Bank guarantee

If you give a bank guarantee you should be ready to put money in the bank to cover its value.

Amounts

How much the guarantee is for depends on if:

  • the assurer is a person or an organization
  • there are 1 or 2 adult assures
  • the assurance of support is for 2 years, 4 years or 10 years.

From a person

For 2 and 4 years

The guarantee is:

  • $5,000 for 1 adult
  • $7,000 for 2 adults

For 10 years

  • $10,000 for 1 adult
  • $14,000 for 2 adults.

If the assurer is an organisation, it must guarantee:

  • $10,000 for 1 or 2 adults for 2 or 4 years
  • $20,000 for 1 or 2 adults for 10 years.

Bank guarantee release

You can ask us to release your bank guarantee when the Assurance of Support period ends.

When we can release your bank guarantee

We can’t release it until the end of the Assurance of Support period.

At the end of the period we send you and the Commonwealth Bank of Australia a letter.

As long as the assuree didn't get any payments from us, the letter will say both the:

  • bank guarantee has been cancelled
  • bank can release it to the assurer.

How to ask us to release your bank guarantee

  1. Fill in the Assurance of Support Bank Guarantee Release form.
  2. Submit it to us online, by post or at a service centre - the details are on the form.

Page last updated: 24 October 2019