All Topics / Legal & Accounting / PPOR considered in getting Govt Assistance

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  • Profile photo of AM2778AM2778
    Participant
    @am2778
    Join Date: 2010
    Post Count: 48
    September 26, 2011 - 1:31 am

    In the case where, there is a loss of Salary (Redundancy/Employment Termination) and there is a PPOR that is currently mortgaged, is the PPOR considered in getting Govt Assistance? i.e. can u get the Dole if you have a PPOR?

    Thanks

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    September 27, 2011 - 2:10 am

    I think you will find that there is a assets test. 2 tests actually. You can have a PPOR up to $xx without it affecting payments, or if no PPOR then assets up to $YY.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
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    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    September 27, 2011 - 7:50 am

    Generally , the ppor is exempt (not sure if there are limits on value).

    There is also a test on how much you are allowed by way of liquid assets & benefits paid via redundancy.

    You are probably best informed by contacting Centrelink.

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