redraw an asset for centerlink?

If I have $100K in my home loan redraw (not offset), will this count as an asset for Centrelink purposes, if I am ever on Centrelink benefits?

I think someone said on this site that redraw is not a bank account for certain purposes, making it different to an offset account.

 

I believe centrelink will look at the debt secured against a property. Redraw itself is not an asset

 

Is there a debt. Centrelink consider NET assets. If the redraw is a unused faciity it has no relevance. Its like counting a credit card limit that is unused as a debt (its not asset its a liability)

 

The reason I ask is that Centrelink cares about how much money (liquid assets) you have in the bank. Like they will delay giving you a benefit for a period if you have money in the bank.

So I'm wondering whether if the money was in an offset account then Centrelink wouldn't like that. But perhaps I would be safe if it's in a redraw?

 

This is a good point, and the exact experience I had when I was made redundant last year and looked into what assistance was available from Centrelink. My meagre life savings (in an offset to IP loan) meant I was ineligible. (Couldn't dump it into the loan as there was no redraw option for that one, I would've been effectively cash-broke.)

 

I think redraw is OK for Centrelink, but not offset:

1.1.L.50 Liquid assets | Social Security Guide

I expect this aligns with the way it is treated for tax purposes, which is what Centrelink tends to do.

 

If a main residence it would not be an asset if paid into the loan but investment property it would because you are increasing equity. But it is not a liquid asset