New Zealanders who are 67 years or older and live in Australia should be eligible for an Australian Age Pension. As long as they meet the resident, income, and asset eligibility criteria.
Please note that the eligibility criteria have recently been changed, so you will need to wait until you are now 67 to receive the Australian Age Pension if you were born on or after 1 January 1957. Read more below.
Under Australia’s international social security agreement with New Zealand, NZ citizens living in Australia can apply for the Australian Age Pension (over 67 years, see below), Disability Support Pension (DSP) (if they are severely disabled), and Carer Payment (if they are caring for a partner on DSP), irrespective of whether they are protected or non-protected SCV holders.
Editor Note: I have been advised by multiple New Zealanders who have moved to Australia that there is a backlog of pension applications, and it’s important to apply as soon as you arrive, if you pass the income and asset tests. You can lodge an Age Pension application up to 13 weeks before you reach eligibility age (between 66.5 and 67). See my delay in processing pension applications post.
A claim for the age pension is meant to have a “timeliness standard” of 49 days, but in December last year, the average processing time was 91 days, up from 61 in August and 35 days in the 2021-22 financial year.
Your application will be backdated to the date of your application. However, the NZ pension is way more generous and not income and asset tested. Therefore if you are not eligible for the full Australian Age Pension, you are best to wait until you have received your NZ pension for 26 weeks and then apply for the Australian Age Pension.
Australian age pensions are asset and income-tested, so any assets or income a New Zealander has will affect the amount payable.
Income Test – Your assessable income must be less than $63,351 if you’re a single person or $96,865 if you’re a couple.
Asset Test – If you’re a homeowner, singles can have up to $674,000 and couples $1,012,500. If you’re not a homeowner, singles can have up to $916,000 and couples $1,254,500.
Read more about income and asset tests for pensions below.
To qualify for a pension, a New Zealander must have been resident in either Australia or New Zealand for at least 10 years of their working life (between the ages of 20 and 67).
You can continue to get your New Zealand Superannuation (NZ Super) or Veteran’s Pension payments for up to 26 weeks (inclusive) after you leave New Zealand.
There are different rates of Age Pension payments for single people and couples. Read about how your relationship status can affect your payment rate.
In this post you will find helpful information on:
On 1 July 2021, the Age Pension age increased to 66 years and 6 months for people born from 1 July 1955 to 31 December 1956, inclusive.
This has now increased again to 67 years if you were born on or after 1 January 1957.
If your birthdate is on or after 1 January 1957, you’ll have to wait until you turn 67. This will be the Age Pension age from 1 July 2023.
Australian Age Pension age is:
If you’re legally blind and you’re not claiming Rent Assistance, you may be able to claim Age Pension without being assessed against the income and assets tests. You’ll need to provide an ophthalmologist report to support your claim.
Read more about Age Pension age requirements on the Department of Social Services website.
The Australian Government Department of Human Services uses income and assets tests to work out how much Age Pension you get.
Working out how much you can get can be confusing. You can find a link to SuperGuide’s age pension calculator below.
Per fortnight | Single | Couple each | Couple combined | Couple apart due to ill health |
Maximum basic rate | $1,020.60 | $769.30 | $1,538.60 | $1,020.60 |
Maximum Pension Supplement | $81.60 | $61.50 | $123.00 | $81.60 |
Energy Supplement | $14.10 | $10.60 | $21.20 | $14.10 |
Total | $1,116.30 | $841.40 | $1,682.80 | $1,116.30 |
* Rates as per 1 April 2024. Check here for updated rates.
Your income can reduce how much you will get paid. The age pension income test will assess your income from all sources. If you’re over the limit, you get a lower pension. However, the Australian Government does have a Work Bonus for pensioners who do work (see below).
These are the income rules for most pensioners.
Single person
Income per fortnight | Amount your pension will be reduced by |
Up to $204 | $0 |
Over $204 | 50 cents for each dollar over $204 |
Couple living together or apart due to ill health
Combined income per fortnight | Amount your combined pension will be reduced by |
Up to $360 | $0 |
Over $360 | 50 cents for each dollar over $360 |
* Rates as of 1 April 2024. Check here for updated rates.
Read more here: https://www.servicesaustralia.gov.au/income-test-for-pensions?context=22526.
Income from outside Australia that may count in the income test includes money from all of the following:
Read more here:
For the maximum rate of pension to be payable, you may have assets up to the assets value limit (the asset limit before pension reduces), provided your income does not exceed the income-free area (the income limit before pension reduces).
The assets value limits for service pension, age pension and veteran payment are:
Relationship and residential status | Homeowners | Non-homeowners |
Singles | $301,750 | $543,750 |
Couples* – combined | $451,500 | $693,500 |
* Includes illness-separated and respite care couples. Rates as of 1 April 2024. Check here for updated rates.
This means you can have assets up to and including these amounts and still get the maximum rate of pension, provided your income does not exceed the income-free area.
When the market value of your assets exceeds the assets value limit, your pension is reduced by 75 cents per fortnight for every whole amount of $250 worth of assets above the limit. The pension continues to reduce at the rate of 75 cents for every $250 worth of assets over the limit until the value of your assets reaches or exceeds the assets cut-off limits. No pension is payable if you have assets above the cut-off limits.
For a couple, the value of the assets is split between each member of the couple, and the rate of reduction is the same for each member of the couple.
Your home is not counted as an asset when calculating pension or payment, but it does affect how your pension or payment is assessed under the assets test.
For more information on how the assets test works and some good examples of calculations, refer to Assets Test: https://www.dva.gov.au/financial-support/income-support/what-changes-your-payments/your-income-and-assets/assets-test.
The Australian Government is assisting older Australians to work, if they are able and wish to do so, by offering the Work Bonus.
Seniors may have substantial income from work and still receive an Australian Age Pension. Age Pension rules provide incentives for work, including part-time or casual work, through the combined application of the pension income test (above) and the Work Bonus (below).
The Work Bonus provides an incentive for pensioners over Age Pension age to work, should they choose to do so, by allowing them to keep more of their pension when they have income from working. Under the Work Bonus, the first $300 of fortnightly income from work is not assessed as income under the pension income test. Any unused amount of the fortnightly $300 Work Bonus will accumulate in a Work Bonus income bank, up to a maximum amount of $7,800.
The amount accumulated in the income bank can be used to offset future income from work that would otherwise be assessable under the pension income test. The income bank amount is not time-limited; if unused, it carries forward, even across years.
For more information, visit Work Bonus on the Australia Government Department of Social Services website.
The Age Pension calculator on the SuperGuide website is easy to use.
Enter your details in the calculator (in the yellow blocks), and you will be given an estimate of the age pension for which you may be eligible. Reminder: do not include the value of your home in your assets.
Under Australia’s international social security agreement with New Zealand, New Zealand citizens living in Australia can apply for the Australian Age Pension (if over the age of 67), Disability Support Pension (DSP) (if they are severely disabled) and Carer Payment (if they are caring for a partner on DSP), irrespective of whether they are protected or non-protected SCV holders.
The residency requirements for the Age Pension require a total period of time living in Australia and/or periods of Working Age Residence (Working Age Residency refers to residency between the ages of 20 and 65/67) in New Zealand of more than ten years. For DSP, the person must have had at least ten years of residence in Australia or New Zealand, become severely disabled while living in Australia or New Zealand, and reside in Australia for at least one year. For Carer Payment, an individual must have lived in Australia and/or New Zealand for more than two years.
Reciprocal arrangements apply in relation to certain New Zealand payments (discussed below).
Source: New Zealanders in Australia: a quick guide on the Parliament of Australia website.
New Zealand and Australia have a social security agreement. The Agreement covers the following benefits and pensions:
The agreement means that New Zealand residents who have lived, lived or are going to live in Australia may qualify for a benefit or pension from both Australia and New Zealand.
If you are paid or apply for a benefit or pension in NZ, then you must apply for the equivalent in Australia.
New Zealand Supported Living Payment (health condition, injury, disability or totally blind) and Australian Disability Support Pension (for the severely disabled)
To qualify for the Australian Disability Support Pension under the Agreement, you must meet the below criteria for either the New Zealand Supported Living Payment (health condition, injury, disability or totally blind) or Australian Disability Support Pension, and you must also be assessed as “severely disabled”.
“Severely disabled” means:
If you intend to or do live in Australia, you may qualify for a benefit or pension from both Australia and New Zealand.
As stated above, you must apply for a benefit or pension in both countries.
Once your applications are processed, you may be paid payments from both New Zealand and Australia, e.g. your payment is made up of a NZ Superannuation payment and an Australian Age Pension payment. When this happens, the total amount you will receive will be similar to the amount you would have received if you had spent all your life in Australia.
Senior Services International uses certain criteria to decide who can receive an NZ pension or benefit in Australia and how much you will be paid.
You can read more about this here: Social Security Agreement with Australia – Work and Income.
If you already receive either the NZ superannuation or Veteran’s pension, are over 65 before you leave NZ and meet the age criteria for the Australian Age Pension, you can continue to receive your NZ payments for up to 26 weeks after leaving NZ. If you don’t meet the Australian Age Pension criteria, your payments will stop the day after you leave NZ.
You should check what you will be paid in Australia before you leave NZ as it may be less than what you are currently paid, especially if:
Whether you are paid in Australia will depend on the outcome of your application for the Australian Age Pension, which includes an income and asset test.
To see if your NZ payments will continue for more than 26 weeks after you leave NZ, you must apply for the NZ Superannuation or Veteran’s Pension to be paid to you in Australia.
You need to apply for an Australian Age Pension through your local Centrelink office as soon as possible and within 26 weeks of leaving NZ.
If Centrelink grants you an Australian Age Pension, they will send you an NZ application form to complete so Senior Services International can determine whether you will continue to be paid and how much you will receive.
If Centrelink can’t grant you an Australian Age Pension because you don’t meet the residency requirements, please contact Work and Income in NZ.
Once you’ve checked if you’re eligible for Age Pension, you’ll need to prepare some information before starting your claim. If you’re unsure whether you’re eligible, read more about who can get it.
You must provide Services Australia with the following details before or when you submit your claim. You will need documents that show:
You can read more about the documents needed on the Services Australia, supporting documents page, where they give you examples of each.
Before you submit your claim, you may need to give them your identity documents so they can prove your identity.
If you move permanently to Australia, you can transfer your KiwiSaver funds to an Australian superannuation scheme. However, you do not have to transfer your KiwiSaver account to Australia.
Contact your KiwiSaver provider if you decide to transfer your KiwiSaver funds to an Australia super.
To transfer your KiwiSaver, you will need to:
How to compare and choose super funds. When you’re comparing super funds, weigh up fund performance and the fees you’ll pay against other factors such as risk, investment returns, services and insurance, e.g. performance, low fees, insurance, investment options and services.
You can find out about and compare super funds by using the ATO’s YourSuper comparison tool, an online list comparing MySuper products.
Here is a good post on choosing a super fund, which goes into more detail.
I’ve recently found this Australian government website My Aged Care. If you need some help around the house or think it’s time to look into aged care homes, My Aged Care is here to help.
The website has a lot of helpful information:
I found this website when I was looking for advice for the below comment:
My parents are kiwis and have a house in NZ and Australia but they want to live in Australia full time now they are 80 years old!
They need advice on how to organise their finances in NZ to make sensible choices re private and government pensions, investments, house sale etc.
Is their a person or a company you can suggest that they can use yo give them this advice please?
My Aged Care has great online help for financial support and advice, including:
Organisations that can help
Several organisations offer free services that can inform you about building savings, preparing for retirement, and your pension options:
Professional services that can help
The MoneySmart website has some valuable resources to help you manage your money, and it can also direct you to professional services like financial advisers, counsellors, and legal advice:
Tools and information
There are many tools available to help you with different aspects of your finances, such as:
So if you need financial advice, first check out their website and then get in contact with them. They will definitely be able to point you in the right direction.
Here is a video that explains their service simply.
Read the below page in full if any of the below apply to you:
More information – Work and Income page Social Security agreement with Australia.
The below posts might interest you:
If you’ve read the above content and the answer to your question isn’t there, please write a comment below and I’ll research the answer for you.
If you need advice on moving to Australia from New Zealand, I’ve created a helpful little questionnaire to point you in the right direction. It takes less than 30 seconds, so give it a go!
© 2008 - 2023 Copyright Cybersmith Ltd. All content is copyright.
Design by ThemeShift.
Teresa
September 13, 2024 at 10:02 amHi,
Your website is brilliant. Plenty of good info.
We plan to retire in Australia. At the age of 66 we are receiving NZ Super already.
We started all preparations with opening a bank account and registering with XE.
Then trying to find a place to live somewhere in Queensland; renting during first year
and finding a house to buy.
We may receive small super from European country that have no agreement with NZ.
How this may affect Australian super?
Thank you,
Teresa
JJ Smith
September 17, 2024 at 3:34 pmHi Teresa,
Thank you for your comment and compliment.
As you would have read in my Australian Age Pension post, the Australian pension does not start until you are 67, so you will need to plan for this.
You will still receive your NZ pension for 26 weeks, after you have moved, and then you will need to apply for the Australian pension. Don’t apply early if you are not gong to receive the Australian pension for a while or if you will receive less than your NZ pension.
I like your plan to rent first. It takes a little while to get to know where you would like to live. However, this will effect your Australian pension if you have an asset (whether it be a home or money).
Regarding your small European super, you can work out how this will effect your Australian super using the Age Pension calculator on the SuperGuide website: https://www.superguide.com.au/in-retirement/age-pension-calculator.
The Euro super is considered other income. Any income outside your salary, such as non-Centrelink pensions or income streams, and net income from an investment property.
Hope the above helps.
Sharon
August 26, 2024 at 4:42 pmHi
We are looking at moving to Australia – family reasons. Because we have income and assets above the Australian criteria we do not qualify for the AU pension. This means also that we would not receive the NZ pension also. So it’s a pretty big decision.
Questions?
1. Do we have to apply for the AU pension regardless after we move?
2. When is the best time to inform MSD that we are doing this? eg if we decide to move after we have done a 26 week (or so) stint now and through Christmas and inform them when we come back to pack up and sell our house will we have to pay back the pension we have received over the last say 26 weeks of being there?
3. Or if we make the decision now do we receive the first 26 weeks of NZ pensionwhile being away from NZ.? NB we have been back from our last visit to Australia for 8 months.
Is there anything else that you would advise us.
Thank you
Kind regards
JJ Smith
August 28, 2024 at 1:31 pmHi Sharon,
Thanks for your comment.
It’s advisable to wait until the 26 weeks are up before you apply for the pension. This is because the pension is backdated to when you apply. By waiting, you ensure that you are not receiving a pension you are not yet eligible for.
However, your situation is slightly more complex because you are going and coming back.
Therefore, I recommend you talk to a financial adviser who understands pension requirements in Australia and New Zealand and find out your best plan of action. It might be to ensure you are not out of the country for more than 25 weeks.
You also need to decide whether you will become a “resident” of Australia for tax purposes. If you become an Australian tax resident, then you will need to pay tax in Australia on your NZ income and CGT on your assets when you sell them. Read this post to understand what I am referring to: https://beyondaccountancy.com.au/something-every-kiwi-in-australia-needs-to-know/.
It is recommended that you advise Work and Income about your plans before you leave New Zealand.
Sorry I can’t give you further advice. I am not a financial adviser and are only able to help from information I have found online and from visitors. Your timing will make a difference, so it’s best to get it right.
I hope the above helps.
Leah Lab
August 1, 2024 at 11:51 pmMy Mum has moved to Nz at age 67 and is now 84 years old. She’s on a NZ pension. She has no assets eg house etc. We live in Australia and are Australian citizens. If she comes to live with us, will she be eligible for Aus pension as she does not meet the working age residency requirement (between 20 and 67)? Thank you
JJ Smith
August 5, 2024 at 4:19 pmHi Leah,
Thanks for your comment.
To qualify for a pension, a New Zealander must have been resident in either Australia or New Zealand for at least 10 years of their working life (between the ages of 20 and 67), which means your Mum will qualify.
You can fill in the Age Pension calculator on the SuperGuide website to see how much your Mum will be eligible for: https://www.superguide.com.au/in-retirement/age-pension-calculator.
She should apply as soon as she arrives in Australia if she is eligible for the full Australian pension.
Hope the above helps.
Mel
July 15, 2024 at 2:14 pmHi there,
Firstly thanks for such a great website! Just wanting some informed information around moving to Australia and what the difference in pension entitlements are, as the information is hard to find and difficult to decipher. My husband is 10 years older than me and will be entitled to the NZ pension in the next couple of years, however a couple of questions around this.
1) Would he still be entitled to the Australian Pension at age 67 providing we don’t exceed the Asset Testing (Which I assume we wont) ?
2) Is he entitled to any pension if i am still working?
3) Is the pension based on an individual like it is here, with the other partners income not being taken into account, or because I would still be working would he not be entitled to the pension? And if this is the case is there an income threshold?
4) Even though I have worked in NZ for the last 35 years, am I correct in assuming that I still need to have been ‘living’ in NZ for 5 years from the age of 50 in order to be able to access the NZ pension in Australia?
5) Assume my husband can still access his NZ Pension funds at 65 regardless of whether we are in New Zealand or Australia. If we were to put this towards our outstanding mortgage would there be any impact to his future pension.
Just wanting to make sure we have as much information as possible before making a life changing decision at this later time in life.
JJ Smith
August 5, 2024 at 3:41 pmHi Mel,
Thanks for your comment. Sincere apologies for the delay, I was on holiday with my family and then got sick.
Unfortunately, I am not a financial adviser and can only provide information based on what I have been able to find online.
The Australian age pension is calculated on the couples income and assets. I recommend you complete the age pension calculator on the SuperGuide website so you know how much your income will affect your husband’s pension: https://www.superguide.com.au/in-retirement/age-pension-calculator.
Please note, that if you own property in NZ it is considered an asset, if you own a home in Australia it is not.
Your husbands NZ pension will stop 26 weeks after you have left NZ.
If you still have questions after working out your pension amount using the online calculator, I recommend you contact an organisation that can help you. You can find organisations that can help on the Australian government, myAgedCare website: https://www.myagedcare.gov.au/financial-support-and-advice.
And contact Work and Income for advice on the NZ pension.
Hope the above helps.
Ben Gelderbloem
May 14, 2024 at 11:09 pmHi Thanks for your amazing site. You have previously assisted me and hope you can do so again. I am looking at moving to Australia.
In the NZ Work and Income Site relating to the NZ Social Security Agreement with Australia, under the heading: How Much Will I be paid, there is reference to a formulation calculation on how much pension you will be paid in Australia based on how long you have been living in NZ from the age of 20 till the age of 65 years of age. Will this apply to me? If it does the rate of payment as I understand it will be greatly reduced?
This year I would have been living in NZ for just over 30 years (aged 75 now), and have been receiving NZ super/pension since age 65, but in terms of this calculation requirement for the pay rate, I would only qualify from date of arrival in NZ to age 65, which is 19 years for Australian pension.
Have I misread something?
I quote some of the relevant paragraphs below from the Agreement:
‘Social security agreement with Australia
A guide if you get NZ Super or other New Zealand entitlements in Australia or are living in New Zealand and get an Australian pension.
This information is for:
New Zealand residents who have lived, live or are going to live in Australia
Australian residents who have lived, live or are going to live in New Zealand.
Australian and New Zealand residents who have lived, live or are going to live in either country may qualify for a benefit or pension from both countries’.
‘How much will I be paid?
As a general rule, the total amount you are paid is about equal to the Australian benefit or pension you would be paid if you lived all your life in Australia.
NZ Super or Veterans Pension
International Services assesses your rate of NZ Super or Veteran’s Pension payable in Australia. It is the smaller amount of either:
the New Zealand rate that is based on the amount of time you have lived in New Zealand, or
the amount you would be paid by Centrelink if you had lived in Australia all your life.
The New Zealand rate is based on the number of whole months lived in New Zealand between age 20 and 65. For example, if you lived in New Zealand for 45 years since turning 20, you could be eligible for the maximum New Zealand rate, as long as this amount was the same or less than the amount you would be paid by Centrelink if you lived in Australia all your life.
Formula for the rate of NZ Super and Veteran’s Pension:
https://www.workandincome.govt.nz/images/individuals/rate-super-and-veterans.jpg
I hope it is not confusing. It is a bit tricky to refer to paragraphs as they are not numbered.
Your assistance would be greatly appreciated.
Kind Regards
Ben
JJ Smith
May 20, 2024 at 12:12 pmHi Ben,
Thanks for your comment.
Australia age pension is a hard to topic to make sense of from the information online. I’ll do my best to help.
To qualify for the Australian age pension, a New Zealand citizen must have been resident in either Australia or New Zealand for at least 10 years of their working life (between the ages of 20 and 67). Therefore you are eligible.
Also since you are already receiving the NZ pension, I would not be concerned if you will get the Australian pension when you move.
To discover how much you will receive after the income and asset tests, you can use the Age Pension calculator on the SuperGuide website: https://www.superguide.com.au/in-retirement/age-pension-calculator.
If you want to talk to someone you can call Centerlink international services on 0800 441 248, but I’m not sure if they can help you while your outside Australia, as you do not become eligible for the Australian age pension until you have processed through border control and have an SCV.
Please read me delay in processing pension applications post, as it includes information from visitors about when you are best to apply: https://www.movingtoaustralia.co.nz/warning-delay-in-processing-pension-applications/.
If you pass the income and asset tests, it’s important to apply as soon as you arrive. However, your application will be backdated to the date of your application. However, the NZ pension is way more generous and not income and asset tested. Therefore if you are not eligible for the full Australian Age Pension, you are best to wait until you have received your NZ pension for 26 weeks and then apply for the Australian Age Pension.
You can read more info on my delay in processing pension applications post: https://www.movingtoaustralia.co.nz/warning-delay-in-processing-pension-applications/.
Hope the above helps.
Ben Gelderbloem
May 20, 2024 at 2:32 pmThanks so much JJ. I appreciate your response and will take heed of the pointers you have provided.
Bill
May 12, 2024 at 12:53 pmHi,
I am 81 years old. I’m on a NZ pension. I have no assets eg house etc. The money I have is far below the threshold.
My son lives in Brisbane. My daughter is a teacher and is moving to Australia to start the 1st term 2025
My question is: Is it better to apply from within Australia or from New Zealand.
The main reason I ask is that:
1. If I go to Australia and apply for the AAP and they take longer than 26 weeks, I’ll have to return to NZ.
2. There is a chance of losing my Council flat if I stay away too long.
3. If my AAP is denied, I will need to return to NZ to live out my life. Therefore I’d need to keep my flat.
Just a short reply would be sufficient if you can spare the time.
Yours “gratefully”
Bill
JJ Smith
May 17, 2024 at 1:12 pmHi Bill,
Thank you for your email.
I completely understand why you have asked this and I’m surprised no one before you has.
To apply for the Australian age pension you need to hold an SCV, which means you need to have processed through Australian border control before your apply. Therefore, you cannot apply from NZ.
Have a read of this information from the Work and Income, especially the ‘getting a benefit or pension in Australia’ section: https://www.workandincome.govt.nz/pensions/travelling-or-moving/social-security-agreements/australia.html.
You will need to make sure your application is complete, so I recommend putting that together before you move.
Because of your personal circumstances, I recommend applying as soon you arrive.
Please note, any difference in payments, e.g. you receive more NZ pension than the Australia age pension, you will have to pay the difference back. Centerlink minus the amount from your payments. Your application date is when your Australian age pension will be backdated too.
Therefore, please make sure you use the Australian age pension calculator so you don’t get any nasty surprises: https://www.superguide.com.au/in-retirement/age-pension-calculator.
I have had some amazing visitors share their experiences in the comment section of my delay in processing pension applications post, which you should read: https://www.movingtoaustralia.co.nz/warning-delay-in-processing-pension-applications/.
Please note, that because you are in the financial situation you are, you should communicate this to Centerlink in your application, so they are aware of your situation and hopefully process your application in a timely manner. However, if you are concerned at any stage throughout the waiting process, go visit your local Centerlink (huge lines so be prepared) or contact Centerlink International on 131 673 (I’ve heard they are amazing and actually help).
Hope the above helps.
Liz Stilwell
April 4, 2024 at 7:47 pmHi JJ,
Thanks for this wonderful site. I’ve read through but still somewhat confused re a pension application – sorry
I am 68 years old – 69 in August. I’m a NZ citizen living in Australia since 2010. Now the Citizenship rules have changed I will be applying for Australian Citizenship which I understand will give me dual citizenship?
I still own a house (with a mortgage) in NZ – and I rent a small home here.
The rental income from my NZ house is generating enough to cover the mortgage and maintenance outgoings and a very small amount of income – I will likely sell the property sometime in the future. MY QUESTION: I now want to apply for the pension so do I apply for NZ pension from Australia or the Australian pension? To be clear, I’m on a SCV – not a permanent resident in Australia as two redundancies here and retraining meant I was always below the ‘new migrant threshold’. I love my work and intend to work until @74 but I understand I may be eligible for a part-pension. Thank you, Elizabeth
JJ Smith
April 5, 2024 at 11:39 amHi Elizabeth,
Thank you for your comment and compliment.
Yes you will get Dual Citizenship (NZ and Australian) under the new direct pathway: https://www.movingtoaustralia.co.nz/citizenship-pathway-for-new-zealanders-in-australia/.
As you are living in Australia, you will need to apply straight for the Australian pension, which is income and asset tested.
Have you looked into applying for the pension before? If you have not, I recommend using the age pension calculator so you have an estimate of the amount of Age Pension you may be eligible for: https://www.superguide.com.au/in-retirement/age-pension-calculator.
If you do sell your NZ property and buy a home in Australia, this will reduce your assets considerably, as your Australian home doesn’t affect the income and asset tests.
Unfortunately, I am not a financial adviser and can only recommend based on information I can find online.
If you need/want further assistance, I recommend finding a financial adviser in Australia, specialising in age pensions, who can help you.
I hope the above helps.