Assurance of Support

Bank guarantee

If you give a bank guarantee you should be ready to put money in the bank to cover its value.

Amounts

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

  1. fill in the Assurance of Support Bank Guarantee Release form.
  2. submit it to us online, by post or at a service centre - the details are on the form.

Page last updated: 14 November 2018