Section 1134 — Social Security Act 1991: Effect of participation in home equity access scheme—pension rate

(1) This section applies if: (a) a person is qualified to participate in the home equity access scheme; and (b) the person makes a request to participate under section 1136; and (c) the Secretary is satisfied that the amount of any debt that becomes payable by the person to the Commonwealth under this Division is readily recoverable. (1A) The rate of the pension payable to the person by operation of the scheme is to be: (a) if the pension will not be received in relation to a home equity access scheme advance payment period for the person: (i) 1.5 multiplied by the maximum payment rate; or (ii) a lower rate nominated by the person; or (b) if the pension will be received in relation to a home equity access scheme advance period for the person: (i) the greater of the maximum payment rate and 1.5 multiplied by the maximum payment rate less any amounts of home equity access scheme advance payment received by the person in relation to the period; or (ii) a lower rate nominated by the person. Note: For the meaning of maximum payment rate, see subsection 1133AA(1). (2) The pension is to commence to be paid at the rate payable by operation of the scheme in respect of the first instalment period for which an instalment is paid after the request is lodged.