Assessing the family home
The family home is treated differently to other assets.
The family home is not counted as an asset if there is still someone living in it such as:
- Your partner
- A dependent child (children)
- A close relative who is eligible for income support from the Australian Government and has been living there for at least five years
Plus:
- A carer who is eligible for income support from the Australian Government and has been living there for at least two years
A cap on the value of your family home
The Home Exemption Cap (which applies separately to both members of a couple*) the actual amount is increased (or 'indexed') twice a year on:
- 20th March
- 20th September
The Department of Human Services publishes the Home Exemption Cap here
As of 20th September 2023, the cap on the value of the family home is $197,735.20.
If you are part of a couple and your home is included as an asset, 50 per cent of the net market value of the home is attributed to each of you. Each 50 per cent proportion will be subject to the full value of the cap.