Seniors now required to work longer

by Darren Moffatt 25 May 2009

The Federal Government also announced in the budget that the retirement age will be gradually increased to 67 years Under changes to the pension age, the age at which people qualify will increase at a rate six months every two years, beginning in 2017 and reaching 67 years in 2023. The Government said the changes […]

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Government increases pension for some, but cuts for others

by Darren Moffatt 25 May 2009

In a much-anticipated move, The Federal Government recently announced an increase of $33 per week in the single aged pension. The full pension for couples was also increased by $10 per week. Both changes become effective September 20th, 2009. Although these budget initiatives are welcome and long overdue, the news is not all good for retirees. […]

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Reverse mortgage industry hits $2.5 billion

by Darren Moffatt 6 May 2009

On Friday May 1st, the Senior Australian Equity Release Association of Lenders (SEQUAL), announced the results of its biannual report on the reverse mortgage industry. According to the report the market is now worth more than $2.5 billion. This represents an increase of 23% over the past 12 months, and there are now more than 37,500 Australian […]

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Which banks are best for reverse mortgage?

by Darren Moffatt 30 April 2009

Not all banks provide reverse mortgages, and of those that do, there is a big difference between the cost and features of the products they provide. Our recent reverse mortgage survey found that on a loan of $100,000, there is difference of $26,000 in total interest and fees over a twenty year period, between the cheapest and most expensive reverse […]

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Interest rates hit 49 year low, but are they set to climb again?

by Darren Moffatt 30 April 2009

With the most recent Reserve Bank interest rate cut announced earlier in the month, Australian interest rates are now at a record 49 year low. This is great news for borrowers, and particularly for seniors who are considering a reverse mortgage.   However, most of the major banks have recently begun to increase their medium and […]

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Government gives relief to self-funded retirees

by Darren Moffatt 24 March 2009

As a result of the global financial crisis, many self-funded retirees have been particularly affected by falling superannuation values. Those Australian seniors who derive their income from account-based (superannuation) pensions have seen the value of their pension funds fall by forty or fifty per cent over the last six months. The rules around these pensions however require people to […]

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Government to cut part-pension for seniors?

by Darren Moffatt 3 March 2009

As reported in the SMH, there has been mounting speculation in recent days that the Federal Government will reduce the pension of so called ‘wealthy pensioners’ in order to fund the $30 per week increase to single, full pensioners. These pensioners typically own their own home and have other additional sources of income.  According to the report, a […]

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Australian Government launches reverse mortgage help service

by Darren Moffatt 26 February 2009

In a positive development for both consumers and the reverse mortgage industry, the Australian Federal Government has recently established free advisory service for seniors considering reverse mortgages. The service is known as ‘ERRMIS’ which stands for ‘Equity Release / Reverse Mortgage Information Service’ and is part of NICRI (The National Information Centre on Retirement Investments). […]

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Free guide to aged care finance

by Darren Moffatt 29 January 2009

Seniors First have recently published the first freely available guide to aged care finance. This is an essential and much needed resource for those entering family into aged care. The rules that govern the payment of aged care are incredibly complex, and without proper financial advice costly mistakes can be made. There are also many loopholes that […]

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Reverse mortgages down but not out

by Darren Moffatt 27 January 2009

Cannex, one of the main ratings agencies for financial services in Australia has suspended its ratings of reverse mortgage products.  As a result of the global financial crisis, eight lenders have stopped offering new loans in the past six months, and it is due to what it describes as this “temporary downturn in the reverse mortgage […]

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