DomaCom's solution helps retirees benefit from government measures

DomaCom offers a solution that will help Australians benefit from government measures to improve retirement outcomes which encourages some groups of retirees to access the value of their home to fund their retirement.

In addition, the Government’s tax-free downsizer contribution allowance would provide an opportunity to top up superannuation savings using the proceeds from the sale of the family home and this could be done regardless of caps and restrictions such as the work test and age limits that would otherwise apply, the firm said.

At the same time, the Australian Tax Office (ATO) confirmed that a partial disposal of a home could be claimed as downsizer contributions and this was extended to DomaCom’s Senior Equity Release product, offering an advantage for those retirees wanting to stay in place but accessing their housing wealth debt-free in order to increase their retirement savings.

According to the firm, the family home should become an active asset and it would be critical that “fit for purpose” financial products were made available to senior Australians wanting to stay in place and live well in retirement.

DomaCom’s Senior Release Equity Release would allow retirees to stay in their home and take full advantage of the Government’s downsizer contribution offer and live well in their retirement, the firm said.

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Source: DomaCom’s solution helps retirees benefit from government measures | Money Management