We are a married couple who receive a part-pension and are about to move into a retirement village. We sold our house and will pay $620,000 for our unit, leaving us with about $100,000. We will pay a monthly maintenance fee of just over $600.
We are also liable for power costs and pay council rates directly. For Centrelink purposes, are we still assessed as homeowners and do we have any other options? Journalism for the curious Australian across politics, business, culture and opinion. If not too late, it might be worth exploring a rental arrangement instead of the lump-sum amount because you could be entitled to rent assistance of up to $177.
20 a fortnight. If you do decide to rent, the higher non-homeowner’s asset test limit of $722,000 will also apply. The proceeds of the house sale — invested in a high-interest bank account and coupled with rent assistance — might cover the cost of renting the unit.
At 4 per cent, for example, the $620,000 would generate about $477 per week. You would need a bank account that pays interest monthly to assist with cash flow. Nick Bruining Nick Bruining If you proceed with a lump sum, the money paid by you to enter the retirement village is known as your entry contribution.
Centrelink will assess the full $620,000 as your contribution for the time you live there. To determine if you are a homeowner, Centrelink uses an “extra allowable amount”, which is the difference between the non-homeowner and homeowners asset test threshold. As.
