Thread: Centrelink, claiming the Aged Pension. Grrrrrrrrr!

Originally Posted by jx2mad

My situation has changed having sold my Sydney house. I am now over the limit for pension.. They are impossible to contact by phone so I logged into my system and updated my cash holding. I will probably still get paid because I have not heard from anyone to discuss my situation. Probably have to pay it all back if they take too long.

Money from sale of a principal residence is exempt from the assets test for a certain period if you state you intend to buy another principal residence with the funds. Pass the time limit and it becomes an asset so don't dither about purchasing. Of course, any change left after purchase is automatically an asset. This can cause some heartburn particularly for ex-Sydney people who have sold very high value real estate and bought in cheaper locations. A friend sold his Coogee house for $3,100,000 and bought twice the house at Coolum Beach for $670,000. He griped that he lost his Age Pension. Oh, poor bugger me.

Hi,
You can bank the money in a special account for that.
It earns no interest (for you) but Centerlink regards the $ as your bricks & mortar.
Cheers