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what is the value of the asset? it's not just rental income, there are assets limits as well. if you are adding another property to your assets you may be impacted both by the asset and the income. your primary residence is not counted as an asset, but rental properties are
there is no magic formula. you need to fill in the module (mod R from memory) and it asks you to put in your income and expenses, and from that the annual income is derived. you need to provide a valuation of the property, you need to provide evidence of what you are paying on your mortgage (only the interest will be used as an "expense"), details of your RE if you are paying them fees, rates notices for water and land. it's not something that anyone on the phone can advise you of impact to payment, nor can anyone here, as each circumstance is assessed on it's merits
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no one on the phoen will give you a hypothetical amount as these cases go to complex assesment officers
given the discrepancy between bank and RE value, an assessment would need to be done to determine which is more accurate
pretty sure it is under the asset threshold for DSP provided you don't have heaps of other assets tucked away somewhere lol
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I know you've posted a lot about your difficulties with Centrelink with regard to your properties...I'm not sure I can be that helpful but here goes:
Myself and my colleagues do the calculations for rental/investment properties. To assess the asset value, we generally take the capital improved value from the most recent rates notice and subtract the outstanding mortgage amount. In your case, because you don't have a rates notice, we would request a property valuation from the Australian Valuation Office - that process generally takes up to 7 days for a metropolitan property.
I always request the most recent mortgage statement which must show the current interest rate, because we use this to calculate the annual interest paid. I also request the most recent tax return because this will show the rental expenses. If you haven't lodged a tax return since you purchased the property, we generally allow for 1/3rd of your rental income to be 'allowable expenses', which is subtracted from your gross rental income and gives us the assessable fortnightly income amount that will affect your income support payment/pension (e.g. PP, DSP, newstart)
A couple of extra points - if you have just purchased the property, we will ask for the contract of sale and financial documents to show how you were able to purchase the property (e.g. inheritance, term deposits, sale of another property).
Also, if your principal home was used as security for the mortgage for the investment property, generally the outstanding mortgage amount will not be deducted from the asset value.
That is absolutely in straightforward assessments only - I don't have much experience in more complex cases.
HTH, goodluck!
That was really helpful eutra_philia :)
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