The Australian government has initiated a Home Equity Access Scheme (HEAS) to allow senior citizens to leverage their home assets to increase their income. This scheme becomes more importance where senior citizens are “asset rich but cash poor,” meaning they have assets, like a house, yet do not have enough cash to cover the expenses of day-to-day living.
HEAS is a reverse mortgage government scheme that allows eligible senior citizens to generate supplementary income without having to sell their home. They have the option of either taking a lump sum or receiving money in regular installments.
The interest rate under the scheme is reasonably low, and the amount is also secured against the government. However, as the amount is subject to government approval, it is always a good idea to check with the official website of Australia Services or speak to a finance advisor before going for HEAS.
$2,587 Centrelink Home Equity Access Program 2025
| Benefit | $2,587 Centrelink Home Equity Access Program 2025 |
| Eligibility Qualification | People in Australia who are pension-age and have home equity |
| Payment Mode | Direct deposit or online |
| Payment Amount | $2,587 |
| Payout dates for HEAS | 6th Feb, 12th Feb, 26th feb. |
| Verification | Not yet approved. |
| Year | 2025 |
| Authority | Centrelink |
| Government | Australia |
| Category | Finance |
| Resources | https://www.servicesaustralia.gov.au/ |
$2,587 Australia Home Equity Access Eligibility Criteria 2025
To qualify to receive $2587 under this scheme, the applicant should qualify under the following eligibility conditions.:
- Age and citizenship The applicant (or his/her spouse) must attain at least 67 years.
- Must be the permanent resident of Australia.
- Both the applicant and his/her spouse must be citizens of Australia.
- Eligible pension schemes The applicant (or his/her spouse) under HEAS must be receiving any of the eligible pensions schemes.
- Such schemes include but are not limited to the Disability Support Pension (DSP), retirement savings, and career payments.
- Property (home) requirements The applicant (or his/her spouse) must own property in Australia against which HEAS would be secured.
- In the case that the home is co-owned with others, the consent of the co-owner toward the HEAS application will be needed.
- The applicant, their spouse, or co-owner should not be declared bankrupt.
How To Claim ?
If you are eligible for the scheme and want to avail yourself of it, follow the steps given below:
- Step 1: Eligibility check Go to the official site of Australia Services and use the HEAS eligibility calculator.
- Step 2: Gather related documents Proof of identity (driving license, passport) Property ownership documents (mortgage documents, title deed) Financial documents (bank statements, income statement, and statement of assets)
- Step 3: Application submission Online application: Apply via linking to Centrelink services through my Gov account. Offline application: Attend any nearest Centrelink service center and fill up the application form. Contact for assistance: If needing assistance, call Centrelink Retirement Services.
- Step 4: Loan approval and offer Centrelink shall process your application and make a loan offer. You may accept or vary this amount to suit your needs.
- Step 5: Payment Received Upon application approval, the funds will be deposited into your bank account biweekly.
$2,587 Australia Home Equity Access Payment Dates 2025
Payments under HEAS will happen on a fortnightly basis in tandem with Centrelink’s pension payment schedule, with expected payment dates in February 2025 falling on:
- 6 February 2025 (Thursday)
- 12 February 2025 (Wednesday)
- 26 February 2025 (Wednesday)
Important announcement: Payment shall be credited to the next working day should the payment day fall on a public holiday.
FACT CHECK
The HEAS is a government-backed scheme where senior citizens may benefit from using their home assets to gain an income, without selling their property. The scheme comes with a No Negative Equity Guarantee: even if the applicant dies, or the house is sold, the total loan amount would not exceed the value of the property.
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Notes are that the scheme is of trusted reliability and safety with respect to eligible pensioners and homeowners. For much more information regarding the HEAS scheme, visit Centrelink’s official website to read the updated terms and conditions.
FAQs:-
What is Australia’s $2,587 Home Equity Access Scheme (HEAS) 2025?
It is a government-backed reverse mortgage program allowing eligible retirees to access their home equity for additional retirement income.
Who is eligible for the $2,587 HEAS payment?
Australian citizens or permanent residents aged 67+ who own property and qualify for a pension may be eligible.
How can I apply for the HEAS payment?
Apply online via Centrelink’s my Gov portal, submit a paper form, or visit a Centrelink service center.