Hi, we have $229000 in equity but my husband is permnantly disabled we have 1 young child and are both under 30
have been told diffrent things by centrelink so we are wondering whether we should go for it or not as we have no other income source and it's pratically impossible we have a list of several potentional properties all CF+
Does anyone know how much property you can own before centrelink reduces payments we were told that the gross rent is counted by centrelink as income is this true?
Couples get a better deal, not sure what happens if you are working. You probably get a carers payment? Any positive cashflow that you receive over a cirtain threeshold, i think it's $140.00 per fortnight (income as n positive cash flow), it starts to take 20% of that out of your husbands DSP and or if he was single it takes 40% out. Look to the details on the income tests for the exact details at the centrelink.gov.au web site.
Basically work out your income from the rent and time it by 20% for anything above $140 per fortnight (check this figure!) and subtract that from his regular payments.
I think there is a threeshold for how much property you own before it starts effecting it as well. From memory i think it's around $190,000. Again check through the centrelink web site for more details!
Do a search on the Centrelink site. It should be all there on how much the pension will reduce by etc. I had a look a few months ago for my grandfather, but he was under the limit so I didn't do any further enquiries.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
This is where your at and also go for it!
Income test:
http://www.centrelink.gov.au/internet/internet.nsf/payments/chartc.htmAsset test:
http://www.centrelink.gov.au/internet/internet.nsf/payments/chartab.htm
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