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Picture Book · Downsizing and estate

Selling your home and the Age Pension

Story pages

A woman in her early seventies on the verandah of a weatherboard house with a jacaranda in bloom
Meet Joan. She gets the Age Pension and is selling her house to buy a smaller one.
A cosy home with warm light in the windows
While you live in your home, the assets test doesn't count it.
A woman walking along a garden path between two homes
Sale money you plan to use on your next home can be exempt from the assets test for up to 24 months, with up to 12 more in some cases.
A small glass jar of coins beside a pot plant growing slowly on a windowsill
That money is still deemed under the income test, at the lower deeming rate, currently 1.75%.
A grey-haired woman in her early seventies sorting coins into two separate glass jars on a kitchen bench
Money left over that isn't for the new home may count under both the assets and income tests.
A grey-haired woman in her early seventies making a phone call from a comfortable armchair
Joan tells Services Australia within 14 days of selling, and checks how her payment will change.

The end

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General advice warning. This picture book is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal advice. Rules and thresholds change. Before acting, consider whether it is right for you, read any relevant Product Disclosure Statement and our Financial Services Guide, and seek personal advice. Past performance is not a reliable indicator of future performance.

Information as at 27 October 2026. Sources:

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Keep exploring: More downsizing and estate stories · All picture books · Age Pension what-if planner · Cost-of-living help for homeowners