South Australia's new incentive to aid downsizing for elderly residents

By the resi financial blog team, 26 June 2014

Incentives for downsizing homes for elderly in SA

Downsizing is an increasingly popular way for elderly people across Australia to help reduce their bills, declutter their homes and increase their overall freedom in the long run, and could be something to consider if you find yourself in this situation. In fact, the South Australian government are offering an incentive to aid these moves, which could be great news for those looking into downsizing their home loan in the near future. 

Ageing Minister Zoe Bettison announced the Prosperity Through Longevity: South Australia's Ageing Plan 2014-2019 report. The report outlines the state's plan to to give elderly South Australian residents more choice and freedom in the coming months as they begin moving into their retirement. 

Residents over 60 in the region will be eligible for an $8,500 grant to downsize their home from July 1 for properties valued up to $400,000. This could offer a great helping hand, allowing them to take the leap towards downsizing their home with the backing of the state government. 

"This will help Baby Boomers build more suitable homes for themselves, ones which cater to their future needs," said Ms Bettison in a June 25 statement.

Ms Bettison also explained that the government would spend $522,000 over four years to complete its review of the Retirement Villages Act, as well as offer mediation and advocacy services to residents of retirement villages.

"South Australia has a higher number of older people than any other state and the government is working to improve the social and economic wellbeing of this unique demographic," she stressed. 

"Being socially and economically connected, with good health and secure housing, allows older people to make the most out of their retirement." 

The coming months could therefore offer a great opportunity for residents in South Australia approaching their golden years, allowing them to move into a more comfortable home to spend their retirement years in. 

Categories: Home Loans, Personal Finance