If you give a bank guarantee you should be ready to put money in the bank to cover its value.
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
- Fill in the Assurance of Support Bank Guarantee Release form.
- Submit it to us online, by post or at a service centre - the details are on the form.
Page last updated: 24 October 2019
This information was printed 25 February 2021 from https://www.servicesaustralia.gov.au/individuals/services/centrelink/assurance-support/how-it-works/bank-guarantee. It may not include all of the relevant information on this topic. Please consider any relevant site notices at https://www.servicesaustralia.gov.au/individuals/site-notices when using this material.