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How HEAS actually works
HEAS is administered by Services Australia, not a private lender. It is a voluntary, non-taxable loan secured against your home, paid out as fortnightly amounts at a government-set rate.
Services Australia confirms that regular HEAS fortnightly payments are not counted as income under the Age Pension income test.
01
A government-set rate of 3.95% p.a.
The rateHEAS interest is 3.95% per annum, set by the Australian Government. That is roughly half what private reverse mortgages charge today (typically 8.5% to 9.3% per annum). The rate has been stable for an extended period, but the government can adjust it.
02
Fortnightly payments, not lump sums
The structureHEAS pays fortnightly amounts only. There is no line of credit. Advance lump sums are available under certain conditions, but they are treated differently for Centrelink purposes (see the Age Pension interaction below).
03
Up to 150% of the maximum Age Pension
The capThe maximum fortnightly payment is 150% of the maximum Age Pension rate. For a single person that is approximately $1,633.20 per fortnight; for a couple combined approximately $2,462.40. You choose any amount up to that ceiling, and you can stop or restart at any time.
04
Interest compounds fortnightly on the balance
How the debt growsEvery fortnight, interest is calculated on the total amount you owe, including previously accumulated interest. The debt grows slowly at first, then accelerates over time. The lower HEAS rate means it compounds far more slowly than a private reverse mortgage at typical rates.
05
Repaid from the property when you leave
RepaymentThe loan and accumulated interest are repaid when the property is sold, after the borrower permanently leaves the home. The no negative equity guarantee protects your estate: the debt can never exceed the property's sale price.
Want a number for your situation?
The reverse mortgage calculator estimates how much equity you may be able to access, and how it compounds over time.
Use the reverse mortgage calculatorWho can apply for HEAS
Both full Age Pension recipients and self-funded retirees can qualify. Applications go through Services Australia, not through a private lender or broker. For a broader look at who qualifies across all reverse mortgage products, see the full reverse mortgage eligibility criteria.
Age 67 or older
You must have reached Age Pension age, currently 67. If you are part of a couple, both of you must meet this threshold to apply jointly.
Own real property in Australia
You need to own real property. This can be your home, an investment property, or both. If you own an investment property but rent where you live, you may still qualify.
Meet Australian residence rules
You must be an Australian resident and meet the residence requirements that apply to Age Pension eligibility. Living in Australia for at least 10 years usually covers this.
Pension status does not matter
Full pensioners, part pensioners, and self-funded retirees who receive no pension at all can apply. The scheme is open to all eligible retirees regardless of pension status.
A guarantee, by law
You can never owe more than your home is worth.
If your loan balance ever exceeds the sale price of your home, the difference is absorbed by the lender. Not you. Not your estate. The guarantee applies for the life of the loan no matter what happens to property values.
Mandated by the National Consumer Credit Protection Act 2009 (Cth) for all reverse mortgages entered into after 18 September 2012. Moneysmart (ASIC) confirms borrowers can never owe more than the market value of the property at the time of sale.
HEAS vs private reverse mortgage at a glance
HEAS offers a lower rate but limited flexibility. A private reverse mortgage costs more but gives you lump sums and lines of credit. The right choice depends on what you need the money for and how you want to access it.
HEAS applications go through Services Australia, and Stryve does not process them. What you get from a Stryve consultation is a genuine comparison across 40+ lenders, so you apply for the right product before committing. For the cost side of the comparison, see our current reverse mortgage rates page, and check reverse mortgage eligibility before you commit to either route.
| Services | HEAS (government) | Private reverse mortgage |
|---|---|---|
| Interest rate: 3.95% p.a. | ||
| Interest rate: 8.5% to 9.3% p.a. | ||
| Fortnightly payments available | ||
| Lump sum or line of credit available | ||
| No negative equity guarantee | ||
| Apply through Services Australia | ||
| Apply through a broker with 40+ lenders |
What you get with HEAS (government)
- Interest rate: 3.95% p.a.
- Fortnightly payments available
- No negative equity guarantee
- Apply through Services Australia
What you get with Private reverse mortgage
- Interest rate: 8.5% to 9.3% p.a.
- Fortnightly payments available
- Lump sum or line of credit available
- No negative equity guarantee
- Apply through a broker with 40+ lenders
Centrelink interaction
How HEAS interacts with your Age Pension
This is the question that matters most, and the one most often answered incorrectly. Regular HEAS payments and advance lump sums are treated differently by Centrelink, and the difference can be the difference between a steady pension and a reduced one.
Anyone considering an advance payment should get specific advice before applying. For the full analysis, see our guide on how a reverse mortgage affects your Age Pension.
Regular fortnightly payments
Income-test exemptServices Australia confirms that regular HEAS fortnightly payments are not counted as income under the Age Pension income test. If you take only the fortnightly amount, your pension stays the same.
Advance lump sums
Deeming appliesAdvance payments are different. Centrelink treats the unused portion sitting in your bank account as a financial asset and assumes it earns income at the deeming rate. The more you hold in cash, the larger the potential reduction in your pension.
Stop, restart, or change the amount
No exit feesYou choose the fortnightly amount that suits your budget, and you can stop or restart payments at any time. There are no break fees or exit penalties at any point during the loan.
Anyone considering an advance payment should get specific advice before applying. For the full analysis, see our guide on how a reverse mortgage affects your Age Pension.
How to apply for HEAS
The process has three Services Australia stages. Stryve helps with the decision before you apply, and HEAS consultations are free.
Decide whether HEAS fits
Compare HEAS against private reverse mortgage options across 40+ lenders. Stryve is paid by lenders, not by you, and the commission on each product is disclosed upfront.
Gather your documents
You will need proof of identity, property ownership details, and information about your current pension or income. Services Australia provides a full checklist on their website.
Apply through Services Australia
Submit your HEAS application online through myGov or in person at a Services Australia centre. Stryve does not process HEAS applications, but can help you prepare.
Stop or restart anytime
There are no exit penalties or break fees, and the no negative equity guarantee protects your estate throughout the life of the loan.
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Common questions about the Home Equity Access Scheme
Not sure if HEAS is right for you?
A free consultation with Stryve compares HEAS with private reverse mortgage options so you can make the right call. No obligation, no pressure, and a clear comparison of costs before you decide.