The over 60s will be able to fund a move into a retirement village or cover the cost of aged care with a reverse mortgage. ABN Ambro has launched two reverse mortgage products, to be sold by financial planners, designed for seniors to be able to access more than the standard loan to value ratio (LVR). Of particular interest to the village manager is the Investment Property Mortgage (IMP), where clients can borrow an unlimited amount from a minimum of $10,000 against the value of an investment property to buy into a village. It allows retirees the flexibility to transition into a retirement village lifestyle while maintaining a revenue stream from their investment the best of both worlds.
ATO plans to charge GST on manufactured home parks scrapped
A concerted effort by the Residents Association of manufactured home parks has headed off the ATO which had planned to impose GST in mobile homes. This would have added 10% to the cost of the purchase of a home