Age Pension - are you missing out ?
with Rebecca Chester Age Pension Help
Are you over 67-years-old and still working ? Do you know whether you are also eligible for a partial Age Pension ?
Let ’ s talk about the income test …
One of the most common questions I have is from people who are working part time and retiring in a couple of months . They are preparing for retirement and want to get the Age Pension organised to coincide with that date . What they don ’ t realise is they have , in fact , been eligible for a part pension and the pension concession card for some time .
Maybe they have held back because they weren ’ t sure about their eligibility , maybe they thought Age Pension is only for retirees , or maybe they just didn ’ t have the time . The fact is that you can be working and also be eligible , using the income test .
The income test includes employment , selfemployment , investment and other government payments . The sum of all these incomes is capped at $ 2,318 per fortnight for a single person , and $ 3,544 for a couple . In addition , if you or your partner are over 67 , the Work Bonus is applied and this increases your allowed employment income by $ 300 each per
FINANCE fortnight . Does this sound like you ?
The benefits of applying immediately are that even if you are only eligible for $ 1 per fortnight in Age Pension , you will still receive the Pension Concession Card which provides an estimated $ 5,000 a year in discounts and benefits . Additionally , when you do make changes , such as reducing your hours , or retiring , the pension rate will change immediately and you won ’ t have to wait for weeks to get the increase .
Don ’ t wait until you are just about to retire !
If you are over 67 , find out today whether you are eligible for a partial pension and Pension Concession Card . We specialise in providing personalised assistance to people who are applying for the Age Pension .
We use easy-to-understand language ; you don ’ t have to go online and don ’ t have to fill out any forms ; you just get a friendly person at the other end of the phone . Call us today on 1300 222 484 .
Understanding how mortgages really work
by Angela Dye , Home Loan Expert at Richmond Residential Pty Ltd
Buying a home and borrowing the money is the biggest purchase most people have in their lifetime . However , many don ’ t really understand how the mortgage works and therefore they pay their loan as instructed by the bank .
When we borrow money , there are two parts to a loan . The first part is the principal . The principal is the amount of money we borrow . The second part is the interest . Interest is what we are charged for using somebody else ’ s money . The term on the home loan is normally 30 years . Most home loans are set up to be paid monthly .
The bank will direct debit from your nominated bank account on a particular due date that is determined by them . Interest on a loan is calculated daily and charged monthly to home loans . Your interest is compounding throughout the term of the loan . You are being charged interest on the interest as well as on the principle of your loan .
As the amount we borrow to buy property is usually in the hundreds of thousands it ’ s easy to become overwhelmed , and although we want to find a way to reduce the cost of having a mortgage , there seems to be very few options for us . We tend to
follow the rules , doing exactly what the lender has told us to do as we believe , we really don ’ t have a choice . The good news is , we do have a choice . How ? By taking back control of our money .
Taking control starts with understanding how the loan works and how we can make it work better for us . One of the rules of lending is you can only be charged on what you owe . The common setup of a mortgage means that we are charged on a larger amount of debt each day over the period of the month , and this happens because the bank is in control of when and how you pay your mortgage .
Mortgages are all smoke and mirrors , we are led to believe they are very complicated and because we don ’ t understand them , we simply don ’ t try in fear of getting it wrong .
We are all going through a difficult time at present , with cost of living and interest rate increases . Every dollar that you can save helps you to maintain your lifestyle and in some cases your mental well-being .
With the correct professionals around you , it is possible to save thousands of dollars and reduce the term of your loan substantially .
If you would like to understand more about how to pay less for your home loan call Angela on 0414 608 970 to discuss your situation or visit www . richmondresidential . com . au .
BLACKTOWN CITY INDEPENDENT theindependentmagazine . com . au ISSUE 25 // APRIL 2023 15