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  1. #21
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    No way! We couldn't live off that amount each fortnight and still pay for all our other commitments, that's why we pay $110 per month for income protection insurance. DF has 1300 hours sick leave so by the time that ran out the income protection would kick in.

  2. #22
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    Just in regards to income protection insurance, if you have taken it out, or are thinking about taking it out, do check your superannuation fund first. It turns out DH's company pays the premium for him to have income protection through his superannuation. According to our insurance broker income protection isn't like life insurance where you can have multiple policies payed out, you can only receive one income protection insurance payout so if you have a separate policy and also one through your superannuation fund you can only receive payment from one of those policies.

  3. #23
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    headoverfeet is offline The truth will set you free, but first it will **** you off. -Gloria Steinem
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    Quote Originally Posted by share a book View Post
    The WorkCover thread got me thinking.

    Have you ever lived off Centrelink long-term after taking on a home loan, car loan, internet and pay tv contract, enrolling kids into private schools, or other major expenses?

    If you were injured at work and took 12 months to recover, would you be able to live off it for that long? I'm not sure what the payment rates are for that, but I think $715/fn is the highest payment.
    That's part of the reason I want all our other debts paid off ASAP so that we can buy our own house, I refuse to rack up more debt by getting a loan for a car for myself as we are nearly done. Hubby has income protection which would probably cover our currant expenses but we would not live as comfortably as we do now.

  4. #24
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    Quote Originally Posted by Thermolicious View Post
    That's part of the reason I want all our other debts paid off ASAP so that we can buy our own house, I refuse to rack up more debt by getting a loan for a car for myself as we are nearly done. Hubby has income protection which would probably cover our currant expenses but we would not live as comfortably as we do now.
    Unfortunately we live in Townsville and no car means no work, unable to get to and from school easily (ckm round trip twice a day for me in the townsville heat) and difficulty getting groceries. We have to have a car.

  5. #25
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    We would have to pull the kids out of school, sell the car. OUr mortgage is low so probably less than what we would need to pay in rent. It would be a struggle

  6. #26
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    I am good at budgeting and could pay off a house on Centrelink IF I could get a loan. The problem is that no-one will give me a loan.

    I don't take out loans for cars, or sign up for other expensive contracts (Pay TV, mobile phone, etc).

    My fixed expenses are:
    * PHI extras $60 per month
    * Internet $50 per month
    * VoIP phone $13 per month
    * Mobile phone $9 per month
    * Childrens mobile phones (prepaid) 3x $5 per 90 days.

    My variable expenses are
    * Electricity $600 per quarter
    * Fuel $200 per week
    * Rego $650 per year
    * Car Maintenance $1000 per year
    * Grocery $160 per week.

    That comes to an average of $469.50 per week.

    The on top of that there are school expenses for my children, so I'll estimate a further: $61.50pw to cover school and extra curricula expenses, bringing the total to $531pw (excluding rent) that I need to pay for myself and six children.

    If I could get a loan I could easily pay the mortgage, but no-one will give me one with so many dependants.

    =======================

    I was having a lot of problems with DD3 and was seriously considering private school as an option. It would've been very difficult, but I would've managed if it had proven necessary. (It would however mean that I would no longer be in a position to pay a mortgage if by some miracle I got one.)
    Last edited by sweetseven; 23-04-2012 at 12:14.

  7. #27
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    There is no way that we could survive on a Centrelink payment alone for even one month.
    We could sell our investment property and live off that for the 12 months but if we did not have that we would have to sell everything and rent somewhere small and exist I guess but I would not call it living.

  8. #28
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    The only debt we have is our land and we'd have to sell up (but we are trying to do that anyway)

    We would probably have to live with family, or at the very least downsize. Our rent is $300pw where we are now, we'd be lucky to find something for under $250pw though. We don't have Internet, pay tv, school fees or childcare so we COULD survive if we had to but it obviously it wouldn't be ideal.

  9. #29
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    Yes I do my ex lost his job and we lived off Centrelink I haven't gone back to work decided to study and yes I live off Centrelink with huge expenses and it's bloody hard but kids come first then everything else


 

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