There is an assets limit for pensions and allowances. There are also separate limits for homeowners (which includes people with mortgages) and non-homeowners.

Also, when a partnered person dies, the surviving partner is reassessed under the assets test as a single person. This means that if the assets of the deceased partner are willed to the survivor, this partner may be affected by the lower limit applying to single people, and as a result may lose some or all of their payment. If you are in this position, you should discuss estate planning options with a financial accountant or lawyer.

The assets test is different for pensions and allowances. With pensions, the payment reduces for assets above the limit - for allowances, the payment is stopped.

The limits change often, so check with Centrelink regularly. This is particularly important if the value of your assets is close to the limit, because you may 'suddenly' have an entitlement that you didn't have before, due to changes in assets limits.

For the latest information on income and assests test for pensions and allowances, view this link to the Income and Assets Test Chart on the Centerlink website.