Change of circumstances

You must tell us if any of your circumstances change when you have a loan under the Home Equity Access Scheme.

If your circumstances change, tell us about it within 14 days in case it impacts your loan. If you don’t, we may pay you too much or your loan payments may stop.

What to tell us

You must tell us if any of these things happen:

  • you change or correct your name
  • you or any co-owner of the secured real estate become bankrupt or subject to a personal insolvency agreement
  • you intend to change the title details or dispose of any secured real estate
  • you take out, or change the details of, a mortgage on any secured real estate
  • you intend to use the secured real estate to guarantee a loan taken by yourself or another person
  • you intend to substitute the property you currently have secured to your loan
  • you intend to add an additional property to your loan
  • the insured value of the property falls below the market value of all buildings on the property
  • your insurance ends, or you have changed insurance providers
  • you close, change or can no longer use the account we make your payments to.

You must also tell us if any of the following happen:

  • you change your contact details or your residential or postal address
  • you leave the country, temporarily or to live somewhere else
  • you are in custody, on remand because you are in prison or charged with an offence
  • your partner dies.

You must also tell us within 14 days if you become partnered or separate from your partner. You can do this using one of the following forms:

If you don’t tell us about changes on purpose, you could be committing fraud. This could mean that the no negative equity guarantee won’t apply when you settle the loan. Read about how to avoid committing fraud.

How to tell us

If your Centrelink online account is linked to myGov, sign in now to tell us about changes to your circumstances.

Sign in to myGov

You can also use the Express Plus Centrelink mobile app.

If you don’t have access to a self-service option, call the Centrelink older Australians line.

You can also download and complete the Home Equity Access Scheme variation form (SA497) to make any of the following changes:

  • settle the Home Equity Access Scheme
  • request an advance
  • stop or start your loan payments
  • add, remove or change the property securing the loan
  • change the fortnightly loan amount
  • change or add a maximum loan amount
  • change or add a nominated amount.

Changing or correcting your name

It’s important to tell us if you change your legal name.

Page last updated: 28 September 2023.
QC 39126