Supporting veterans to downsize their homes
The Australian Government is making it easier for veterans and partners who receive income support payments to sell and buy a new home.
From 1 January 2023 onwards, new rules apply when you are selling your principal home and using the proceeds to buy a new one. For eligible veterans and war widows, the proceeds from the sale of their principal home will be exempt from assets-testing for up to 24 months, to give them more time to purchase or build a new home. Additionally, the proceeds from the sale will be deemed to be earning income at the lower rate of 0.25 per cent.
These changes will make it easier for eligible veterans and their families to downsize their homes by reducing the impact of selling and buying on their income support payment rates.
For more information visit the Pensions page.