Post by Power Ranger on Feb 24, 2020 20:48:41 GMT
own your home and have assets worth $263,250?
And-
If it’s an investment property then John presumably owns the home he resides in (which is definitely not included in his assets test, that is excluded).
Newstart Allowance (unemployment benefits) is $489.70 per fortnight for a single adult with no children. So it’s only a small amount but I’m surprised that one can have a home (and a very valuable one AFAIK, an investment property worth $300,000 with a mortgage of $100,000 and then you can have 60 grand in the bank.
It gets even crazier when it comes to old-age pensions here. You can be rather wealthy yet still receive a pension. But that’s a little more understandable. I don’t think someone that comfortable should be able to receive the dole.
And-
Example
John has an investment property with a market value of $300,000 and a mortgage secured against it of $100,000. We would assess the value of John’s property as $200,000.
John has an investment property with a market value of $300,000 and a mortgage secured against it of $100,000. We would assess the value of John’s property as $200,000.
If it’s an investment property then John presumably owns the home he resides in (which is definitely not included in his assets test, that is excluded).
Newstart Allowance (unemployment benefits) is $489.70 per fortnight for a single adult with no children. So it’s only a small amount but I’m surprised that one can have a home (and a very valuable one AFAIK, an investment property worth $300,000 with a mortgage of $100,000 and then you can have 60 grand in the bank.
It gets even crazier when it comes to old-age pensions here. You can be rather wealthy yet still receive a pension. But that’s a little more understandable. I don’t think someone that comfortable should be able to receive the dole.
