it wrong on reverse mortgages

by Darren Moffatt 12 August 2009

Today Tonight’s story on reverse mortgages last Thursday night was an opportunity squandered. For a show that claims to serve the interests of seniors and consumers generally, their segment on reverse mortgages was profoundly unhelpful.  This story was a golden opportunity to educate seniors on the pros and cons of reverse mortgages and how to release […]

Read the full article →

ASIC releases reverse mortgage guide

by Darren Moffatt 1 July 2009

Tony D’Aloisio chairman of ASICand Paul Clitheroe chairman of the Australian Government Financial Literacy Board, last week launched Thinking of using the equity in your home? A new independent guide to reverse mortgages and other equity release products.ASIC’s new guide is designed to assist people who are considering whether an equity release product is right for […]

Read the full article →

EXCLUSIVE INTERVIEW: NICRI director of the Equity Release and Reverse Mortgage Information Service (ERRMIS)

by Darren Moffatt 12 June 2009

Reverse Mortgage Watch has written about the new government reverse mortgage information service, ERRMIS, before . This is a free service provided through the National Information Centre on Retirement Investments (NICRI) that’s designed to help Australian seniors make more informed choices about equity release finance. In a coup for Reverse Mortgage Watch, we’re delighted to bring you an exclusive interview […]

Read the full article →

Reverse mortgage industry seeks government funding

by Darren Moffatt 11 June 2009

In order to support competition in the Australian mortgage market, late last year the federal government introduced $8 billion of funding for non-bank lenders and small banks under a scheme known as “RMBS”. This  scheme is designed to assist lenders who predominantly source their funds from the wholesale credit markets that have largely dried up as […]

Read the full article →

How to use FIDO reverse mortgage calculator

by Darren Moffatt 3 June 2009

When contemplating a reverse mortgage it is good practice to do ‘equity projections’ using the FIDO reverse mortgage calculator. This FIDO reverse mortgage calculator is provided by the consumer arm of the Australian Securities and Investments Commission (ASIC), and is a highly useful tool for working out how much your reverse mortgage might be worth […]

Read the full article →

Renovations most popular use for reverse mortgages

by Darren Moffatt 3 June 2009

A new study by Royal Bank of Scotland has found that a third of all reverse mortgage funds are used for home renovations. “Forget over-the-top purchases, these are asset-rich/cash-poor people simply trying to make ends meet,” says RBS Reverse Mortgages, head of reverse mortgages, Martin Lynch. More than 32% used the payments for renovations, while […]

Read the full article →

What does the budget mean for Australian seniors?

by Darren Moffatt 25 May 2009

The recent Australian federal budget is clearly good news for those who have been doing toughest: single aged pensioners. Although the $33 per week increase is relatively modest, it will still make a positive difference to the lives of hundreds of thousands of people. The implications for self-funded retirees and part pensioners are less positive, […]

Read the full article →

← Previous Entries

Next Entries →