The Government has announced a review aimed at relaxing planning regulations surrounding granny flats, which are small living spaces supplementary to primary residences. This initiative is designed to encourage older adults to transition to smaller homes, easing the housing crisis by optimizing existing residential spaces. Additionally, banks and credit unions may be prompted to adjust lending standards, allowing older individuals to secure financing for downsizing before finalizing the sale of their current properties, thus facilitating smoother transitions for seniors.
The Government is initiating a review to relax planning rules for granny flats, aimed at encouraging older individuals to downsize and alleviate the housing crisis.
As part of this initiative, financial institutions may revise lending regulations to support those looking to 'rightsize' their living situation, even before selling their current homes.
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