How to Apply for the Home Equity Access Scheme Using Australian Property

Who can apply for the Home Equity Access Scheme?

The Home Equity Access Scheme is a voluntary Australian Government loan administered by Services Australia. It allows eligible older Australians to supplement their retirement income using equity in Australian real estate as security.

You must meet all of the core eligibility conditions. You or your partner must be Age Pension age or older, you must receive or qualify for a qualifying pension, and you or your partner must own Australian real estate that Services Australia can accept as security. You, your partner and any co-owner of that real estate must not be bankrupt or subject to a personal insolvency agreement.

The qualifying pensions are Age Pension, Carer Payment and Disability Support Pension. You do not necessarily have to receive a pension payment. Services Australia can treat you as eligible where you meet the qualifying rules but your payment rate is zero because of your income or assets.

What if only one partner is Age Pension age?

Services Australia requires either you or your partner to be Age Pension age on the date of claim. If you are under Age Pension age, your partner must be Age Pension age and you must be eligible for either Carer Payment or Disability Support Pension. If you do not already receive the relevant payment, Services Australia says you need to apply for it first so your eligibility can be established.

What property can you use as security?

You can only secure the loan with real estate in Australia. This can be the home you live in or an investment property owned by you or your partner.

Suitable security may also include real estate owned through a company or trust where you or your partner is an attributable stakeholder. In that situation, the company or trust must provide a guarantee covering the loan.

Services Australia assesses the underlying interest in the land. Land lease communities do not provide ownership of the underlying land and therefore cannot be used as security. A retirement-village property may be considered where the required freehold ownership conditions are met.

The Commonwealth places a charge or caveat over the property title. If another person co-owns the property, Services Australia may need their declaration and may disclose limited information about the loan so the security arrangement can be established.

How much insurance must the property have?

The real estate offered as security must be adequately and appropriately insured. Services Australia states that adequate insurance is generally coverage equal to at least 90% of the value of the buildings on the property.

Once you have the loan, you must notify Services Australia of significant insurance changes, including a policy ending, changing insurer or the insured value falling below the required level. Relevant changes generally need to be reported within 14 days.

What documents should you prepare?

Services Australia cannot assess an application without the required supporting documents. The exact list depends on your circumstances and is shown during the online claim or beside the relevant questions on a paper application.

You may need evidence covering:

• your age and identity;
• your partner's details, if partnered;
• bank account and tax file number details;
• Australian residence history if you have lived overseas;
• a recent title search and the latest rates notice for each property offered as security;
• mortgage or other loan agreements and the most recent mortgage statements;
• property insurance documents;
• authority for the property to be inspected for valuation purposes;
• a trust deed or company constitution where a trust or company owns the property;
• declarations or guarantees required from co-owners, trustees or a company.

The paper application checklist also identifies circumstances where Services Australia may require documents showing that an old mortgage or encumbrance has been fully repaid.

How do you apply if you are single or partnered?

The easiest application route is online. You need a Centrelink online account linked to myGov. From myGov, open Centrelink, choose the claims area under Older Australians and select the option to apply for a loan under the Home Equity Access Scheme.

If you cannot apply online, use the paper form that matches your relationship status:

• SA496 - Home Equity Access Scheme single application if you are single;
• SA310 - Home Equity Access Scheme partnered application if you have a partner.

Your partner must agree to your participation even if they are not listed on the title of the property used as security. Their consent can be provided through the application process or, where available, through an online task in their Centrelink account.

If you cannot use online services, Services Australia also accepts the relevant forms and documents through a service centre or by post.

Can you take fortnightly payments or a lump sum?

You can choose to receive the Home Equity Access Scheme loan as:

• a fortnightly amount;
• an advance payment as a lump sum; or
• a combination of fortnightly and advance payments.

For fortnightly payments, the combined amount of your pension and Home Equity Access Scheme loan generally cannot exceed 150% of the maximum rate of your qualifying pension. If you do not receive a pension payment, you may receive a fortnightly loan amount up to 150% of the maximum rate of the pension for which you qualify, subject to your maximum loan amount.

You may choose a fixed fortnightly amount, a percentage of the maximum pension rate, or the maximum available amount.

How much can you take as an advance payment?

An advance payment is a lump-sum loan payment. Services Australia states that you can advance up to 50% of the maximum annual rate of your qualifying pension in a 26-fortnight period, subject to your maximum loan amount. You can receive no more than two advance payments during that 26-fortnight period.

If you take an advance as well as fortnightly loan payments, the advance can reduce the amount available as regular payments during the relevant 26-fortnight period.

If you already receive a pension, an advance can also affect income and assets testing. Where your principal home secures the loan, Services Australia applies a 90-day assets-test exemption to the advance before assessing any remaining amount under the normal rules.

How is your maximum loan amount calculated?

Your maximum loan amount is the total amount Services Australia permits you to borrow under the scheme. Loan payments stop when your balance reaches this limit.

The calculation is based on two main factors:

• the value of the equity offered as security; and
• your age, or the age of your younger partner if you have one.

Services Australia rounds the relevant security value down to the nearest $10,000, divides it by $10,000 and multiplies the result by the applicable age-component amount. The age component generally increases as you get older. You can nominate a lower maximum loan amount if you do not want to borrow up to the calculated maximum.

Property values can also change the limit. Services Australia says you should tell it if the value of the secured real estate changes.

What interest and property costs apply?

As verified on 14 September 2026, Services Australia charges 3.95% interest per year. Interest compounds every fortnight and is added to the outstanding loan balance until the debt is repaid.

The outstanding balance can include the loan payments you receive, accumulated interest and costs paid by the Commonwealth on your behalf, less any repayments you make.

You do not pay for Services Australia's property valuation. However, you are responsible for costs associated with registering and removing the charge or caveat over the property. Services Australia adds those costs to your loan balance.

Because compound interest can substantially increase a long-term balance, Services Australia recommends considering your current and future finances and seeking independent legal or financial advice before applying.

What happens after you apply?

If you apply online, Services Australia gives you a receipt containing an application ID, an estimated completion date and a link for tracking the claim. You can track progress through myGov or the Express Plus Centrelink app.

There is no fixed standard processing timeframe published for all Home Equity Access Scheme applications. The time needed can depend on the property, security arrangements and whether further documents are required.

If Services Australia requests more supporting information after submission, its guidance states that you generally need to provide it within 14 days. The application may be rejected if the required information is not provided.

When does the loan have to be repaid?

You can repay part or all of the loan at any time. If you sell secured property, you can generally either transfer the loan to another suitable property or repay the outstanding loan at settlement.

If you plan to settle the loan and release the charge or caveat, Services Australia requires at least 14 days' notice before the agreed settlement date.

If a loan remains outstanding after your death, Services Australia generally seeks repayment from your estate. Recovery can be deferred in some circumstances where a surviving partner is Age Pension age or older and continues using the secured property.

What is the no negative equity guarantee?

The scheme includes a no negative equity guarantee. When the debt is settled, you or your estate generally do not have to repay more than the market value of the secured property minus other mortgages or legitimate claims on it.

The guarantee may not apply where, for example, you increase a mortgage or encumbrance in a way that affects Commonwealth recovery, misrepresent your circumstances or commit fraud.

What changes must you report after approval?

You must keep Services Australia informed about changes that can affect the loan or its security. Relevant changes include changes to the property title, a sale or disposal, a new or altered mortgage, using the property to guarantee another loan, bankruptcy or personal insolvency involving an owner, significant insurance changes, changes to your payment account and changes in your relationship status.

Services Australia states that relevant changes generally need to be reported within 14 days. You can manage many changes through your Centrelink online account or the Home Equity Access Scheme variation form.

Common mistakes to avoid

• Using property outside Australia. Only Australian real estate can secure a Home Equity Access Scheme loan.
• Assuming a land lease home is enough. Services Australia requires an acceptable interest in the underlying land, so land lease communities cannot be used as security.
• Submitting incomplete property evidence. Missing title, rates, mortgage, insurance or ownership documents can prevent Services Australia assessing the claim.
• Using the wrong paper form. Single applicants use SA496; partnered applicants use SA310.
• Forgetting partner consent. A partner must consent even if they do not own the secured property.
• Ignoring compound interest. Interest accrues on the outstanding balance every fortnight and can materially increase the amount ultimately repayable.
• Changing a mortgage or property title without reporting it. Changes affecting the secured property can affect the Commonwealth's security and the no negative equity guarantee.