The assets test
The assets test looks at the value of what you own. Services Australia assesses all asset types, including property and possessions you own in full, in part, or have an interest in, assets held outside Australia, and debts owed to you. The one major exclusion is your principal home: the home you live in is not counted, although the land and other property around it can be assessed under the rules.
Cut-off points where payment cancels
Services Australia calculates your rate under both the income test and the assets test, and the test that gives the lower rate — or no rate — is the one that applies. Your payment cancels when your assessable assets are more than the following amounts. Limits are reviewed in January, March, July, and September each year, and they are higher if you receive Rent Assistance with your allowance.
| Your situation | Homeowner cut-off | Non-homeowner cut-off |
|---|---|---|
| Single | $333,000 | $600,000 |
| A couple, combined | $499,000 | $766,000 |
| A couple, one partner eligible, combined | $499,000 | $766,000 |
Why non-homeowners get a higher cut-off
The gap between the homeowner and non-homeowner figures — $267,000 for a single person — exists because a homeowner's wealth is partly tied up in an exempt home, while a non-homeowner must hold their housing wealth in assessable form such as savings. The higher non-homeowner limit is meant to level that difference, not to reward renting. If you buy a home while receiving Austudy, your status can change from non-homeowner to homeowner, which lowers your cut-off — another change of circumstances to report.
What counts as an asset
Bank accounts, term deposits, shares, managed investments, vehicles, investment property, business assets, and superannuation in some circumstances can all be assessable. Financial assets are also subject to deeming, where Services Australia assumes a rate of return rather than counting your actual interest or dividends, and that deemed income feeds into the income test as well. Gifts, inheritances, and money you are owed all need to be declared. If you are unsure whether something counts, declare it and let Services Australia assess it — an undeclared asset discovered later is far more expensive than a declared one assessed correctly from the start.
Asset hardship
If you cannot get a payment, or you get less, because of the assets test, ask about Asset Hardship provisions. These exist for people whose assets are technically over the limit but cannot realistically be used for living costs — for example, an asset that cannot be sold or borrowed against. Hardship is not granted automatically and you will need to show your circumstances, but it is a real avenue that many applicants never ask about.
Sources: Services Australia, Austudy pages (income tests for Austudy; assets test for allowances); Department of Social Services, Guide to Social Policy Law (Austudy current rates, last reviewed 2 January 2026).