1. MAKING INFORMED HOUSING DECISIONS
COTA New South Wales

2. What is the Home Options Information Service?
This service is an initiative offered by COTA NSW
It offers information about the range of available housing options and how they suit the needs of different individuals as they age
The service provides general, not legal advice
It assists people to make their own informed housing decisions
Home Options Information Service
COTA New South Wales

3. Why do we need a Home Options Information Service?
COTA NSW has undertaken extensive consumer research that shows more and more people are concerned about which housing option will be best for them as they age.
According to the Australian Institute of Health and Welfare secure, affordable housing is a key factor determining people’s overall ability to age well.
From talking to consumers we’ve found that while older people are aware that there are a wide range of housing options, they don’t have the resources to assess which options will best suit their needs as they age.
Home Options Information Service
COTA New South Wales

4. Why do we need a Home Options Information Service?
Sydney is now the world’s third most expensive city. This has inflated property prices across the state and makes choosing housing options in NSW even more difficult.
While the majority of Australian retirees have paid off their mortgages by retirement, they will still need to assess the long-term suitability of their housing.
And for people who have not been in a position to own their own home, they face additional challenges in navigating the private rental market in the post-retirement period.
Home Options Information Service
COTA New South Wales

5. This service aims to help people:
Making Informed Housing Decisions
This service aims to help people:
Be aware of the different housing options available to them
Locate resources available to help them make housing decisions
Analyse their needs relative to the merits of each housing option
Home Options Information Service
COTA New South Wales

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

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

8. 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?
Home Options Information Service
COTA New South Wales

9. Future needs? If accessing equity, have you provided for future needs?
What about upgrades, moves, increased care?
Home Options Information Service
COTA New South Wales

10. Strategies for Seniors
Stay
Downsize to Smaller Residence
Retirement Villages
Residential Parks
Strata Title
Renting
Granny Flats
Family Agreements
Residential Aged Care
Reverse Mortgage
There are many
different housing options available to suit different needs and preferences:
Home Options Information Service
COTA New South Wales

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

12. Services that can help you to stay at home
Independent Living Centre
Technology Assisting Disability
Private Community Care Providers
Commonwealth Home Support Services
Home Care Packages
Home Options Information Service
COTA New South Wales

13. 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)
Possible strategies:
Consult Seniors Clubs
Moving checklist
Long-term considerations
Age friendly homes checklist
Financial + Legal Advice
Home Options Information Service
COTA New South Wales

14. 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
55 +, Retired and spouse/partner
Lease, rent or buy (strata title)
Home Options Information Service
COTA New South Wales

15. Considerations for Retirement Villages
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
Retirement Villages Act
Home Options Information Service
COTA New South Wales

16. 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
Possible strategies:
Buy or rent structure
Rent land
Commonwealth Rent Assistance
Home Options Information Service
COTA New South Wales

17. Considerations for Residential Parks
Residential Parks Act
What if sold, insolvent, redeveloped
Costs of moving structure
Depreciation
Park rules
Sub-letting
Ageing in place
Neighbourhood if mixed use
Home Options Information Service
COTA New South Wales

18. Strata Title
Positive
Access equity, security of tenure, maintenance, accessibility, age appropriate
Negative
Stamp duty, costs and fees, duties, neighbour issues
Common and individual ownership
Includes responsibilities
(strata company, by-laws, duties, levies, voting)
Home Options Information Service
COTA New South Wales

19. Considerations Strata Titles Act Sinking fund Shared facilities
Rented or owner/occupied?
Shared or private walls
Disputes/maintenance procedures
Home Options Information Service
COTA New South Wales

20. 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
Home Options Information Service
COTA New South Wales

21. 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
Home Options Information Service
COTA New South Wales

22. Family Agreements Possible options:
Transferring house to children Building granny flat on other property
Co-purchase to share
Gifting/loaning money
Using title for financial guarantees
Home Options Information Service
COTA New South Wales

23. Things to consider before making a family agreement
Future stability (i.e. break-ups)
Change in circumstances/location
Risk of personal pressure/elder abuse
Always seek legal and financial advice
Talk to Centrelink/ATO
Get all agreements in writing!
Home Options Information Service
COTA New South Wales

24. Residential Aged Care Low Care + High Care options
ACAT Assessment to determine necessity
Fees: Accommodation charge + daily fee, extras charge
Residential Respite Care
More information:
Aged and Community Care Information
Home Options Information Service
COTA New South Wales

25. 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
Home Options Information Service
COTA New South Wales

26. 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
Home Options Information Service
COTA New South Wales

27. Where to get help LEGAL ADVICE Legal Aid Law Society
FINANCIAL INFORMATION
Centrelink FIS
Home Options Information Service
COTA New South Wales

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