Repay your loan

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

If your Centrelink online account is linked to myGov, sign in now to make electronic repayments using any of the following:

  • BPAY®
  • Post Billpay®
  • credit card
  • debit card.

Sign in to myGov

The payment details are available on letters you receive. You can also print an itemised statement via your Centrelink online account by selecting your Home Equity Access Scheme Summary page or Request a Document Service.

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

If you want to repay your loan in full, you can initiate settlement of your loan via your Centrelink online account by selecting your Home Equity Access Scheme Summary page.

If you’re unable to use online services, you can complete the Home Equity Access Scheme variation form or call the Centrelink 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 repayment, 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, the full loan balance will need to be repaid.

We may need to value the property before you sell it so we can correctly apply the guarantee. The valuation is free. 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.
Page last updated: 28 September 2023.
QC 39106