Latest news with #HomeEquityAccessScheme
The Advertiser
20-07-2025
- Business
- The Advertiser
Reverse mortgages an effective tool in your retirement strategy
Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit. Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit. Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit. Getting a grip on your finances is relatively simple when you're young: spend less than you earn; avoid consumer debt; and learn to budget and set goals. But it's a different story for seniors. They're navigating a jungle - superannuation, tax minimisation, estate planning, powers of attorney, age pension rules - plus the big lifestyle questions like downsizing and aged care. At this age you need a team. Your solicitor, accountant, financial adviser, and various specialists may all play a role. But most are experts in only one area, and they rarely see the whole picture. The following email from a reader is typical: "When we were updating our wills, the lawyer advised us never to take out a reverse mortgage, stating 'you would lose the house in the interest repayments'. But what will we do for money if our super runs out and we can't live on the age pension? If we did take out a reverse mortgage, how would our age pension be affected?" This lawyer's tip was way off track, but sadly I'm getting more and more emails in this vein as professionals in one field try to comment on areas which they know little about. It's a fact of life that most retirees won't be able to enjoy the lifestyle they want without tapping into the equity of their home. And there are only two practical ways to do that: move to a smaller property or borrow against the one that you have. Both choices have advantages and disadvantages. Many people are tired of a big old home that requires ongoing maintenance. For them, downsizing is the obvious option. But this has costs such as sales commission, stamp duty (if applicable), and possible loss of pension because you're moving an exempt asset (your home) to assessable assets such as superannuation. Costs can easily run over $200,000. So for the many people who love where they are, but still need to access the equity in their home, a reverse mortgage lets them stay in their home and avoid the costs and disruption of moving. It can be an excellent solution when used appropriately. Reverse mortgages have traditionally been used to top-up retirement income. The government's own Home Equity Access Scheme is designed for this, enabling a fortnightly draw-down of funds. This has no effect on your pension and keeps interest costs low, as the loan size only increases gradually. For example, if you began drawing a small reverse mortgage in your early 80s on a home worth around $2 million, the impact would probably be minimal, as the increase in value would more than compensate for the cost of the reverse mortgage. But more and more retirees are finishing work with an outstanding balance on their home loan or credit card, and a reverse mortgage can be used to refinance this debt without depleting retirement income. Another common use is to renovate the family home, thus enjoying another 20 years of lifestyle and improving the value of a capital-gains-tax-exempt asset. The risk here is that the debt increases over time, as no repayments of principal or interest are required. However, the impact can be minimised by starting the loan as late in life as possible, or by choosing to pay the interest on the loan, thus preventing it from compounding. Reverse mortgages can be a very effective tool in your retirement strategy. Just make sure you take advice about their application to your specific situation from someone who is properly equipped to advise you about them. Question: We're trying to secure a place for Mum in a dementia-supported aged care facility, with entry costs around $500,000 plus daily fees. Most places are increasing this to at least $650,000 from July 1. Dad can access up to $350,000 through a reverse mortgage on their $1 million home. He has about $160,000 in super, which should cover the interest for roughly five years. He's still living independently, so selling the home isn't practical - downsizing would likely mean moving further out, paying body corporate fees, and losing access to family, medical care, and support. Do you know any reputable lenders that might allow access to more than $350,000 against the home to help cover the deposit and make their savings last? Answer: Reverse mortgage specialist Paul Dwyer tells me from the information provided, they have around $160,000 in savings and $24,000 in other assets. If Mum enters care and Dad remains at home, the house is excluded from the assets test. In this position, Mum would be assessed as partially supported by the Government. She wouldn't pay a means-tested care fee but would pay the standard daily care fee of $63.82. There may be a small additional services fee, and she'd contribute about $14.84 per day for accommodation. As a partially supported resident, she can't be asked to pay a RAD or DAP. The main challenge is finding a facility with a concessional room, but based on the details you've given, no lump sum is required. Question: I'm 74 and have nominated my two financially independent siblings as beneficiaries of my account-based pension. I'm worried about the tax they might face when I die. I've heard one option is to have my attorney withdraw all my super and put it in my bank account if death is near, so it passes through my estate tax-free. In a recent column you mentioned a recontribution strategy for those under 75. Should I be looking into that instead? What does it involve and how would I go about it? Answer: A re-contribution strategy involves withdrawing money from your super - which contains both taxable and tax-free components - and then recontributing it as a non-concessional (tax-free) contribution. This can reduce the taxable portion of your super, and therefore the death tax. However, it's subject to age limits and contribution caps, which depend on your total super balance. It's definitely worth seeking advice, but keep in mind that depending on your super balance, you may be able to reduce but not necessarily eliminate the death tax entirely. Question: I am a part pensioner and while updating some assets with Centrelink I also asked for my shares to be updated as they had fallen by about $18,000. This was refused - the employee said that they had to fall by $20,000 before they updated them. The impression I got from your newsletter was that they could be updated if they had fallen. No specific amount of $20,000 was mentioned. Can you clarify please? Answer: The information you were given is wrong. Services Australia General Manager Hank Jongen tells me they encourage customers to notify them when their circumstances change, to ensure the correct payments are being made. This includes changes to Australian-listed shares for both customers and their partners. If there is a change of $2,000 or more in the combined value of investments, they must be informed within 14 days. They also need to be notified if there are changes to the number of shares or investment units held. For changes under $2,000 to shares, investments, bank balances, or loans, reporting is optional. Listed shares, securities, and market-linked managed investments are automatically revalued on 20 March and 20 September each year. You can request a revaluation at any time, with no limit on the number of requests for shares or managed investments. When a revaluation is requested, all unitised managed investments and listed shares on your record will be included. Given the current share market volatility, it may be worth contacting Services Australia for a revaluation to ensure your pension is correctly calculated. If you are receiving a part-rate payment, advising them of any reduction in asset values could also be to your benefit.
West Australian
25-05-2025
- Business
- West Australian
Nick Bruining: Delays to Home Equity Access Scheme applications frustrate retirees seeking extra cash
The Federal Government's popular Home Equity Access Scheme — which is similar to a reverse mortgage — has been bogged down, with many applicants reporting delays dating back to last year. Former Centrelink financial information officer-turned independent financial planner Annette Sinclair said the delays had been significant. 'While some go through reasonably quickly, the majority seem stuck in the system for at least two months — and often longer,' Mrs Sinclair said. One reader who contacted Your Money lodged a completed application in December last year. The application was cancelled because of some missing information and later resubmitted. After waiting several weeks for a response, it was discovered the insurance cover for the home came up for renewal during that period. Although renewed, it appears Centrelink had not requested proof of renewal and, therefore, rejected the application. The HEAS is a low-cost reverse mortgage arrangement which allows senior Australians to tap into their home's equity at a relatively low interest rate of 3.95 per cent. Like other reverse mortgages, only real property can be offered as security. Houseboats, mobile homes and lease-for-life retirement village arrangements are ineligible. Commercial reverse mortgage rates are typically more than double the scheme's rate, ranging between 8 and 10 per cent a year. The rate you are charged is important because unlike a conventional mortgage, you are not required to make any repayments. Instead, the interest cost is added to the loan and compounds. When the property is disposed of, the loan plus interest is repaid from the proceeds of the house sale. The higher the interest rate and the longer the loan is in place, the larger the amount that has to be repaid. Under the HEAS arrangements, people aged over 67 can access payments of up to 150 per cent of the age pension. That can be in the form of a boosted fortnightly pension payment or two lump sum amounts each year, separated by a six-month interval. That means a single could currently access up to $44,811 a year. For a couple, it's a combined $67,555. Those amounts are less any age pensions received, so a single on a full fortnightly pension could access an extra $14,937 in a year and a couple $11,259 each, or a combined $22,518. Those amounts would be greater if the person was only receiving a part-pension because of means testing. 'People accessing the lump sum amounts are often doing it for some urgent reason,' Mrs Sinclair said. 'Travelling to visit a very sick relative, or replacing something like a car. The delays in processing an application just add to the stress.' Services Australia is the department responsible for administering HEAS applications. General manager Hank Jongen apologised for the delays and revealed there were about 16,000 applications currently in the system. 'Processing times for the scheme vary because they are complex assessments,' Mr Jongen said. 'They also often require information from third parties, such as a valuation request, which can add time to claim finalisation. 'We invest significant time training staff and right now, we're training more staff on these claims to help people faster.' Mr Jongen said that anyone experiencing hardship should contact Centrelink and explain their circumstances. That can be done in person or by booking a phone appointment with a Centrelink officer. Bookings can be made via the website or the dedicated older Australians phone line on 13 23 00. Nick Bruining is an independent financial adviser and a member of the Certified Independent Financial Advisers Association
