Are you an older Australian looking for extra income in retirement without selling your home? Centrelink’s updated 2025 Home Equity Access Scheme (HEAS) may be the perfect solution.
This government-backed initiative lets eligible seniors tap into their home equity and convert it into regular fortnightly payments—all while continuing to live in their property.
Whether you’re receiving a pension or simply seeking financial breathing room, here’s how the HEAS can help turn your home’s value into income.
What Is the Home Equity Access Scheme?
The Home Equity Access Scheme is a voluntary, reverse-mortgage style loan offered by Centrelink. It allows Australians of Age Pension age or older to receive fortnightly payments or lump sum advances using the equity in their real estate.
This gives seniors the chance to boost their income without selling or downsizing their property.
How It Works
Participants in the scheme secure the loan against their home, and Centrelink provides fortnightly payments up to 150% of the full pension rate. Over time, interest is added to the balance, and the loan is typically repaid when the property is sold or from the estate.
Here’s what makes this scheme appealing:
- Stay in your home while accessing cash
- No regular repayments required
- Voluntary repayments allowed anytime
- No negative equity guarantee — you will never owe more than your home is worth
Key Features at a Glance
| Feature | Details |
|---|---|
| Start Date | Available in 2025 with flexible options |
| Eligibility Age | Age Pension age (currently 67 years) |
| Max Fortnightly Payment | Up to 150% of maximum pension rate |
| Interest Rate | 3.95% per annum (compounded fortnightly) |
| Repayments | Voluntary or upon sale of property/estate settlement |
| Loan Type | Secured against real estate (principal home or other property) |
| Lump Sum Option | Yes – up to two lump sum advances in 26 fortnights |
Eligibility Criteria
To apply for the HEAS, you must:
- Be of Age Pension age (currently 67 years)
- Own real estate in Australia to use as loan security
- Be eligible for a qualifying payment such as Age Pension, Carer Payment, or Disability Support Pension
- Have adequate home insurance on the property
- Not be bankrupt or under a debt agreement
Note: Even if you are not receiving the pension, you may still qualify for HEAS payments.
Payment Options
You can choose from:
- Fortnightly Payments: Regular income up to 150% of the maximum pension rate.
- Lump Sum Advances: Up to two lump sums within 26 fortnights, capped at 50% of the maximum annual pension rate.
- Combination: Split your benefits between fortnightly and lump sum payments to suit your needs.
This flexibility allows you to plan for both day-to-day living and unexpected expenses.
Repayment and Interest
The interest rate for 2025 is 3.95% per annum, compounding fortnightly. You’re not required to make repayments during the loan period, but you can choose to pay off part or all of it at any time.
When the property is sold, either during your lifetime or as part of your estate, the balance is repaid. Thanks to the no negative equity guarantee, you will never owe more than your home’s value.
The Home Equity Access Scheme 2025 is a smart, flexible way for Australian seniors to unlock their home’s value without leaving it. Whether you need help with daily expenses, medical costs, or simply want a more comfortable retirement, HEAS offers peace of mind, security, and control over your financial future.
If you’re a homeowner of pension age, it’s worth exploring how Centrelink’s HEAS can fit into your retirement plan. It might just be the financial boost you’ve been waiting for—without ever leaving the place you call home.
FAQs
Do I need to sell my home to use this scheme?
No. You retain full ownership and can continue living in your home as long as you like.
Will the payments affect my pension or other benefits?
No. Payments under the HEAS are considered a loan, not income, so they do not reduce your pension.
Can I cancel the scheme or repay early?
Yes. You can stop receiving payments or make voluntary repayments at any time without penalty.