When considering how Centrelink asset limits will affect your pension, it is worthwhile remembering that each asset class also has a limit.
Hi, could you please tell me how much money you can have in the bank without it interfering with the pension? Our house is only worth $90,000.
A. Provided by Centrelink
As you are a homeowner, the value of your home is not counted under the asset test. The income and assets test limits regularly change, so you should always confirm figures with Centrelink. I always encourage people to speak with Centrelink about their individual circumstances or visit the website.
It’s important to remember the value of cash held in a financial institution is just one of many different types of assessable assets which Centrelink takes into account when calculating the right rate of pension. Other examples are real estate, including vacant land and holiday homes, motor vehicles, boats, caravans, household contents and personal effects.
Centrelink also look at income under a separate means test. Under current deeming rates, it’s possible for a single pensioner to have $98,756 in the bank or invested before it starts to reduce your pension rate. For a couple, this amount rises to $171,911.
You should discuss your individual circumstances with a Centrelink Financial Information Services officer and you can make an appointment by calling 13 2300.
Click YOURLifeChoices link for details of the most recent asset and income limits.