Calculators
Calculate the cost of downsizing, estimate your age pension, rent assistance, home care package costs and funding, and Centrelink’s deemed income and granny flat reasonableness test.
Access the calculators from the links below, or scroll down to read about each calculator in more detail.
Can I afford to downsize?
The cost of downsizing
Moving house involves time, effort, and stress, as well as money, which means that you don’t want to do it more than often than is necessary.
Making sure you know your moving costs for downsizing means that you will know how much you really will have left over to invest or spend. Many people simply compare the price they are getting for their existing home with the price they are going to pay for their new one, but this is a recipe for disaster – because the cost of moving can easily run to tens of thousands. Our calculator helps you identify your cost of downsizing by breaking down your costs into selling, moving, and buying costs and showing you how much will be available to spend or invest.
Age pension
Understanding how your move will affect your pension entitlement and other benefits is critical. Eligibility for even a part pension can be of huge financial benefit because it gives access to the prized pensioner concession card — giving you cheaper medical costs and, depending on your location, concessions on utilities, council rates, public transport and vehicle registration — even if the pension itself is only small.
Our age pension calculator is a great starting point. It gives you a brief overview of eligibility criteria and allows you to enter your own information to get an estimate of your age pension.
Rent assistance
Rent assistance is a payment that goes on top of your pension. If you qualify for the Age pension, and your rent your home or you own your home in a granny flat, retirement village or land lease community then you may qualify for rent assistance. Our rent assistance calculator gives you a brief overview of the eligibility criteria and allows you to enter your own information to get an estimate of your commonwealth rent assistance.
Deemed income
If you are going to receive an age pension or aged care then it is important to know what your level of “deemed income” is. In determining your income for both pension and aged care your financial assets are assessed on a notional rate of return called the “deeming rate”, where they are actually invested, and what they are actually earning, is not relevant — only the deemed income is. Our deemed income calculator gives you a brief overview of which assets are subject to deeming and allows you to enter your own information to get an estimate of your deemed income.
Home care package costs
The newest form of retirement housing, typically smaller homes or apartments where owners share communal spaces and in some cases cars.The amount you can pay for a home care package is going to depend on the level of package you receive, whether your chosen provider waives the basic daily fee and how much you need to contribute through an income tested care fee. Our home care package cost calculator gives you a brief overview of the criteria and allows you to enter your own information to get an estimate of your home care package costs.
Home care package funding
The amount of funding available through your home care package is going to depend on the level of package you receive and whether you are eligible for additional supplements. Our home care package funding calculator gives you a brief overview of the criteria and allows you to enter your own information to get an estimate of your home care package funding.
Granny flat reasonableness test
Generally speaking, the amount you pay for a granny flat is considered to be the market price. However, if you are a pensioner, Centrelink can apply a reasonableness test to a granny flat in certain circumstances. Our granny flat reasonableness test calculator gives you an estimate of your Centrelink granny flat reasonableness test amount.
Use the calculators to help you understand all financial implications of downsizing, so you have no nasty surprises. Dive deeper into your downsizing journey and uncover the essential steps to guide you forward here, or visit a village that can offer you a FREE Village Guru Report, which can give you all the costs for that village in one simple report.
Get a FREE Village Guru Report
A Village Guru Report showcases the costs of entering, living in, and exiting a village, coupled with projections of your Age Pension and Rent Assistance entitlements. It can even show you how much funding is available through a Home Care Package and what the fees will be.
Visit a village that can offer a FREE Village Guru Report, and make the move with confidence.
Disclaimer: While a Village Guru Report provides valuable insights, it doesn’t replace professional financial advice. You should seek advice from an accredited Retirement Living and Aged Care Specialist® Financial Adviser. Connect with an Adviser.
