Veterans' Entitlements Act 1986

This section applies if a pension is payable to a person at a rate worked out under this Subdivision.

The person is eligible for an advance payment (a home equity access scheme advance payment) of the pension if:

the person makes a request for the advance payment under section 52ZEAA; and

the person has not received more than one home equity access scheme advance payment in relation to a home equity access scheme advance payment period commencing during the previous 26 fortnights.

The amount of the home equity access scheme advance payment is whichever is the least of the following amounts:

if the person has not received another home equity access scheme advance payment in relation to a home equity access scheme advance payment period that commenced during the previous 26 fortnights—0.5 multiplied by the maximum payment rate payable to the person on the day in relation to which the person’s rate of pension worked out under this Subdivision is to be paid as the home equity access scheme advance payment;

if the person has received another home equity access scheme advance payment (the previous amount) in relation to a home equity access scheme advance payment period that commenced during the previous 26 fortnights—0.5 multiplied by the maximum payment rate payable to the person on the day in relation to which the person’s rate of pension worked out under this Subdivision is to be paid as the home equity access scheme advance payment, less the previous amount;

the maximum loan available to the person under the home equity access scheme, less the amount of the debt owed by the person under section 52ZC;

the amount requested by the person.

A home equity access scheme advance payment is to be paid as soon as practicable after the request under section 52ZEAA is made.

This section applies despite section 79B.

Section 79B sets out other circumstances in which a person is eligible for an advance payment of an amount of pension.