It also depends on how you choose to get your loan from these options:
- a fortnight amount
- an advance payment of the loan as a lump sum
- a combination of both.
We’ll pay your loan payment until you reach the maximum loan amount.
If you choose to get an advance payment, it may reduce the fortnightly loan amount you can get for 26 fortnights.
If you get a pension
Your combined loan and pension payment each fortnight can’t be more than 150% (1.5 times) of your maximum pension rate.
If your pension changes, we’ll adjust your loan payments so the combined amount doesn’t go over 150% of your pension rate.
If you don’t get a pension
If you don’t get a pension you can still get a loan under the Home Equity Access Scheme. You can get a fortnightly loan payment up to the full 150% of the maximum rate of your qualifying pension. If you are Age Pension age or older, your qualifying pension will be the Age Pension.
Use the Home Equity Access Scheme calculator to check any of the following:
- your maximum loan amount
- what a loan might look like for you in the future.
If your Centrelink online account is linked to myGov, you can use the calculator there to get a more accurate result.
To do this:
- Sign in to myGov.
- Select Payments and claims.
- Under Manage payments, select Home Equity Access Scheme calculator.
The maximum loan amount (MLA) is the most you can borrow through the Home Equity Access Scheme. We can’t pay you any more once your loan balance reaches your MLA.
You can choose the amount of the loan you get under the Home Equity Access Scheme.
We charge an annual interest rate of 3.95% that compounds each fortnight on the Home Equity Access Scheme loan balance.