Centrelink liquid asset waiting period

This week's Nest Egg financial column with Shane Gourley.
This week's Nest Egg financial column with Shane Gourley. Contributed

PEOPLE applying for certain income support payments will not be eligible to receive payments for a number of weeks, based on a liquid assets waiting period.

If applied, it is a waiting period of one to 13 weeks.

The Liquid Asset Waiting Period (LAWP) may apply for those who are applying for Newstart Allowance, Youth, Austudy or Sickness Allowances.

A liquid asset waiting period applies if liquid assets are more than:

  • $5,500 for a single person with no dependents or
  • $11,000 for a couple or single with dependents.

During this period, no income support payments are payable.

Liquid assets are any readily available funds, including those of the recipient's partner, which can be readily accessed (generally within 28 days of the date that employment ceased).

  • Cash on hand, bank accounts, term deposits, but not balances of mortgage redraw accounts
  • Shares and debentures
  • Some payments made or due to be made (within 28 days) by the last employer
  • Insurance bonds
  • Amounts borrowed from the bank for a specific purpose such as overseas travel that may not have been used for that purpose
  • Loans to other people, including assets given to a son or daughter in some circumstances
  • Unencumbered proceeds from sale of business
  • Any money in trust funds
  • Redundancies or eligible termination payments received, and
  • Compensation payments.

It is important to note that any additional payments made to a home loan will still count as liquid assets, even if you do not have a redraw facility.

Before making any loan repayments or spending money you should ensure that you are able to meet living expenses during the LAWP.

The waiting period is not waived just because you have spent the money.  

Great things happen to good people

HAPPINESS: Advocate reader strikes a chord telling us to focus on the positives of life on the Coffs Coast. We agree.

What's got the Coffs Coast talking?

A Super Tonic to start the day

The Brett Bellamy trained Super Tonic races away to win the opening race of the day at Coffs Harbour after jockey Raymond Spokes found a great lane using the inside cutaway.

Coffs trainer rates today's first start winner Super Tonic highly.

Meat tray thief gets a grilling in court after pursuit

COURT GRILLING: David Noel Moore, 28, pleaded guilty to five charges in Coffs Harbour Local Court on Monday.

Man who stole nine meat trays given a hefty jail sentence

Local Partners

'BIG MISTAKE': Caravan owners forced to leave

RADIO personality Neil Marks said he believes the NSW Crown Holiday Park Trust have made a mistake when it comes to the eviction of caravan park tenants.

Challenge for cyclists of all levels and ages

This year's C.ex McDonald's Cycle Challenge is being held on Sunday, August 6. You can ride in the the 10km family ride, 20km, 40km, 60km, or the 100km challenge.

This year's cycle challenge is being held on Sunday, August 6.

New developments announced for Curryfest

TASTE TREATS: New developments for Curryfest 2017.

Fresh ideas and developments show no sign of slowing down.

Bundy mum blogging to get families offline

FAMILY FUN: Deonie Crowther is holding family craft sessions at the Windmill Cafe in Bargara.

Crafty projects a hit with parents and children

MasterChef: Fish fry feast too much for Ipswich cook

NICOLE Stevenson narrowly misses out on MasterChef's Top 10 but local dad Ben Ungermann makes the cut.

Thor on holiday: Chris Hemsworth is here!

If you didn't know who he was - you'd think he was a local

Nintendo set to release the Super NES Classic Edition

Nintendo is releasing a miniature version of their Super NES console

Brad and Sienna spotted ‘holding hands’

Brad Pitt has been spotted at Glastonbury.

ACTORS were seen together at the Glastonbury festival.

Big Brother winner Reggie Bird could end up homeless

BACK in 2003 she won the third season of Big Brother Australia, pocketing $250,000 for her win — but Reggie Bird’s life has been far from easy since then.

The reality star makes a heartbreaking confession

On your toes . . .

Beauty of ballet comes to town

Sunday sesh with McKenzie boys

Check out these guys playing the Hoey Moey on Sunday, July 2.

Island caretaker has weeks to live, abandons paradise

St Bees managing director Phil Webb, has been struck with illness and it has prompted the sale of the island.

His health has deteriorated in the past couple of months

Prime CBD site sold as laneway culture progresses

The Longs building Ruthven Street has been purchased by a group of investors to be renovated into a series of shops/eateries.  June 2017

How investors and council plan to transform the Toowoomba CBD

House build hits the spot

Owner Libby Parish from Thora commissioned licensed builder Cormac McMullan, of Cormac & Co to build her a two bedroom, one bathroom house with a skillion roof.

Is this the answer to affordable housing on the Coffs Coast?

Major German supermarket set to open in southeast Queensland

German supermarket giant Kaufland is understood to have approached southeast Queensland councils about a possible distribution centre, which would kickstart the establishment of new supermarkets.

Supermarket giant Kaufland has its eyes firmly on Queensland.

Ready to SELL your property?

Post Your Ad Here!