The eligibility age for downsizer contributions into Superannuation from the sale of the family home was reduced from 60 to 55 years, from the 1st January 2023.

Providing that certain requirements are met, up to $300,000 (or $600,000 for a couple), can be paid into Super from the sale of the family home. By lowering the age limit, more people are encouraged to sell their family home and invest the funds for their retirement.

This has the overall benefits of increasing the number of family homes available for sale and also helping people save for their retirement.

Many of us tend to procrastinate about making the move to downsize, but if you are over 55, now there is an additional reason to act.

Part of our service is to help people move house as seamlessly as possible by removing the many barriers to downsizing.

The most daunting prospect is clearing years of accumulated possessions from the home. Where to start?

We make this process easy.

Firstly, the family identifies everything that is to be retained. Just don’t be offended if the kids don’t want much!

Then our clearing specialists sort through everything in the home to identify saleable items and send them to second hand dealers or auction rooms. Anything that’s useful but of little value is given to charity, and everything else is put in the skip.

The other barrier to downsizing is the work required to present the house for sale.

Just think of all those small maintenance items that have been put off for years but need doing to make the house look its best.

Where to get good tradespeople? How much should be done? How much should be spent before value is no longer being added to the property?

We are able to advise what should and shouldn’t be done to best present a home for sale and maximise its value, and we will provide an estimate of likely costs.

We have a number of specialised tradespeople we call on to do this work – from handymen, painters, gardeners and cleaners – and for any big jobs, we have builders who can always fit our jobs into their schedules.

And if there are limitations in paying for the improvements upfront, we can also provide the funding with repayment out of the proceeds of settlement.

In a nutshell, for those in the age group that can benefit from selling the family home and contribute extra money to Super, the Government has made downsizing easier and is encouraging them to do so.

We too, are able to make the downsizing process easier by providing practical support and helping to make the transition stress free.

As a first step in the sale process, do feel free to reach out for a free consultation with us.

We would be delighted to invite you for a coffee and a chat.