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Do You Need Assistance To Fund Your Home Care?

Many Australians have a desire to remain living in the comfort and familiarity of their home environment, but find it difficult to access the necessary funds required for the provision of home healthcare.

The Home Equity Access Scheme, with a very low interest rate of 3.95%, is one option that could help you access the money you need for maintaining your independence at home.  This loan can be put towards covering medical expenses, or living costs associated with home care.

This Australian Government scheme lets older Australians who are Age Pension age or older get a voluntary non-taxable loan from Services Australia. You and your partner may use this scheme to supplement your retirement income.

How it works

The equity you have built up in your own home or real estate in Australia is used as security for the loan. ‘Equity’ is the value of your home, less any money you owe on it (on your mortgage).

Apply for the loan scheme through Centrelink. The loan amount you can apply for varies depending on your situation and on whether you receive a pension or not.

You repay the loan to Services Australia, plus interest and legal costs. The current interest rate is 3.95% per annum. This rate compounds each fortnight on the loan balance until you repay the loan in full. Keep in mind that the longer you take to repay the loan, the more interest will accumulate.

Who is eligible?

You must meet certain requirements to be eligible.  You or your partner must qualify as Aged Pensioners, depending on your age and the year you were born, or you qualify for a pension based on other criteria. You will also need to undergo an assets test and be income tested.

How to apply

Applications are made through Centrelink. You need a Centrelink online account linked to myGov. If you don’t have a myGov account or a Centrelink online account can set one up.

Before you apply

The information in the article has been provided as a general overview.  For full details on The Home Equity Access Scheme please read here Home Equity Access Scheme – Services Australia .

We fully understand that this option may have a long-term financial impact, so it’s best to weigh up the pros and cons first. We strongly advise getting independent financial advice before you apply.

You have applied and qualified for a loan, what next?

Call Prestige Inhome Care on 1300 10 30 10 to speak to a member of our Client Support team and discuss how Prestige can help you live the life you want.

In-Home Aged Care Services | Prestige Inhome Care – Providing In-Home Care in Melbourne, Sydney, Geelong & Mornington Peninsula

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