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Your mum has the wrong bank account. She should be able to get the pensioner deeming rate account.

So centrelink works on the deeming rate vs ato on actual

As highlighted above, gifting the money to pay off your grandfather's loan may not be appropriate (even if it is the right thing to do). By your mother giving away more than a nominal amount (I recall about $10k) your mother may be ineligible for her pension to continue. It may be better, as...