5.4.1 Overview of Home Equity Access Scheme

What is the Home Equity Access Scheme?

The Home Equity Access Scheme is a voluntary reverse equity mortgage that offers older Australians an income stream to supplement their retirement income. This allows people who have assets in the form of Australian real estate, but who need or want additional income in retirement, to draw on the value of those assets. Payments are usually in the form of fortnightly payments but participants can request up to two advance payments within a 12-month period.

Lodgement of RAFS Claim

VEA→

Application for RAFS must be on approved form    VEA→

Completion of the approved application form (D2586) was a requirement of participation in the scheme. If the claimant was not already in receipt of pension, a claim for service pension or income support supplement was also required.

    

Social Security Payments Payable at Nil Rate (DFISA removed 2022)

DFISA was removed 1 January 2022.  This is for historical reference only.

Social security law provision

Subsection 23(1D) of the Social Security Act 1991 commenced on 20 September 2004 and was repealed 31 December 2021 which was to ensure that people receiving a nil rate of [glossary:social security payment:116] and [glossary:DFISA:674] payment:     

5.2.4 Usual Place of Residence

Last amended: 5 January 2006

Definition

The VEA does not define usual place of residence. A person's usual place of residence is the area where they normally live, sleep and eat. To change their usual place of residence, a person has to completely abandon their former place of residence.

Determining usual place of residence

This table lists indicators that may assist in determining a person's usual place of residence.

Indicator