If you’re 67 or over but have too many assets to qualify for the Centrelink Age Pension, you might think that’s the end of the story.
But there could be another option worth knowing about.
The little-known Home Equity Access Scheme allows eligible older Australians to access a voluntary, non-taxable loan from the government, using the equity in their Australian property as security.
You can choose to receive the money as:
- Regular fortnightly payments
- A lump sum
- A combination of both
It could be a useful way to boost your retirement income – even if you don’t currently receive the Age Pension.
Just remember: this isn’t free money. It’s a loan that will eventually need to be repaid, along with interest and any applicable legal costs. So, as always, it’s important to understand the details and consider whether it’s right for your circumstances.
Want the quick version? Comment “ACCESS” on the video and I’ll send you our free one-page cheat sheet explaining how it works.
P.S. Want to know more about preparing for retirement? Read my article “Got more than $1.5 million in super? Here are three tax traps to watch out for.”
