If you give a bank guarantee you should be ready to put money in the bank to cover its value.
How much the guarantee is for depends on:
- if the assurer is a person or an organisation
- if there are 1 or 2 adult assurees
- if the assurance of support is for 2 years or 10 years
From a person
For 2 years
- $5,000 for 1 adult
- $7,000 for 2 adults
For 10 years
- $10,000 for 1 adult
- $14,000 for 2 adults
If the assurer is an organisation, it must guarantee:
- $10,000 for 1 or 2 adults for 2 years
- $20,000 for 1 or 2 adults for 10 years
Bank guarantee release
You can ask us to release your bank guarantee when the Assurance of Support period ends.
When we can release your bank guarantee
We can’t release it until the end of the Assurance of Support period.
At the end of the period we send you and the Commonwealth Bank of Australia a letter.
As long as the assuree didn't get any payments from us, the letter will say:
- the bank guarantee has been cancelled, and
- the bank can release it to the assurer
How to ask us to release your bank guarantee
- fill in the Assurance of Support Bank Guarantee Release form.
- submit it to us online, by post or at a service centre - the details are on the form.