If you're receiving a Centrelink benefit, your home loan application will be processed the same as any other: you save a deposit and then borrow money from the lender, which you pay back with interest. However, not all lenders accept Centrelink payments as income and those that do, have a stricter application process.
Can you get a home loan on Centrelink benefits? If you receive Centrelink benefits, some lenders will consider these payments as part of your income when assessing a home loan application, but approval is not guaranteed.
You need to tell us when your circumstances change. Then we can assess your eligibility for payments and services using the correct details. This includes changes to real estate assets for you and your partner. Read more about real estate assets and how they can affect your payment.
We only include the amount of the real estate you own in your assets test. If you have a mortgage, we work out the percentage you own. To do this, we take away the loan amount you owe for the property from your share of the total value.
Guarantee overview
The FHG aims to support eligible single parents with at least one dependent child to buy a home, whether that single parent is a first home buyer or a previous home owner. From 1 July 2022 – 30 June 2023, 5,000 FHG places are available to eligible single parents with at least one dependent.
Eligible buyers can purchase or build a new home with a deposit of as little as 5%, or as little as 2% for eligible single parents, without the need for lenders' mortgage insurance. Learn more about the Home Guarantee Schemelaunch at the National Housing Finance and Investment Corporation.
The Work Bonus income bank is useful for pensioners who wish to work, particularly those who undertake intermittent or occasional work. Note: from 1 December 2022 to 31 December 2023, a one-off, temporary credit of $4,000 applies to Work Bonus income bank balances.
Centrelink loans are loans that are available specifically to customers that are on Centrelink benefits. They are often otherwise known a Pensioner Loans, Disability Income Loans, Carer Loans, JobSeeker Loans and fast cash loans for people on Centrelink.
Bank interest reviews. We check your bank account information is up to date. We do this to check we paid you the right payment and amount in the past.
Many people believe Centrelink has access to your bank account and will take it into consideration for your payment rate. This isn't true. Centrelink can't access your bank accounts to determine up to date figures. They're basing your assessment on the last amount you gave them.
Details Centrelink will ask for when you sell and purchase a home: Settlement letter of both the sale and then the purchase. Bank statements showing the sale and purchase transactions. Other asset updates to understand where the funds have come from.
A homeowner is an income support recipient who has, or whose partner (1.1. P. 85) has: a right or interest in the place they occupy, AND. the right or interest gives them reasonable security of tenure.
The Australian Government has announced that it will expand the eligibility criteria of the Home Guarantee Scheme, effective 1 July 2023. The changes announced by the Government are not yet effective and will require amendment to the NHFIC Act and NHFIC's Investment Mandate.
For your Special Benefit claim you must provide bank statements for the last 3 months for all accounts you have. This includes any overseas accounts. If you have a partner, we'll also require bank statements for all accounts held by them.
Assets include any: financial investments. home contents, personal effects and vehicles. real estate, annuities, income streams and superannuation pensions.
This measure extends the increase to 31 December 2023. The Work Bonus concession of $300 per fortnight will stay the same. Eligible pensioners now have until 31 December 2023 to use their bigger Work Bonus balance. Any Work Bonus balance above $7,800 after 31 December 2023 will reset to $7,800.
The Tertiary Access Payment is a payment of $3,000 or $5,000. How much you can get depends on where your family home is located. Complete the following steps to claim the Tertiary Access Payment from us.
On 1 February 2022, the Federal Government announced aged care workers would be eligible to receive a bonus payment of up to $800.
The Federal Budget 2023-24 will expand access to financial support by raising the age cut-off for the Parenting Payment (Single) from 8 to 14. Many single parents – overwhelmingly women – face difficulty balancing caring responsibilities and work. These difficulties do not end when their child turns eight.
Hours you can work
If you get DSP, you can have paid work up to 29 hours a week. You can do this without losing your DSP payment providing you meet the income test. You must tell us if you or your partner have started work within 14 days. You must also tell us the details of that work.
You can complete suitable paid work for at least 30 hours a fortnight. This can include self-employment. Your income must be no less than the national minimum wage, or relevant award wage.