Australian Home Equity Access Scheme.
The Home Equity Access Scheme lets older Australians, who are Age Pension age or older, get a voluntary non-taxable loan from Centrelink.
It is secured by the equity that you have in Australian real estate.
You can choose to get the loan amount as:
a fortnightly amount.
a lump sum.
a combination of both.
The interest rate is 3.95% per annum. (Current in October 2024).This rate compounds each fortnight on the loan balance until the loan is fully repaid.
You can repay the loan you get under the Home Equity Access Scheme in part or full at any time.
Loans can be transferred to a new property.
Loans can also be repaid on the eventual final sale of the property.