220.127.116.11 Notification & recipient obligations for PLS
Notification & reviews
Explanation: PLS recipients must be qualified for a relevant social security payment.
PLS recipients must ALSO notify Centrelink within the 14-day notification period, if:
- there is a change in circumstances affecting the real asset that is being used to secure the loan (see explanation), OR
- they marry or become a member of a couple (1.1.M.120), OR
- they separate from their partner, OR
- they become bankrupt or subject to a personal insolvency agreement.
Explanation: This includes changes to insurance or if additional mortgages are put upon the real assets. It is particularly important if the event has reduced the value of the real asset. This also includes other financial arrangements where the property offered as PLS security is used to guarantee a loan for a third party.
Act reference: SSAct section 23(1)-'social security payment', section 23(1)-'social security pension'
Policy reference: SS Guide 18.104.22.168 Notification & recipient obligations for Age, 3.5.1 PP - qualification & payability, 22.214.171.124 Notification & recipient obligations for DSP, 126.96.36.199 Supplementary benefits & employment assistance for CP recipients