Your own home is a source of immense psychological and financial security. You can rent a part of it, buy a new car and pay its installments on your rental income. Better still, you can buy a new home by mortgaging your present one and pay the installments by renting out the new home. After a few years you own two homes without paying a dime from your own pocket. The third option is to get a loan on your home and start your business and make income from it. Your home can provide you the much needed finance in emergencies like the marriage or education of your children and in unfortunate situation of sudden illness and hospitalization bills.
Ageing Australia
Australia is ageing. It is fast becoming an old age home. The population of Australians over the age of 65 years is going to double in the next four decades. The tax base of the national income will decrease as the older Australians retire from full time employment leading to an increased demand on health and welfare services for around 5.5 million older Australians. This demographic shift will affect the national economy as a whole.
Income for old age care
An estimated 31.5% of the older Australians are home owners and are dependent upon the Government payments for 90% or more for their income. The ability of these older Australians to purchase old age care services beyond those provided free by the government agencies depends upon their own income which may not suffice in certain situations. It is in such situations when your own home can prove to be your friend in need.
HOMEX
Under the home exchange program—HOMEX-you can generate additional income without losing the key benefits associated with owning your own home.
HOMEX involves the sale of your home to the State government and you get a rent-free lifetime tenancy of your own home, an additional monthly payment besides enjoying your entire existing pension and other entitlements. There are numerous other financial benefits as well only if you have your own home.
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