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House Modification Funding : Contents

Cash assets

Cash assets mean the assets of the client and their partner (if any) that can be easily converted into cash.

Cash assets include

  • bills of exchange or promissory notes
  • building society shares
  • money in bank accounts, including fixed and term deposits with any bank, friendly society, credit union, or building society
  • money invested with or lent to any bank, other financial institution or person
  • mortgage investments and other long term loans
  • money withdrawn from a KiwiSaver scheme
  • shares, stocks, debentures, bonus bonds, and other bonds (including shares in energy organisations)
  • the client's share in any partnership and
  • the net equity held in any property or land not used as the person's home

Cash assets do not include

Note a bank overdraft facility is not considered a cash asset or resource available to a client.

For more information see:

KiwiSaver
Superannuation scheme accounts
Ex gratia and Compensation payments
Payments from the Crown for the purchase of property in the Canterbury red zone
Payments from the Earthquake Commission and insurance companies (Canterbury earthquake 2010 and aftershock 2011)
Payments from the Canterbury Earthquake Commission (Red Cross)

Also see:

Legislation

  • Cash assets and income exemptions schedule 8 Social Security Regulations 2018
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The net equity in a property is:

minus

Net equity in a vehicle/caravan/boat is the amount of money the client would have if they sold their vehicle/caravan/boat after they had paid any debts owing on it.

For example, the client has a boat that has a market value of $4,000. They still owe the bank $1,500, so the net equity would be $2,500. This is ...