Get more from your money with up to 5.00% p.a. interest

with a National Seniors Term Deposit account

Home Equity
Access Scheme (HEAS)

Supplement your retirement income by accessing the equity in your home

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Top up your pension

Top up your pension

No negative equity guarantee

No negative equity guarantee

HEAS funds received 
are non-taxable

HEAS funds received
are non-taxable

Low interest rate

Low interest rate

About HEAS

How the Home Equity Access Scheme works

How the Home Equity Access Scheme works

The Home Equity Access Scheme is a voluntary non-taxable loan from the Australian Government. Under the scheme, the government uses the equity in a person’s home to pay them this fortnightly payment. The government recovers the loan and interest from their estate.

The maximum amount available via the Home Equity Access Scheme is 150% of the maximum pension rate. However, a retiree can choose to withdraw a smaller amount, can stop or start payments at any time, and can pay back the loan at any time.

The government charges a compound interest of 3.95% on the loan amount (from 1 January 2022).

Importantly, Home Equity Access Scheme payments do not count towards the pension income test or affect the aged care means test. Amounts received from a Home Equity Access Scheme loan are also non-taxable.

Common questions

Am I eligible?

You must meet all of the following:

• you or your partner are Age Pension age or older

• you get or are eligible to get a qualifying pension

• you or your partner own real estate in Australia you can use as security for the loan

• you or your partner, or any co-owner of the property, aren't bankrupt or subject to a personal insolvency agreement

you have adequate and appropriate insurance that covers the real estate offered as security.

What to do before you apply?

Before you apply, you should consider all of these:

• your current and future financial situation

• the impact of compound interest on the loan the repayment of the loan.

• We suggest you seek independent legal or financial advice.

How do I apply?

To apply online, you need a Centrelink online account linked to myGov. If you don’t have a myGov account or a Centrelink online account you’ll need to set them up.

To be eligible, you or your partner must be Age Pension age on the date you claim.

What else should I know?

• check that you meet all the eligibility rules for the Home Equity Access Scheme before you start your application

• Consider whether you want someone to deal with us on your behalf about the loan.

Campaign wins

Home Equity Access Scheme wins

Home Equity Access Scheme wins

The Home Equity Access Scheme was extended to everyone of pension age from 1 July 2019. This included an increase in the allowable income to 150% of the Age Pension. We also called for a lowering of the Home Equity Access Scheme interest rate. On 1 January 2020, it fell from 5.25% to 4.5% per annum. On 15 December 2021, it was announced that the interest rate would drop from 4.5% to 3.95% per annum from 1 January 2022 - a reward for our strong and consistent campaigning.

Introducing Household Capital's Pension Boost Service

Household Capital are specialists in the Australian Government’s Home Equity Access Scheme (HEAS).

Some of the ways Household Capital's Pension Boost service assists seniors includes:

• Helping you decide whether the HEAS may be of benefit for your financial circumstances by using the Pension Boost Calculator.

• Removing the hassle of dealing with Centrelink/DVA by acting as an ‘agent’ and assisting with your application.

• Continuously monitoring your cash flow and HEA loan status to maintain control over their home's net equity and ensure financial stability.

Helpful resources

Home Equity Calculator

Home Equity Calculator

Discover how much wealth you could access with Household Capital’s free, easy-to-use Home Equity calculator

6 ways to use your home equity

6 ways to use your home equity

There are so many ways you could use the wealth in your home – download our FREE e-guide to learn more

Prefer to speak to a real person?

Speak with one of Household Capital's Pension Boost retirement specialists for a 15 minute no obligation call on 1300 699 624.

Or book a time that suits you to ask questions and discuss your needs 

Schedule a call

Download our free e-guide

We've got your back

With National Seniors, your voice is valued. Discover how we campaign for change on your behalf.

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