we are looking into buying a house in the near future. as we have always rented i am not sure if owning a house (or at least paying off a mortgage) then affects how much FTB a & b you are entitled too? can anyone shed some light?
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we are looking into buying a house in the near future. as we have always rented i am not sure if owning a house (or at least paying off a mortgage) then affects how much FTB a & b you are entitled too? can anyone shed some light?
I'm not sure, but I don't think the family home is counted in the assets test. I know it wasn't when we did our first application for it when our eldest was born, so I don't know if that's changed or not. I know the family home isn't counted as an asset if you receive the aged pension. It's still primarily going to be based on your income and if you get rental assistance then you wouldnt' get that anymore once you buy a home.
oh ok, cool i didnt know that. nah we dont get rent assistance anyway so that doesnt change.. wish they had mortgage assistance. :-)
It would be nice wouldn't it? LOL
If you are living in the house, it doesn't affect your payments from FAO. If you bought a house as a rental investement, then yes it would affect your payment.