Regulatory Reform Omnibus Act 2025 (73 of 2025)

Schedule 4   Amendments to increase government efficiency and improve productivity

Part 7   Ensuring consistency across social security benefits

Division 6   Accessing home equity access scheme

Veterans' Entitlements Act 1986

63   After section 52ZJA

Insert:

52ZJB Person ceases to participate in home equity access scheme if person starts receiving certain social security pensions

If:

(a) a person is eligible for, but is not receiving, a service pension or income support supplement; and

(b) the person is participating in the home equity access scheme; and

(c) the person starts to receive one of the following social security pensions under the Social Security Act:

(i) an age pension;

(ii) a disability support pension;

(iii) a carer payment;

the scheme ceases to operate in relation to the person under this Act at the beginning of the instalment period (within the meaning of the Social Security Act) for the pension being paid to the person during which the person starts to receive the social security pension.

Note 1: For repayment or recovery of the debt owed by the person, see sections 52ZG and 52ZKA.

Note 2: The person may be qualified to participate in the home equity access scheme under the Social Security Act when the scheme ceases to operate in relation to the person under this section.