1. MAKING INFORMED HOUSING DECISIONS
Home Options
Information Service
MAKING INFORMED HOUSING DECISIONS
COTA New South Wales

2. What is the Home Options Information Service?
An initiative of COTA NSW
Offers information about the range of available housing options
The service provides general, not legal advice
Assists seniors to make their own
informed housing decisions
Home Options
Information Service
COTA New South Wales

3. Making Informed Housing Decisions
By the end of today you will be able to :
List the different housing options
Locate resources available to help you make housing decisions
Analyse your needs relative to the merits of each housing option
COTA New South Wales

4. Some questions to ask Why am I considering a housing change?
Can I improve my current
home with assistance
or modifications?
COTA New South Wales

5. Where? Am I moving to be closer to family and friends?
Will all the facilities I require for health and recreation be available?
COTA New South Wales

6. How and Now? Obtained advice?
How to finance it?
Is now a good time to sell?
Future implications?
Have you discussed the
decision with your family and trusted friends? Received legal and financial advice?
COTA New South Wales

7. Can you compromise? New neighbourhoods New living arrangements
COTA New South Wales

8. Future needs? If accessing equity, have you provided for future needs?
What about upgrades, moves, increased care?
COTA New South Wales

9. Strategies for Seniors
Stay
Downsize to Smaller Residence
Retirement Villages
Residential Parks
Strata Title
Renting
Granny Flats
Family Agreements
Residential Aged Care
Reverse Mortgage
COTA New South Wales

10. Stay
Positive
Established neighbourhood/networks, comfort, investment, security of tenure
Negative
Maintenance, financial, accessibility, age appropriate
Home modifications
Assistance (care, discounts)
Release equity (refinance or subdivide)
Take in a boarder or a lodger
Share with family/others
COTA New South Wales

11. Services that can help Independent Living Centre
Technology Assisting Disability
Private Community Care Providers
Commonwealth Home Support Services
Home Care Packages
COTA New South Wales

12. Downsize to smaller residence
Positive
Access equity, accessibility, maintenance, can be age appropriate, security of tenure
Negative
Neighbourhood change, storage, process, costs (stamp duty, removal, interim accommodation, others)
Consult Seniors Clubs
Moving checklist
Long-term considerations
Age friendly homes checklist
Financial + Legal Advice
COTA New South Wales

13. Retirement Villages Positive
Community living, security, maintenance, recreation, accessibility, age appropriate, security of tenure
Negative
Costs and fees (not an investment), village rules and residents rights, ease of exit
Retirement Villages Act
55 +, Retired and spouse/partner
Lease, rent or buy (strata title)
COTA New South Wales

14. Considerations Entry, ongoing, exit fees Deferred Management Fees
Equity gains
Release of premium (agent + ongoing)
Age spread
Facilities, ask the neighbours
Your rights of tenure, village rules
Partner rights
Rights of carers
Availability of aged care
COTA New South Wales
COTA New South Wales

15. Residential Parks Positive
Community living, affordable, recreation, maintenance, access equity, no stamp duty/tax
Negative
Security of tenure, depreciation, relocation costs, rules, neighbourhood (mixed), fees, aging in place
Residential Parks Act Mixed “Relocateable”
Buy or rent structure
Rent land
Commonwealth Rent Assistance
COTA New South Wales

16. Considerations What if sold, insolvent, redeveloped
Costs of moving structure
Depreciation
Park rules
Sub-letting
Ageing in place
Neighbourhood if mixed use
COTA New South Wales

17. Strata Title
Positive
Access equity, security of tenure, maintenance, accessibility, age appropriate
Negative
Stamp duty, costs and fees, duties, neighbour issues
Strata Titles Act
Common and individual ownership
Responsibilities
(strata company, by-laws, duties, levies, voting)
COTA New South Wales

18. Considerations Sinking fund Shared facilities
Rented or owner/occupied?
Shared or private walls
Disputes/maintenance procedures
Retirement Villages Act
COTA New South Wales

19. Renting
Positive
Exclusive possession, security of tenure (fixed term), maintenance, (potentially) age appropriate, cheap
Negative
Security of tenure (periodic), variable costs, fees
Residential Tenancies Act
Rent in advance [two weeks]
Security bond [four weeks]
Pet bond [dog or a cat]
Agent fees
COTA New South Wales

20. Granny Flats/Ancilliary Accommodation
Positive
Affordable, limited approvals required, opens up family land for shared use
Negative
Restricted to family use, effect on assets test, depreciation, security of tenure, storage
Water + Council approval
Registered builder (or owner builder)
Free standing or extension
Check with Centrelink
Get family agreements in writing
COTA New South Wales

21. Family Agreements
Transferring house to children Building granny flat on other property
Co-purchase to share
Gifting/loaning money
Using title for financial guarantees
COTA New South Wales

22. Things to consider Future stability (i.e. break-ups)
Change in circumstances/location
Personal pressure/elder abuse
Always seek legal and financial advice!
Talk to Centrelink/ATO
Get all agreements in writing!
COTA New South Wales

23. Residential Aged Care Commonwealth Aged Care Act 1997
Low Care + High Care
ACAT Assessment
Accommodation Charge + Daily Fee
Extras charge
Residential Respite Care
Commonwealth Respite and Carelink Centre
Aged and Community Care Information
COTA New South Wales

24. Reverse Mortgage/Accessing Equity
Can use equity to secure loan
10 – 45% of home value available
No repayments until you sell, move out, default, or pass away
Instalments, lump sum, line of credit
COTA New South Wales

25. Things to consider Debt level as interest compounds
Pension/benefits eligibility
Default clauses
No Negative Equity Guarantee
SEQUAL/EDR membership
Pension Loans Scheme
Seek financial and legal advice
Seek Centrelink advice
COTA New South Wales

26. Where to get help LEGAL ADVICE Legal Aid Law Society
FINANCIAL INFORMATION
Centrelink FIS
COTA New South Wales

27. Where to get help RIGHTS AND ADVOCACY The Aged Care Rights Service
Older People’s Legal Service
HOUSING ADVICE
Home Options Information Service
Home Options
Information Service
COTA New South Wales