When you buy a property you get a certificate of title of house right. Well my question is- does this information go to authorities like centrelink or does this information only become assessable once somebody starts renting a house in their own name?
You must get a P sheet from Centrelink notifying them on a change in your property asset and income circumstances if you purchase property. The property details are only relevant to be amended on settlement of the property (actual ownership and/or receipt of rents).
If Centrelink does an audit on you and finds your representation to them of your asset amounts or income amounts is false they can claim for full refunding of benefits plus additional penalties.
You MUST notify Centrelink of any change in your assets and income from property IMMEDIATELY upon settlement of the property. Thats your requirement and onus. As far as the idea of them checking up on you … the systems for title registry and exchange can be cross-referenced with centrelink accounts on their regular audits.
Ok mate. Thanks.
Of course, if you have a Residential Lease on a property and a Call Option over that same property (often called a Rent To Own), you do not have any ownership of the asset until such time as you exercise the Option.
Cheers, Paul
Paul Dobson | Vendor Finance Institute
http://www.vendorfinanceinstitute.com.au
Email Me | Phone MeAn alternative way to finance your home.
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