If you sell your home from 1 January 2023 new rules apply

21 December 2022

If you sell your principal home, changes to the asset and income test may benefit you.

If you sell your principal home, sale proceeds you intend to use for your new principal home aren’t included in your assets test. This applies if you use the funds to buy, build, rebuild, repair or renovate your new principal home.

For home sales from 1 January 2023, changes to the asset test mean this exemption will apply for a longer period. These changes will also affect your deemed income.

This may help if you want to downsize your home or move into different accommodation.

The changes apply to income support payments, certain allowances, and Low Income Health Care Card holders.

If you sell your home, you need to let us know within 14 days.

Read more about selling your home and deeming under the rules for real estate assets.

Subscribe to news

If you haven't already, please subscribe to our News and we'll send you regular news highlights. You can also opt out at any time. Read more about our email news privacy policy.

Life events

RSS News feed

Our RSS service alerts you to updates to this page. You can connect to our RSS feeds with your favourite RSS reader.

News for Ageing RSS feed

Page last updated: 21 December 2022.