All Topics / General Property / Centrelink’s method to assess market value

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  • Profile photo of Mumba23Mumba23
    Member
    @mumba23
    Join Date: 2012
    Post Count: 1
    August 18, 2012 - 11:08 am

    Hi,

    Was wondering if anyone is familiar with the how Centrelink assesses market value on a home?

    The reason I ask is that my mother is a pensioner and is wishing to downsize and sell her home to me. Due to various rules which apply to such situation I believe we would need to ensure that she sells for current market value. I was wondering if anyone has had an experience similar to this or could tell me how we can establish fair market value which is recognized by Centrelink?

    Any thought/suggestions are welcomed!

    smiley

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    August 18, 2012 - 12:43 pm

    Office of State Revenue would request you get a valuation done for stamp duty purposes. This should satisfy Centrelink too.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of M.InvestigatorM.Investigator
    Member
    @m.investigator
    Join Date: 2012
    Post Count: 134
    August 27, 2012 - 1:27 pm

    If you're needing a valuation and you're based in NSW, then perhaps the NSW Government's Land & Property Information website can help you out. They've got info about land valuations and other property info across NSW

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