Change of circumstances

You must tell us if 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 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
  • the insured value of the property falls below the market value of all buildings on the property
  • 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:

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

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

You can tell us about a change to your circumstances using one of these self-service options:

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

You can also download and complete the Home Equity Access Scheme variation form to make a change like:

  • settle the Home Equity Access Scheme
  • stop or restart your loan payments
  • add property or change the property securing the loan
  • change the fortnightly loan amount
  • change or add a maximum loan amount
  • change or add equity you excluded.

Changing or correcting your name

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

To change or correct your legal name, we’ll need both of these:

  • an original document issued by a state or territory Births, Deaths and Marriages registry
  • your consent to verify the document.

You need to bring your document to a service centre so we can update our records.

Page last updated: 1 July 2022