Memo to Craig Kelly MP: Pensioner family home is already asset tested

Article published 24 July 2019

Memo to Craig Kelly MP: Pensioner family home is already asset tested

“It seems to be a little known fact, but the family home is already included in pension means testing”, said CPSA Policy Manager Paul Versteege.

“A home owner starts to lose pension much earlier than a non home owner and gets kicked off the pension much earlier than a non home owner.

“A home owner pensioner couple can have $394,500 in assets before their pension starts to reduce. That’s $210,500 less than a pensioner couple who don’t own their home, who can have $605,000.

“A home owner couple loses their pension entitlement entirely if they have assets over $860,000, whereas a couple who don’t own their home can have $1,070,500”, said Versteege.

From the Centrelink website https://www.humanservices.gov.au/individuals/services/centrelink/age-pension/how-much-you-can-get/assets-test/assets#assetstestlimits

 

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