Assessing the family home
The family home is treated differently to other assets.
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View transcript of video hereThe family home is not counted as an asset if there is still someone living in it such as:
- Your partner
- A dependent child (children)
- A close relative who is eligible for an income support payment from the Australian Government and has been living there for at least five years
Plus:
- A carer who is eligible for an income support payment from the Australian Government and has been living in the home for at least two years
A cap on the value of your family home
The government has placed a cap on the assessed value of your family home. It is referred to as the Home Exemption Cap (which applies separately to both members of a couple*) and the actual amount is increased (or 'indexed') twice a year.
- 20th March
- 20th September
The Department of Human Services publishes the current Home Exemption Cap here Schedule of Fees and Charges for Residential and Home Care.
At 20th September 2022, the capped amount on the value of your home is $186,331.20.
If your home is valued at less than the current capped figure, the actual value will be used instead.
If you are part of a couple and your home is included as an asset, 50 per cent of the net market value of the home is attributed to each of you. The 50 per cent proportion for each of you will be subject to the full value of the cap that applies at the time. It will be the lower amount of either the cap or the net value of each member's part of the home that will be included as an asset.
6 weeks
Time estimate to complete all of the tasks within this step, including all sub-steps.
