Ask Noel

By Noel Whittaker
August 29 2012 - 3:00am

I am 73 and retired. My wife is 68 and planning to continue part-time work for another six to 12 months - she currently earns $40,000 a year. We own our house, worth $1.2 million, have combined super of $1,230,000 and shares worth $115,000. We have no other assets and both draw the minimum pension. We plan to buy and move into a smaller house in the future, although such houses sell quickly in our area. We are reluctant to sell our existing house before finding a new home, as this would mean moving twice or spending some time renting. Do you have any suggestions for making this move, as experience indicates that banks will not provide bridging finance at our age? Should we seek help from our adult children or perhaps cash in our super?

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