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CentreLink Assets-Holiday Home

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IrishDigger
5 yrs ago

My wife and I currently have a Part Age Pension and included in our assets is a half interest in a holiday home with our daughter. We have held this property for 13 years.

We now wish to remove our names from the property title deed and receive a cash payment from our daughter, in otherwords sell her our share.

There are two ways we are thinking of doing this,

1. Receive the full cash amount and advise CentreLink of the change.

2. Do not receive the full cash amount and instead allow our daughter to repay the sale amout by monthly installments.

Regarding item 2, in what way would CentreLink assess the amount owed to us by our daughter and the monthly repayment to us by her?

Thank you.

3 comments

 

Who ever way you choose , you shudnt be entitled to more pension as a result 

an asset in property , or by way of loan to your daughter is still an asset 

Do the right thing and don’t cheat the taxpayer by trying to get more handouts 

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IrishDigger
5 yrs ago

Lothario, you have obviously misunderstood the intent of my question and if that is the quality of advice I am going to get then I'm sorry I posted it in the first place.

I answered your question

the answer is yes - the amount of the loan is your asset 

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Daisy
5 yrs ago

Since you are receiving a part pension with the half interest in a holiday home included in your assets I’m not sure that converting your asset to cash would make a difference?  A loan to your daughter might be considered a gift but again I’m not sure. Sorry, not much help - best to get your info from the financial expert at Centrelink.

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IrishDigger
5 yrs ago

Thanks Tisany 2019, after posting the question I found I was able to make quick contact via phone to an FSO at CentreLink; easiest way is to convert the asset to cash rather than try to manage a loan agreement with repayments.

There is no financial loss or gain as far a CentreLin goes, just a matter of converting one type of asset to another.

 

3 comments



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