Australia provides a variety of pensions and allowances to assist those who have retired, are ill or have a disability. To be eligible for a pension, there are certain criteria that must be met. One of these criteria is your bank balance. Depending on the type of pension you are applying for, there may be restrictions on how much money you can have in the bank and still be eligible for a pension.
Pension Eligibility Requirements
In order to be eligible for a pension in Australia, you must meet certain requirements. These include your age, income, assets, and the amount of money you have in the bank. Depending on the type of pension you are applying for, the requirements may vary.
For example, if you are applying for the Age Pension, you must be of Age Pension age, have a low income and have a low level of assets. The amount of money you can have in the bank and still be eligible for the Age Pension is currently $53,000.
Assessing Your Bank Balance
If you are applying for a pension and have more than the allowable amount in the bank, you may still be eligible for a pension, depending on the type of pension you are applying for.
For example, the Disability Support Pension has different asset limits to the Age Pension. If you are applying for the Disability Support Pension, you can have up to $451,500 in the bank and still be eligible for a pension.
It is important to note that the amount of money you can have in the bank and still be eligible for a pension can change over time. It is best to check with the Department of Human Services to determine the current eligibility requirements.
When assessing your eligibility for a pension in Australia, your bank balance is an important factor to consider. Depending on the type of pension you are applying for, the amount of money you can have in the bank and still be eligible for a pension may vary. It is best to check with the Department of Human Services to determine the current eligibility requirements.
