Bond loan income and asset limits
To find out if you may be eligible for a bond loan, see Bond loan scheme.
These limits are effective from 1 October 2017.
The income limits are:
|Household||Income per week|
|Couple, no dependants||$949|
|Family (one or two parents) with one dependent child||$984|
|Family (one or two parents) with two dependent children||$1,018|
|Family (one or two parents) with three dependent children||$1,052 + $34 for each extra child|
If a single parent has regular access visits from their children for at least 21 per cent of the year, the relevant 'Family with dependent children' income limits apply.
These limits go up by 1.1 per cent every six months on 1 April and 1 October. This is to reflect increases in the general cost of living.
This asset limit is effective from 20 March 2017
The asset limit for the bond loan scheme is $5,253
To be eligible for a bond loan, your weekly rent cannot be more than 55 per cent of your total gross weekly income.
We use the maximum rent assistance from Centrelink that you may be eligible for to calculate whether the rent charged is up to 55 per cent of the household's income.
|Single person, no dependent children||$66.50|
|Couple, no dependants||$62.70|
|Family (one or two parents with one or two dependent children)||$78.12|
|Family (one or two parents with three or more dependent children)||$88.27|
These are effective from 1 July 2017.
The maximum bond loan amounts are:
|Property size||Maximum loan amount|
|Bedsit or 1 bedroom||$1,600|
|4 or more bedrooms||$2,050|
See the bond loan scheme policy on our departmental website for the processes we use to manage the scheme.
To find out:
- What income and assets are
- The documents we need as proof of these