Key Points

The Home Equity Access Scheme (HEAS) is a government-run reverse mortgage every homeowner should know about. It allows retirees to unlock extra cash when it’s needed most — and, critically, to prepare before aged care becomes urgent.
We help many families use the scheme to create flexibility well before aged care costs need to be paid. With the interest rate at just 3.95%, it provides a low-cost financial safety net.
With aged care costs set to increase substantially, families risk being caught unprepared. Having the HEAS in place early can make the difference between limited choices and high-quality care.
While the scheme offers powerful benefits, the government application process can be slow. Applying early is essential to avoid delays when funding is urgently needed.
Best of all, the scheme costs nothing to set up. Even if the funds aren’t drawn immediately, having approval in place means families can act quickly when aged care costs arise — reducing stress and improving options at a critical time.

Your situation is unique, and you should base your decision on a full understanding of the potential outcomes.

Brendan Ryan CFP

0412 181 031

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Introduction

The Home Equity Access Scheme (HEAS) is a government-run reverse mortgage that allows retirees to borrow against the value of their home—without having to sell it. Payments are usually made as a top-up to the fortnightly Age Pension, but there is also scope to draw larger lump sums when needed.

While the HEAS can help retirees who have most of their wealth tied up in the family home and need extra income for daily living, it can be especially valuable for funding aged care.

By having the HEAS in place:

• Families can avoid being forced to sell the home quickly to cover aged care costs.

• Retirees can choose a higher standard of care or preferred location, even if cash flow is tight.

The scheme is available to any homeowner who qualifies for the Age Pension—even those who don’t receive a payment due to income or asset limits. For example, a 67-year-old retiree holding a valuable block of land that produces no income could use the HEAS to unlock funds for care or living expenses without selling the property.

Even if you don’t need the money now, applying early ensures access when aged care decisions arise.

Why You Should Act Before Aged Care Becomes Urgent

As aged care costs continue to rise, many families are caught off guard—forced to sell assets quickly or limit care choices when a loved one’s needs escalate.

That’s where the Home Equity Access Scheme (HEAS) comes in.

This government-run reverse mortgage lets homeowners unlock income from their home at a low interest rate (currently just 3.95%), without selling the property.

But—and this is critical—the application process can be slow. If you wait until aged care is urgently needed, it might be too late to access funds easily.

We have an easy to use tool that shows you Aged Care Homes in your area - simply put your local Government Area in the search bar and find out more.

Find out How Much Aged Care Homes Cost Near You

How the HEAS Supports Aged Care Planning

Set it up early: Even if you don’t draw funds now, getting approved means you can act fast when care costs arise.

Keep control: Avoid fire sales of assets or rushed financial decisions.

Stay flexible: Use HEAS alongside other funding sources like super, savings, or the Age Pension.

No upfront costs: There’s no fee to apply or hold the facility in reserve.

Real-World Example

Imagine a couple in their early 80s.

They own their home, have modest savings, and receive a part Age Pension. If one partner suddenly needs residential aged care, a Refundable Accommodation Deposit (RAD) of $400,000 or more might be required. Without a HEAS facility in place, they’d need to sell investments—or even their home—under pressure.

With HEAS pre-approved, they could draw on home equity to pay the RAD or daily fees, keeping their assets intact and gaining time to plan.

Who’s Eligible?

Homeowners who qualify for the Age Pension—even if income or assets reduce the payment to $0.
Limits apply based on age and available equity, but the borrowing potential can be significant.

Why Now?

Setting up a HEAS before aged care is needed:

• Gives you time to arrange approvals.

• Reduces stress and panic decision-making.

• Provides financial breathing room for better care choices.

How We Can Help

We’ve helped many families secure aged care funding strategies early—avoiding last-minute scrambles that can harm both care quality and finances.

Please call us on (02) 9173 8560, to discuss your situation.

Brendan Ryan

Certified Financial Planner