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DVA Factsheet
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Housing and Accommodation
Home Support Loans
Overview
This Factsheet describes Home Support subsidised home loans that are available to eligible veterans and their widows or widowers.
How do I qualify?
You may qualify for a Home Support
Loan if you are:
·
an
eligible person under the Defence
Service Homes Act 1918
·
eligible
for a benefit under the Veterans’
Entitlements Act 1986 as
the result of service with the Australian armed forces
·
a
widow or widower of a person mentioned above.
Note:
If you already have a current Defence Service Homes loan, you cannot obtain a
Home Support Loan if the outstanding balance of the existing loan is more than
$10,000.
Note:
If you have an entitlement to a Defence Service Homes loan, and there is no
restriction on the use of that entitlement, then you cannot obtain a Home
Support Loan unless your DSH loan entitlement, or the sum of that entitlement and any existing loan balance(s),
is less than $10,000. We will determine the amount of assistance available and
advise you accordingly.
How much can I borrow?
The maximum amount you can
borrow is $10,000 but the actual amount you can obtain depends on various
factors, e.g. your ability to meet the repayments and any other commitments.
The minimum drawing at any one time is $1,000.
The interest rate is a variable
rate set on the 5th of each month.
It is set at 1.5% below the average standard variable home loan rate on
the last working day of the previous month.
It will not exceed 6.85% per annum.
Westpac Banking Corporation is contracted to provide the subsidised housing loans. Generally, first mortgage security is required.
What can I do with the loan?
You
can use your Home Support Loan to:
·
assist
with the cost of modifications or repairs to your home
·
assist
with the cost of maintenance to your home
·
assist
with the purchase of granny flat accommodation on another person’s property. In
this situation, you must also apply for a Certificate of Assignment.
·
assist
with the cost of any other housing related purpose that encourages independent
living.
Home
Support Loans cannot be used towards buying or building a house, and are not
portable from one home to another.
What else does this scheme offer?
·
If
you have not borrowed the maximum amount of $10,000, you can apply for the
remaining balance of your entitlement at any time.
·
You
may insure your home and contents with Defence Service Homes Insurance.
Where do I obtain an application form?
You can obtain an application
form:
· by phoning Defence Service Homes on 1800 722 000 * (free call)
· by sending an email to
Vic.DSHSubsidy@dva.gov.au
· from our web site www.dsh.gov.au
* If you use a mobile phone, refer to the Note at the end of this document.
Where can I lodge my application form?
You can lodge your application
form at your nearest DVA office or by post to:
Defence
Service Homes
GPO
Or
fax to (03) 9284 6800
If you are entitled to a loan you will be sent a Certificate of Entitlement. You then need to take your certificate to any Westpac branch to apply for the Home Support Loan. You should not enter into any binding commitment until the Bank approves your loan application.
Other Factsheets
Other Factsheets related to this topic include:
·
Defence Service Homes
Loans: HAC 01
·
Defence Service Homes
Insurance: HAC 02
·
Home Maintenance
Helpline: HAC 03
·
HomeFront: HAC 04
More Information
If
you require any further information about the home loans, please contact the
DSH National Processing Centre on 1800 722 000 *
(free call) or send an email to Vic.DSHSubsidy@dva.gov.au.
If you require any further
information about home and contents insurance, please contact your local DSH
Insurance office, telephone 1300 552 662 *
(cost of a local call).
Use a normal landline phone if
you can. Mobile phone calls may cost you
more.
All DVA fact sheets are available from DVA offices and on the DVA web site at www.dva.gov.au.
You can send an email to DVA at generalenquiries@dva.gov.au.
You can get more help from any DVA office.