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Picture Book · Home Equity Access Scheme

Interest that keeps growing

Story pages

A man around eighty with glasses and a cardigan reading the newspaper in a sunroom
Meet Clive. He's 80 and likes to know exactly what things cost.
A small glass jar of coins on a windowsill with a seedling growing beside it
The scheme charges interest of 3.95% a year (as at 27 October 2026). The rate is set by the Minister and can change.
A snowball rolling down a gentle grassy hill
Interest compounds every fortnight. That means you pay interest on the interest, too.
Two trees in a park
The longer the loan runs, the more you'll owe. A loan kept for 15 years costs much more than one kept for 5.
A man around eighty with a cardigan handing an envelope across a bank counter to a smiling teller
You can make repayments whenever you like, which stops interest building on that part.
A man around eighty with glasses looking at a laptop on a desk
Clive uses the Services Australia calculator to see how the balance might grow over time.

The end

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General advice warning. This picture book is general information only. It does not take into account your objectives, financial situation or needs, and it is not personal advice. Rules and thresholds change. Before acting, consider whether it is right for you, read any relevant Product Disclosure Statement and our Financial Services Guide, and seek personal advice. Past performance is not a reliable indicator of future performance.

Information as at 27 October 2026. Sources:

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