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- June, age 75, is single, retired and owns her home outright worth $600,000
- She has a vacant block of land worth $400,000 and personal contents worth $10,000
- She currently receives a fortnightly Age Pension entitlement of $549.
The Home Equity Access Scheme (HEAS) provides support in the form of a reverse mortgage type loan paid fortnightly to people who qualify for the Age Pension and own property in Australia. The HEAS was formerly known as the Pension Loan Scheme prior to 1 January 2022.
In this article, we look at the benefits of the HEAS for Centrelink clients and use a case study to explain how it works. The HEAS is also available to veterans who qualify for the Service Pension and war widows who qualify for the Income Support Supplement.
The following case study will be used in this article to explain the various components of the HEAS:
This information is provided by Accurium Pty Limited ABN 13 009 492 219 (Accurium). It is factual information only and is not intended to be financial product advice, legal advice or tax advice, and should not be relied upon as such. The information is general in nature and may omit detail that could be significant to your particular circumstances. The information is provided in good faith and derived from sources believed to be accurate and current at the date of publication. While all care has been taken to ensure the information is correct at the time of publishing, superannuation and tax legislation can change from time to time and Accurium is not liable for any loss arising from reliance on this information, including reliance on information that is no longer current. We recommend that you seek appropriate professional advice before making any financial decisions.