Repay your loan

You can repay the loan you get under the Home Equity Access Scheme in part or full at any time.

You can make your loan repayments electronically using a credit or debit card or BPAY® through your Centrelink online account.

You can also repay by bank cheque or money order to Services Australia either:

If you want to sell the property used as security for the loan, call the Older Australians line. That way we can provide the loan payout amount and prepare to remove the charge or caveat on the property.

If you sell the property, you can either:

  • transfer the loan to another property including your new home
  • repay the loan on the date of settlement.

If there’s an outstanding loan after your death, we’ll generally seek repayment from your estate after 14 weeks. We may defer repayment if your surviving partner is both:

  • Age Pension age or older
  • using the real estate used as security, for example, to live in.

If we defer your loan, the loan will keep accruing interest.

No negative equity guarantee

There’s a no negative equity guarantee on your Home Equity Access Scheme loan. This applies when you settle your Home Equity Access Scheme debt. You or your estate won’t have to repay more than the market value of the property secured against the loan, minus any other mortgages or legitimate encumbrances. For example, your loan balance is $250,000. When you sell your property, if it is only worth $200,000, and you don’t have a mortgage, then you only need to repay $200,000.

The guarantee may not apply if you increase a mortgage or encumbrance, misrepresent your circumstances or commit fraud. If this happens, you will need to repay the full loan balance.

We may need to value the property before you sell it so we can correctly apply the guarantee. It’s important that you tell us as early as possible if either of these situations happen:

  • you intend to sell or dispose of a property you have offered as security
  • you add or change the terms of a loan or encumbrance.

Loan statement

You can get an itemised statement for your loan. It shows your payments and repayments for up to a 12 month period.

Print an itemised statement either:

Page last updated: 1 July 2022