New Legislation to Benefit Downsizing Retirees

Great news for retirees looking to transition into a comfortable retirement with Solana Lifestyle Resorts! With the passage of the Social Services and Other Legislation Amendment (Incentivising Pensioners to Downsize) Act 2022, earlier this year here is how these legislative changes can make your dream of living at Solana more accessible. Let's explore how this legislation can benefit you.

Extended Exemption Period

Previously, retirees who receive a pension or income support benefited from a 12-month asset test exemption on the proceeds from the sale of their principal home.  Coming into effect on January 1st, 2023, this exemption period has now been extended to 24 months. This means you can confidently wait for your new residence at a Solana Lifestyle Resort to be built, with no significant impact on your pension payments.

Lower Deeming Rate

Moreover, sale proceeds will be considered a separate pool from other financial assets with the legislation also introducing a lower deeming rate of 0.25% applied to sale proceeds. This change ensures that the income from your home sale won't significantly affect your income support payments while you prepare to transition into a Solana community.

Rent Assistance

For those in need of rental accommodation while your new home at Solana is under construction, you may also qualify for rent assistance during the exemption period but also when you ultimately, move into your Solana home.

Fulfill Your Retirement Dreams

These changes offer retirees a unique opportunity to reduce the financial impacts of downsizing and creates a pathway to a more comfortable and enjoyable retirement, to be enjoyed at a Solana Lifestyle Resort.

Please note that the information provided is for general purposes and should not be considered financial advice. We recommend consulting a qualified financial advisor for tailored guidance.