Move out, boomer retirees advised

Elderly home loan borrowers may have to resort to their superannuation payout to pay off the loan, or else continue working beyond 65 to service home loans. State governments could provide stamp duty exemptions to encourage older people to move and realise the equity in their home, said David Deans, joint chief executive of COTA National Seniors, which represents 1500 seniors organisations. The director of the Centre for Population and Urban Research at Monash University, Bob Birrell, said that if baby-boomers continued to live in houses in sought-after areas such as Melbourne's eastern suburbs and Sydney's north, the next generation would find it very difficult to buy houses in these areas where employment opportunities were greatest.