Fractional property investment manager DomaCom believes it is well placed to play a dual role in improving the retirement incomes of Australians given the Retirement Income Review’s conclusion that the family home should play a bigger role in this aspect of individuals’ lives.
The most direct method by which the wealth firm feels it can advance the retirement incomes across the country is through its Senior Release Equity Release offering that allows people to materialise the monetary value held in their home.
This product gives retirees the opportunity to boost their income by selling off a portion of their home while still being able to continue living in the property
“Although Australian retirees are amongst the world’s wealthiest, the bulk of their wealth is stored in their family home and the vast majority simply do not want to sell and move away in order to access some of that wealth,” DomaCom chief executive Arthur Naoumidis said.
“DomaCom has carefully designed its equity release product so that it is suitable for a broad range of retirement income strategies, including those that take advantage of government measures introduced to encourage retirees to access the value of their home.”
How the monies received from the Senior Release Equity Release product are used is the second means by which DomaCom believes it can help the retirement incomes of Australians.
In August, the specialist manager received confirmation from the ATO the proceeds from the partial sale of an individual’s home can be used to make downsizer contributions into their superannuation fund.
It means superannuants can use the proceeds from the partial sale of their home to boost their retirement savings and in turn increase the asset pool from which they can draw in their retirement.