Social Security Act 1991

The maximum loan available to a person under the home equity access scheme is the amount worked out using the formula:

if the person is not a member of a couple—the age the person turned on his or her last birthday; or

if the person is a member of a couple—the age the younger member of the couple turned on his or her last birthday.

if neither subparagraph 1133(1)(d)(ii) nor subparagraph 1133(2)(d)(ii) applied to the person when the person made his or her request to participate in the home equity access scheme—the value of the real assets (after deduction of any nominated amount); or

if subparagraph 1133(1)(d)(ii) or (2)(d)(ii) applied to the person when the person made his or her request to participate in the home equity access scheme—the value of the charge referred to in paragraph 1133(3)(c).

For real assets see subsection 1133AA(1).

For nominated amount see subsection 1133AA(1).

For the purposes of subsection (1), the following provisions have effect:

if, but for this paragraph, the value of real assets would be an amount that exceeds $10,000 but is not a multiple of $10,000, the value is to be taken to be the next lower amount that is a multiple of $10,000;

if, but for this paragraph, the value of real assets would be less than $10,000, the value is to be taken to be nil.

The Minister may, by legislative instrument, make a determination for the purposes of the following:

the definition of age component amount in subsection (1) of this section;

the definition of age component amount in subsection 52ZCA(1) of the Veterans’ Entitlements Act 1986.