Jump to content
Sign in to follow this  
IamOzgirl

Centrelink& money on mortgage

Recommended Posts

IamOzgirl

Hi

Does anyone know if 'money in the bank' includes money sitting on your mortgage (not offset) but is available for redraw.

 

Share this post


Link to post
Share on other sites
Lego

For liquid assets tests any money in a Mortgage redraw is not included as money you have.

  • Like 1

Share this post


Link to post
Share on other sites
IamOzgirl

Not sure what the above means but the first question was do you have more that $5500 in the bank.

 

then next question was, how much money do you have in totally including cash in your possession. 

Share this post


Link to post
Share on other sites
Lego

Liquid Assets is any "cash" you have available. It usually dictates a waiting period for a payment from Centrelink. A Mortgage Redraw is NOT available cash as it is taken off your Mortgage balance already and Centrelink cannot make you redraw to access it. 

  • Like 1

Share this post


Link to post
Share on other sites
born.a.girl

I agree with the logic of Lego. After all, if you'd paid off your mortgage, then you have that available to you to draw on too, in theory. If I could easily get a reverse mortgage, it's the same logic as a redraw just with more paperwork.

You just own more of your own home than the next person who hasn't paid off extra, and your own home is (for this purpose) not relevant.

I wouldn't include it.  There have been warnings at different times that banks have the power to change their rules so that redraws are affected - usually only in specific circumstances, but never say never. 

Share this post


Link to post
Share on other sites
IamOzgirl

Thanks all

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

Announcements

×
×
  • Create New...