Brendan Coates
speaker
226 appearances
4 recordings
1 series
first heard Feb 2022
last heard Apr 2022
Brendan Coates’s voice in public audio — every appearance, attributed to the second.
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Appearances
Now, in that situation, you probably never buy out the government stake.
the government remains a silent partner in that home until basically you either go into a nursing home, into aged care, or frankly that you pass away.
And what that does is it reduces the risk that older Australians in particular are going to face poverty in retirement as renters.
Because we know that if you rent in retirement, you are much, much more likely to experience poverty because you're still paying rent.
And if you're not having to pay rent, you're much less likely to be in poverty.
And there's this looming crisis coming to retirement incomes in Australia where there are a growing number of older Australians who don't own.
And we need to do something about that.
And the shared equity scheme would help solve that problem.
So we know that people that separate are quite likely to fall out of home ownership because often the family home does need to be sold.
It's normally the number one savings vehicle that people have.
Then when people have separated, they then only have their share of the equity that's been divided in two and they can't go out and each often buy a home that will fit the family in them, particularly if you say you're the wife and you've got the kids with you.
And so we know that only a third of women who separate from their partner manage to buy another home within five years.
So two thirds don't.
And just under half manage to buy one within 10 years.
So more than half don't.
And so it's because they lack the assets to be able to put down the deposit and their income, particularly if they are the second earner in a household.
isn't sufficient to be able to pay off the mortgage.
And so instead, they fall out of home ownership.
They are renting as they approach retirement.
And that's risky for the fact that they're more likely to experience poverty in retirement.
Showing 21–40 of 226 · page 2 of 12
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