Can you please explain how a holiday house worth $600,000 would be assessed for the age pension? We own our home, have shares worth about $30,000 and have $610,000 in super.
The market value of the holiday home, less any loans outstanding via a mortgage against that home, will be the value used. It’s regularly updated by Centrelink to the current valuation.
Your current assessable assets are about $250,000 above the cut-off point for a couple, which means you would not be eligible for an age pension.
When a couple applies for the age pension, all their assets – such as multiple properties – are assessed.Credit: Simon Letch
My advice is just to spend normally, and if your assets reduce below the cut-off point you could then apply for the age pension. Don’t forget you’re now eligible for the Commonwealth Seniors Health Card.
I have spoken to Centrelink three times regarding the supposed increase in the work bonus, but apparently, there is no increase for me. How does $300 per fortnight suddenly add up to $11,800 in a year as recently reported on A Current Affair and on the Services Australia news page? I am told by one person at Centrelink that there is only an additional $4000 starting balance for new pensioners, not for me as I use my $300 work bonus fortnightly. Just wondering if someone could explain to me how it is actually calculated, who can actually claim more than $300 per fortnight (which it has been for years) and if it will apply to people in my situation in the future?
John Perri of AMP Technical explains that the work bonus of $300 per fortnight has not increased. Instead, the unused amount of that bonus which can be accumulated, also referred to as the ‘work bank’, which previously was a maximum of $7,800, has now increased to $11,800.
In addition, new age pensioners after January 1 will automatically have a work bank of $4,000. This does not apply to you as you have been in receipt of the age pension before January 1.
As you have used up your $300 per fortnight work bonus, I suspect you do not have any amount in your work bank, so this recent change does not assist you at this stage.
Does having a holiday home mean we can’t get the pension?
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30.01.2024
Can you please explain how a holiday house worth $600,000 would be assessed for the age pension? We own our home, have shares worth about $30,000 and have $610,000 in super.
The market value of the holiday home, less any loans outstanding via a mortgage against that home, will be the value used. It’s regularly updated by Centrelink to the current valuation.
Your current assessable assets are about $250,000 above the cut-off point for a couple, which means you would not be eligible for an age pension.
When a couple........
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