Does Centrelink assess your home?

If away for more than 12 months, will Centrelink assess his home as an asset?

Does Centrelink assess your home?

Gordon is planning an extended trip overseas and would like to know if he’s away from Australia for more than 12 months, will Centrelink assess his home as an asset?

Q. Gordon
If you remain outside Australia for more than 12 months while claiming the Age Pension, do Centrelink assess your house as an asset?

A. There are three general rules:

1. If a customer has a definite intention not to return to their principal residence their house would be an assessable asset.
2. If a customer purchases a residence to live in overseas then whichever property they spend the least of their time living in would be an assessable asset.
3. If the customer has not purchased another residence and has an intention to return, their home would be considered to be their principal residence and would be an exempt asset for up to 12 months. This can potentially be extended under circumstances where the customer enters a care situation or their home has been lost or damaged.





    COMMENTS

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    Nana
    16th Aug 2013
    12:54pm
    I am down sizing my home is it true that pensioners when buying new house are exempt from paying stamp duty
    MITZY
    16th Aug 2013
    2:38pm
    Nana: I downsized from my large home to a 3-bedroomed duplex (brand new) in April 2011 and paid no stamp duty at the time because the NSW government had this scheme operating to try and stimulate the building industry with newly built homes for seniors as well as first home buyers. I'm not sure how long the scheme operated for in NSW and/or if it was a State by State incentive. Will try to find out and report again.
    MITZY
    16th Aug 2013
    2:57pm
    Nana: If you live in NSW you can go to the NSW Office of State Revenue website and find relative information on the current new home incentives, the one I was able to benefit from closed off at 30th June, 2012. There are two different schemes from what I recall when they were announced by the O'Farrell Government and the current ones are in force from 1/7/2012 to 30/6/14. I'm unaware if they still have a seniors incentive. A reputable real estate agent would know as they would use this incentive as a marketing tool for seniors to downsize. I presume similar schemes in other States would probably be in force similar to the NSW one.
    Huskie
    16th Aug 2013
    7:18pm
    I live on a 3.5 Hectare block (roughly 8.4 acres) and it has made no difference to my pension.
    I gave all the relevant info to Centrelink and they did not ask any additional questions.

    The only issue I have ever had was with APIA who say they insure, and offer best value to,
    Seniors but will not insure you if you have over 5 acres of land. Misleading advertising!
    buddysmum
    16th Aug 2013
    8:15pm
    Gordon
    I think that if you are absent from Australia for an extended time you may loose your centrelink entitlement .
    Pardelope
    17th Aug 2013
    6:26pm
    For information on overseas travel and pensions - go to
    http://www.humanservices.gov.au/customer/services/centrelink/international-services


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