Home ownership 108-04070000
Expand allThis document outlines how the customer's home ownership status determines the applicable Assets Test limit. A customer can be either a homeowner or a non-homeowner under social security law. This topic and its procedures provides information about determining homeowners and non-homeowners.
Assessment of home ownership
Determining whether a customer is considered a homeowner or non-homeowner is necessary for situations where a home is used to operate a business, is a dual-occupancy home or a home owned by a trust or company. Different assessments apply for the situation where a customer is selling a home and/or purchasing another residence. A customer may have a right to reside in a home for life and in that situation the life interest in a home must be assessed.
The principal home and the private land (curtilage) adjoining the home may not be considered an asset under the Assets Test.
Home ownership also needs to be assessed for customers who pay site fees, mooring fees and/or live in a caravan, boat or park home.
The Training & Support page contains links to the courses/training modules in the Learning Portal relevant for this topic and its procedures.
Contents
Determining homeowners and non-homeowners
Non-homeowner purchasing a home
Sale of real estate by instalment or deferred payment
Assessing a life interest in a home
Assessing caravans, boats and park homes
Related links
Permanent vacation of principal home
Vacation of principal home due to illness
Deprivation related to the transfer of a farm to a close relative