# Money from selling UK property



## Australiaherewecome! (Jan 4, 2018)

Quick question:

We will be selling our UK home before we move to Australia. It's our only property and will need to use this money to buy our first home to live in, in Australia.

We have no savings and are curious as to whether it will be looked at that we will have a lump sum and we will have to use this money to live off whilst we look for jobs upon our arrival. It will be money from our main residence, so if we will not be able to get help from Centrelink and have to use this money, then we will very possibly be left with no money to buy our house and pay cash, we dont want a mortgage.

Does anyone know the criteria for this please?

Thanks in advance. Xx


----------



## Luci (Apr 21, 2019)

Liquid asset waiting period is 13 weeks maximum. 
Asset test exempt - You have 12 months from the sale of your principal home to buy a new home and in that time the money to be used is exempt from the asset test but still deemed.

At the moment the liquid assets waiting period and asset test are waivered. That ends around September 2020.

Make sure you have the settlement document and the relevant bank statement to show where the money went.


----------

