Initial contact by customers applying for the Home Equity Access Scheme (HEAS) 065-01010060

• The HEAS is a loan administered by Services Australia and the Department of Veterans’ Affairs. The HEAS is paid to customers:
• in fortnightly instalments, and/or
• as advance payments
• Customers can use the HEAS to get financial support. For example:
• for a short period during a period of financial readjustment
• indefinitely, to supplement regular income
• Australian real estate owned by the customer secures the loan. Interest is charged on the loan balance using an annual interest rate, compounding fortnightly
• A customer must meet the eligibility criteria to receive payments under the HEAS

See Eligibility for the Home Equity Access Scheme for more details.

Department of Veterans’ Affairs (DVA)

• The HEAS is voluntary for older Australians, including DVA customers
• DVA customers can use the HEAS to supplement their retirement income through a loan from DVA

The Resources page contains a link to the DVA HEAS, which lists the eligibility details.

The amount loaned to the customer is a debt to the Commonwealth. The customer must repay all of the following:

• the loan amounts they receive
• legal costs incurred by the Commonwealth, and
• compound interest

The loan is recovered:

• when the customer voluntarily repays either by lump sum or instalments
• when the secured real estate is sold, or
• from the customer's (or surviving partner's) estate after their death

See Repayment of Home Equity Access Scheme loans for more details.

The No Negative Equity Guarantee only applies when the balance of the loan settles in full.

When a customer settles their HEAS debt, they (or their estate) will not repay more than the market value of the property secured against the loan, minus:

• any mortgages, or
• legitimate debt

See Settlement of Home Equity Access Scheme loan amounts for more details.

Customers can elect to get the HEAS loans:

• as a fortnightly payment, or
• as an advance payment (or both)

The most that can be paid each fortnight is the equivalent of 1.5 times (that is, 150% of) the maximum pension rate (including supplements and Rent Assistance, if applicable). If the customer receives a pension, the combined amount of loan and actual pension cannot exceed the 150% limit.

The customer can request to receive the maximum amount of loan each fortnight (that is, 150%) or a lower amount, either:

• a percentage of their maximum pension rate, or
• a fixed amount per fortnight

Advance payments may reduce the fortnightly loan amount for a period of 26 fortnights. A customer can access up to 2 advance payments in any 26 fortnight period. The most that can be advanced in any 26 fortnight period is 50% of the maximum pension rate.

See Advance payments under the Home Equity Access Scheme loans for more details.

• The HEAS interest rate is a compound rate applied to the outstanding loan balance each fortnight
• The outstanding loan balance consists of the principal (loan payments made) plus previously accrued interest and any outstanding legal fees, less any repayments made by the customer
• The current rate of interest is 3.95% per annum
• The interest rate is set by the Minister for the Department of Social Services (DSS), and is published in the Australian Government Gazette

• The HEAS is a voluntary arrangement. A loan arrangement will not start unless the customer makes an application and agrees to the terms and conditions of the HEAS. The application contains terms and conditions and must be signed by:
• the customer
• the partner, if a member of a couple, and
• any third parties with ownership or similar interest in the real estate offered as security for the loan, or
• a nominee that has legal authority to act on the customers behalf
• A customer who does not receive a payment from Services Australia may need to lodge a claim for a Home Equity Access Scheme qualifying payment, as well as the loan application

See Eligibility for the Home Equity Access Scheme for more details about the qualifying payment criteria.

• A person can be paid under the HEAS, or under assets hardship provisions but not both. The 2 provisions are mutually exclusive
• If a customer says they are in financial hardship check if they have entitlement under the assets hardship provisions before going ahead with a request for payment under the HEAS
• Before a customer can be paid an income support payment under the assets hardship provisions, their fortnightly loan payments must stop

See Home Equity Access Scheme cancellation and rejections for more details on how to request cancellation of the HEAS payments.

Customers can apply for the HEAS loan payments by submitting an online claim through their Centrelink online account. Service Officers can run an Assisted Customer Claim (ACC) to help customers who require assistance with their online claim.

• Applications can be lodged using the:
• Home Equity Access Scheme partnered application form (SA310) or
• Home Equity Access Scheme single application form (SA496)
• Nominees can:
• lodge an online claim for the HEAS on behalf of another person, and
• give consent if they have the legal authority to make financial decisions on the customers behalf

See Claiming a Home Equity Access Scheme loan for more details.

Department of Veterans’ Affairs claims

DVA customers can lodge their HEAS claim at Service Australia service centres, using the DVA Standardised Service Offer.

See Delivering face-to-face services for the Department of Veterans' Affairs (DVA) for more details.

The Resources page contains a link to the DVA HEAS loan form.

• Members of a couple:
• must make a joint decision to receive loan payments under the HEAS, even if 1 member only is applying
• both members of the couple must sign and consent to the application
• If both members of the couple want to apply for a loan, they can apply together by lodging:
• an online claim via their myGov Centrelink online account, or
• the Home Equity Access Scheme partnered application form (SA310)
• If partnered customers lodge separate applications, both members of the couple need to sign both applications.
• Tell customers to seek independent legal or financial advice before applying for a loan under the HEAS

There are 2 calculators available for customers and staff to use to estimate eligibility and rate available.

The Process page has details about how to access the links, and how to use the calculators.