All Topics / Finance / newbie with equity but only centrelink child support income. will i loose income if i invest in property do i need to have bette

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  • Profile photo of motivated99motivated99
    Participant
    @motivated99
    Join Date: 2007
    Post Count: 9

     I guess i ahve a few questions

    I am a sole parent newbie with equity
    but only centrelink child support income. will i lose this centrelnik child support income when i invest.

    I was told that if i put the properties against an investment property then i wont lose the centrelink a they then look at the loan and not the rent
    but that if i do it agaisnt my home then they count the rent as income and not the loan as loss.

    does anyone know about this to verify it .

    otherwise do i need to first hav ea differnt soruce of income before i start investing as this source i may lose if i start investing

    or can i take a line of credit and use some of it to rfinances the shortfall between lan and rent. I am worried aobut not hveing enough income to invest in property.
     
    is it true you cant find positive cash flow properties now as easilly asyou could a few eyars ago as that would solve my problem possibly if i could go int opositve cash flow properties taht still ahd growth. is there such a thing still and in melbourne wher ei live.

    jasmin.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    You should ring centrelink and talk to one of the financial 'advisors' there. They will assist in answering your questions. It can be very complicated trying to understand their rules!

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of ducksterduckster
    Participant
    @duckster
    Join Date: 2004
    Post Count: 1,674

    Another problem is their rules change all the time and they don't tell you about them until you break a rule.
    I was getting a part payment of parenting payment as I was looking after my two daughters and my wife worked .
    The $60 a week was not worth the hassle of dealing with centrelink and their restrictive rules towards investing.
    I now work part time and do not receive family B payment until after the tax return , so I won't get a bill if I earn too much.
    I do not deal with Centrelink at all for the sake of my Sanity.

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