SENIORS RATE POSTPONEMENT SCHEME

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WHY POSTPONE RATES?

People who choose to postpone payment of rates simply prefer to spend their cash on other things.

The Seniors Rate Postponement Scheme was devised mainly to help older ratepayers who have a high level of equity in their home, but who are on limited incomes.

These people may find that their rates are difficult to pay, because their income may not have increased to keep pace with their rates.

However, postponing payment of rates is not for everybody.

Postponing rates is, in effect, incurring a debt, and some people might not be comfortable about allowing that to happen.

If you are comfortable with managing debt, then you can take advantage of the equity in your home. Postponing a portion of your rates will enable you to use that money now, on other things.

Council rate notices will let you keep an eye on both the value of your home and the accumulating value of any rates that you have chosen to postpone. For most people; over time the growth in the value of their home will outstrip the value of any rates postponed.

Remember, the Seniors Rate Postponement Scheme allows you to remain in complete control. If you choose to enter the Scheme, you can adjust what you postpone or what you pay, each time you receive your quarterly rates notice.

You won't need to repay the debt until you sell or transfer your home.