Who can get it

You must meet certain requirements to get the Home Equity Access Scheme.

You must meet all of the following. You:

  • or your partner are Age Pension age or older
  • get or are eligible to get a qualifying pension
  • or your partner own real estate in Australia you can use as security for the loan
  • have adequate and appropriate insurance covering the real estate offered as security
  • aren't bankrupt or subject to a personal insolvency agreement.

You can get the loan if you either:

  • currently get a qualifying pension
  • meet the rules for a qualifying pension, but don’t get a payment, for example, your rate is zero because your income or assets are over the threshold.

To get a loan, you’ll also need to agree to the terms and conditions of the Home Equity Access Scheme. If you have a partner, they’ll need to agree to you applying for a loan. They can agree by signing your application, or through their Centrelink Online account.

You can use our Home Equity Access Scheme eligibility calculator to see if you might want to apply.

If you’re getting an asset hardship payment

If you get a payment under the asset hardship provisions, you can still apply for the Home Equity Access Scheme. But you can’t get payments under both provisions at the same time. If your application is successful, you must choose which payment is best for you.

You should get independent legal or financial advice if you are thinking of applying for the loan. One of our Financial Information Service officers can give you information to help you work out what’s best for you.

Page last updated: 1 July 2022