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.
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