Section 1133 — Social Security Act 1991: Qualification for participation in home equity access scheme

Person not member of a couple (1) A person who is not a member of a couple is qualified to participate in the home equity access scheme if: (a) the person is receiving or is qualified for: (i) age pension; or (ii) disability support pension; or (iii) carer payment; and (c) the person has reached pension age; and (ca) the person is not bankrupt; and (cb) the person is not subject to a personal insolvency agreement under Part X of the Bankruptcy Act 1966; and (cc) the Secretary is satisfied that there is adequate and appropriate insurance in relation to the person’s real assets; and (d) either: (i) the Secretary is satisfied that the value of the person’s real assets (after deduction of any nominated amount) is sufficient to secure the payment of any debt that may become payable to the Commonwealth under this Division; or (ii) subsection (3) applies to the person; and (e) subsection (3A) does not apply to the person. Note 2: For real assets see subsection 1133AA(1). Note 3: For nominated amount, see subsection 1133AA(1). Note 4: For pension age see subsections 23(5A), (5B), (5C) and (5D). Person member of a couple (2) A person who is a member of a couple is qualified to participate in the home equity access scheme if: (a) the person is receiving or is qualified for: (i) an age pension; or (ii) a disability support pension; or (iv) a carer payment; and (c) the person: (i) has reached pension age; or (ii) is the partner of a person who has reached pension age; and (ca) the person is not bankrupt; and (cb) the person is not subject to a personal insolvency agreement under Part X of the Bankruptcy Act 1966; and (cc) the Secretary is satisfied that there is adequate and appropriate insurance in relation to the couple’s real assets; and (d) either: (i) the Secretary is satisfied that the value of the couple’s real assets (after deduction of any nominated amount) is sufficient to secure the payment of any debt that may become payable to the Commonwealth under this Division; or (ii) subsection (3) applies to both of the members of the couple; and (e) subsection (3A) does not apply to the person. Note 2: For real assets see subsection 1133AA(1). Note 3: For nominated amount, see subsection 1133AA(1). Note 4: For pension age see subsections 23(5A), (5B), (5C) and (5D). (3) This subsection applies to a person if: (a) either: (i) the person is an attributable stakeholder of a company or trust (within the meaning of Part 3.18); or (ii) the person is a member of a couple and the other member of the couple is an attributable stakeholder of a company or trust (within the meaning of Part 3.18); and (b) the company or trustee has given the Commonwealth a guarantee that the company or trustee will pay any debt that may become payable to the Commonwealth by the person under this Division; and (c) the company’s or trustee’s liability under the guarantee is secured by a charge against specified real property of the company or trust in Australia; and (d) the Secretary is satisfied that the value of the specified real property is sufficient to secure the payment of any amount that may become payable by the company or trustee under the guarantee; and (e) the Secretary has, by writing, approved the guarantee and the charge. Circumstances in which person not qualified (3A) This subsection applies to a person if: (a) both of the following apply: (i) the person has made a request to participate in the home equity access scheme under section 52ZD of the Veterans’ Entitlements Act; (ii) the scheme has not, since the person last made such a request, ceased to operate in relation to the person because of the effect of section 52ZJ, 52ZJA, 52ZJB or 52ZK of that Act; or (b) the person is receiving a service pension or income support supplement. Note: If paragraph (b) applies, the person may be eligible to participate in the home equity access scheme under the Veterans’ Entitlements Act. Value of real property (4) In working out the value of real property for the purposes of subparagraph (1)(d)(i) or (2)(d)(i) or paragraph (3)(d): (a) disregard section 1121; and (b) the Secretary may take into account any charge or encumbrance over the property.