you may have heard in the budget there are changes to FTB advances starting July 1 - pending passing parliament
anyone that has a continuous advance in place for every July and January will still receive an advance in July but it won't be as large as previous years as it will be a transitional advance to take you from old rules to new rules.
the amount of the advance available is going to change for everyone - it will now be paid based on the number of children you have, your income estimate, and what you can reasonably afford to pay back - and you can have more than one advance on the go at a time, provided you haven't exceeded certain limits.
the calculation is not a simple one so i'm not going to go into it here - just wanted it out there as i know a LOT of people are used to receiving their $330ish dollar extra payment in July - and it simply won't be that much this July so i'm getting in early.
you can apply for further advance using phone or net online services, or you can phone the call centre. be aware if you need to call, FAO is about to enter it's peak period (not that we've had any down time with the natural disasters lol) so call wait times will be very high so if you can do it online, please give it a go (for your own sanity as much as anything - the hold music is terrible!)
Hi could you let me know if the continuous advance is separate from the one off up to $1000 advance. If I were to get the transitional advance in early July would I still be able to apply for the up to $1000 advance as well or do I need to wait until January
if you get the transitional advance, the total amount of your maximum advance will be reduced by that much
not everyone can get up to $1000 - it depends on how much ftba you get
there is also a test to make sure it's affordable for you to repay it.
Hi there thanks so much for you reply it's very helpful, if I get the transitional advance would I have to wait until Jan to apply for the maximum advance (I understand that I may not be entitled to the full $1000). I am trying to decide if I should just cancel my continuous advance and reapply for the maximum advance in July.
if you're going to cancel it you'd probably need to do it today
you're able to have numerous advances at once, provided you are able to advance the minimum (about 155) and the amount you're advanced in the past 6 months doesn't exceed your maximum. the calculations are messy and not something i can really explain well here - but as an example, if your transitional advance is 330, and your maximum entitlement is 500 you can get the other 170 at any time,and just pay both advances off together
Thank you! That is exactly what I wanted to know. There doesn't seem to be much benefit to canceling the continuous payment then if I am able to apply for the maximum advance at any time. I was just worried that I would have to wait until Jan to apply for it, but thank you for clearing that up.
FYI re FTB Advances
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