Hi, I'm currently on centrelink looking for a job, but saving how much can I save without getting cut off?

[Robert]

Hello everyone reading, I;m currently job searching but wanting to start saving for a house also, but I want to stay with in the rules, please help if anyone knows th maximum I can have in a saving account with out losing my new start, Thank you.

[Lauren]

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[BriteLite]

Assuming you are able bodied and over 22, then you would qualify for Newstart benefits provided you met the eligibility criteria:

The income and assets tests are appended below:

Look at table A: Assuming you are single (obviously not owning a home) the maximum level of assets you can own is $332,000. This includes liquid (eg cash and shares) and illiquid assets (property, cars etc). It also increases to $412,000 if you are not single and your partner is not getting benefits.

From my read you get 100% of the benefit until you have assets worth $332,000 and then you get elzipo.

In other words - it appears you can have $332,000 cash in your account minus the value of all your assets plus the value of all your debts and still get the full Newstart allowance.

Call the Centrlink Looking for Work line on 132 850 for clarification.

[Scott]

Hi Robert

I'm Scott and I work for the Department of Human Services in a team that responds to questions about Centrelink payments and services on social media sites.

If you have funds in a bank account it will be treated as a financial investment. We will 'deem' income from the financial investment and this will be added to your assessable income from all other sources. 'Deeming' assumes that financial investments are earning a certain rate of income (interest), regardless of what income they are actually earning. You'll be able to find out more information about deeming rates here: http://www.humanservices.gov.au/customer...rs/deeming

It's important to let Centrelink know of any changes to your investments as soon as possible so that we can ensure you are being paid the correct rate. If you would like to discuss this further, I'd recommend speaking to a customer service officer on 132 850 (calling just after 8am is best to avoid long wait times).

Hope this helps.