Examples
The following examples show how the contracted provider works out the amount payable. The examples are for case manager's reference only.
Example 1
A client has $2,500 in the bank, has earned interest on money invested with a bank, owns a vehicle and earns $439.80 gross a week.
They have never applied for Vehicle Modification Funding before.
They will need hand controls fitted to their vehicle.
Income | $ |
Wages = $439.80 per week x 52 weeks | $22,869.60 |
Plus interest | $25.00 |
Total income | $22,894.60 |
Less exemption | $40,000.00 |
Equals income | Nil |
Assets | |
Cash assets | $2,500.00 |
Value of existing vehicle | $5,000.00 |
Total assets | $7,500.00 |
Less exemption | $4,500.00 |
Equals assets in round dollars | $3,000.00 |
Cost of new vehicle | $19,000.00 |
Less assets | $3,000.00 |
Purchase shortfall | $16,000.00 |
Maximum amount available or purchase shortfall, whichever is less | $12,165.00 |
Less income | Nil |
Less unabated loan | Nil |
Amount approved | $12,165.00 |
Plus adaptations up to | $12,165.00 |
Total amount available | $24,330.00 |
Example 2
A client earns $810 per week. They have $2,500 in the bank and have received $20 interest.
They received a loan of $5,000, 3 years ago that still has $2,000 still to pay off.
They also have a person willing to pay $3,000 for their present vehicle.
Income | $ |
Wages = $810.00 per week x 52 | $42,120.00 |
Interest | $20.00 |
Total income | $42,140.00 |
Less exemption | $40,000.00 |
Equals income in complete $1000.00s | $2,000.00 |
Assets | |
Cash assets | $2,500.00 |
Value of existing vehicle | $3,000.00 |
Total assets | $5,500.00 |
Less exemption | $4,500.00 |
Equals assets (complete $1,000s) | $1,000.00 |
Cost of new vehicle | $20,000.00 |
Less assets | $1,000.00 |
Purchase shortfall | $19,000.00 |
Maximum amount available or purchase shortfall, whichever is less | $12,165.00 |
Less income | $2,000.00 |
Less loan | $2,000.00 |
Amount approved | $8,165.00 |
