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Savings in bank & Centre Link


adele244

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Hi all,

 

I have tried searching for this topic but I cant find anything specific this.

 

When we move over we will have our entire savings (in the form of equity from house) The plan is to send this over to OZ in a savings account, rent for 6 months then hopefully this should give us a good deposit on buying a home.

 

My query is that if for any reason we have to rely on Centrelink for help (for example if we are on low paid work at the beginning or even no work at all) Would CentreLink not help us as we have savings sat in the bank? I really don't want to touch this money as it is intended on a deposit on a house.

 

Would it be worth leaving it in the UK until the time comes to buy a house, and at that time transfer it over?

 

Your thoughts please .......Thanks guys..........Adele

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It doesn't matter which country the money is in, it's your money and it would be illegal not to declare it to Centrelink. And yes, it's likely that having that money would mean you're ineligible for Centrelink assistance. That's not unusual in Oz - I lived there for 30 years, was out of work several times and was never able to qualify for unemployment benefit.

 

Actually, I had the same thought as Jacaranda but I could be completely wrong.

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Thanks guys.

 

I have never seen that. I was 100% sure I saw on the CentreLink website that Permanent residents were entitled to help. I was also told on this forum that PR's could claim it, it was temporary's that could not.

 

Better check that out. Thanks again x

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Thanks guys.

 

I have never seen that. I was 100% sure I saw on the CentreLink website that Permanent residents were entitled to help. I was also told on this forum that PR's could claim it, it was temporary's that could not.

 

 

 

Yes PR's are entitled to help but there is a waiting period of 104 weeks, according to that website. Same goes for Brits returning to the UK.

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To have to claim, would be my worse nightmare. It is something I am not intending to do. I just worry about us both getting really low paid jobs.

 

As always you reap what you sew, so hopefully with lots of hardwork and determination it shouldn't be an issue. (hopefully!)

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Look up the assets test.

 

If you have hundreds of thousands in the bank you cannot get Newstart Allowance.

They do expect you to spend your own money before providing unemployment benefits.

You are only allowed a fairly small amount $10K or something like that.

 

Your home is an exempt asset but liquid assets like money in the bank or shares are not.

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To have to claim, would be my worse nightmare. It is something I am not intending to do. I just worry about us both getting really low paid jobs.

 

As always you reap what you sew, so hopefully with lots of hardwork and determination it shouldn't be an issue. (hopefully!)

 

Minimum wage is quite reasonable in Australia, if you are both working you should be able to get by if you're careful.

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Hi all,

 

I have tried searching for this topic but I cant find anything specific this.

 

When we move over we will have our entire savings (in the form of equity from house) The plan is to send this over to OZ in a savings account, rent for 6 months then hopefully this should give us a good deposit on buying a home.

 

My query is that if for any reason we have to rely on Centrelink for help (for example if we are on low paid work at the beginning or even no work at all) Would CentreLink not help us as we have savings sat in the bank? I really don't want to touch this money as it is intended on a deposit on a house.

 

Would it be worth leaving it in the UK until the time comes to buy a house, and at that time transfer it over?

 

Your thoughts please .......Thanks guys..........Adele

 

Any money in the bank has to be declared by you, it does not matter if it is sitting in a UK bank account. Newstart was not set up to help migrants who have thousands in the bank, it is for genuine need only.

 

You will not be able to claim Newstart for a period of two years anyway. You may be eligible for some rent assistance or child care benefit though.

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You haven't mentioned children in your post, which would make a difference to what types of assistance you may be able to claim. If you have none and either of you get a job then you will get nothing. If, after a while, you find yourselves unable to get any work at all then make an appointment with Centrelink and talk to them about making a claim, bearing in mind that you would have to be open and honest about all of your assets and income anywhere in the world. Based on what you tell them, and them checking out your claim, they will in time let you know if you are entitled to anything and exactly what you will get.

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Be aware though, things like rent assist is not like the UK. It is a fixed, very low amount regardless of actual rent. For example, when we went to Centrelink last year - we are citizens - the total amount as a couple with no children we could claim was $420 a week. To put it in perspective, that is less than average rent in WA per week. Let along bills and eating.

 

You need a contingency of a absolute minimum of enough to live on for 3 months and I would strongly recommend 6 months. I would research any licensing that your husband may need on arrival as well, as this can hinder things / complicate the job front.

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