Our brokers work hard at understanding our client’s unique circumstances and helping them overcome common home loan challenges. Whether you’re a first home buyer or an experienced investor, we’ll help you find the best home loan for your situation. Whether you’re self-employed and have trouble proving your income or you’re a contractor or casual worker, we offer solutions for all types of clients’ income sources.
Do you work in the defence force? If so, you may be eligible for a DHOAS loan. DHOAS loans are available to members of the defence force who are looking to purchase a home. DHOAS loans offer a number of benefits, including low interest rates and no deposit required. You can also use your DHOAS loan to refinance an existing property. Talk to our expert brokers today to compare defence force home loans and find the right finance option for you. If you’re looking for affordable finance, we can help you secure the best deal and apply for your loan to ensure approval.
What Is A DHOAS Loan?
A Defence Home Ownership Assistance Scheme or DHOAS loan is a form of financial assistance provided to the Australian Defence Force (ADF) to eligible members of the military, reservists, veterans, and their families. Defence home loans can be used to purchase or refinance a primary residence, as well as for home improvement projects.
The program is designed to enhance ADF recruitment and retention. The more time you spend in the ADF, the more rights you earn under DHOAS, and the longer you may receive assistance. There are several benefits associated with DHOAS loans, including low interest rates, no down payment, and flexible repayment terms.
DHOAS loans are available through a number of participating lenders, including banks, credit unions, and mortgage companies. In order to qualify, borrowers must have a good credit history and a steady source of income.
How To Apply For A Defence Force Home Loan?
What are the requirements for DHOAS loans? In order to qualify for a DHOAS loan, borrowers must:
- Be a member of the military, reservists, or veterans: You must have served within the last five years, and completed a qualifying period of service and accrued a service credit.
- Have a good credit history: How responsible you are with credit will determine your borrowing limit. If you’ve shown good credit history and are on time with your payments, lenders will see you as a lower risk borrower.
- Have a steady source of income: Lenders like stability. You need to show a steady employment and income history to create a good credit profile.
- Meet occupancy requirements: You need to meet the scheme conditions, including occupancy requirements to qualify for the monthly subsidy payments. You must start occupying the home to receive the subsidy.
|Subsidy tiers for 2021-22|
|Subsidy tier||Minimum Permanent service||Minimum Reserve service||Subsidised loan amount||Maximum monthly subsidy*|
|1||4 years||8 years||$310,937||Up to $198|
|2||8 years||12 years||$466,406||Up to $298|
|3||12 years||16 years||$621,874||Up to $397|
- Apply with the Department of Veterans’ Affairs
- Obtain Subsidy Certificate
- Apply with Home Loan Provider using Subsidy Certificate – take out DHOAS loan
- Submit Subsidy Authorisation Request Form to DHOAS
- Receive payments
DHOAS Lenders And Their Conditions
Australian Military Bank
Australian Military Bank provides a number of low-cost DHOAS (Defence Home Ownership Assistance Scheme) Home Loans, which have been created to accommodate the needs of eligible Australian Defence Force home purchasers. You’ll be able to select from a variety of DHOAS Home Loans, allowing you to choose the loan type and repayment schedule that works for your budget. From a DHOAS RateSaver home loan, Value home loan to a 2 year Fixed Rate home loan, you can pick the most suitable loan for your needs.
How To Get Approved
- Be an Australian citizen or permanent resident
- Be a current or former member of the Australian Defence Force
- Have served a minimum of 180 days active service, unless you were discharged due to medical reasons
- Meet the service and discharge requirements for your category of membership
- Not have been dishonourably discharged from the ADF
- Not be bankrupt or have had a debt agreement in the last 10 years
- Haven’t had a home loan with DHOAS in the last 5 years
What To Consider When Applying For Defence Home Loan In Melbourne?
- A lower interest rate for loans over $150,000
- No application fee
- No monthly service fee
- Reduced settlement costs
- A streamlined application process
DHOAS loans offer fixed rate options so you can cap your interest costs and ensure your loan remains affordable throughout its entire period.
Terms And Conditions
- No deposit is required
- No Lender’s Mortgage Insurance (LMI) is payable
- Competitive interest rates
- The option to make extra repayments without penalty
- Access to redraw facilities
- A portability option, which allows you to transfer your loan to another property without incurring any additional costs
Min And Max Amount
Is It Possible To Use HPAS With DHOAS?
Frequently Asked Questions
What Are DHOAS Loans?
- Low interest rates: DHOAS loans typically have lower interest rates than other types of loans. This can save you money on your repayments.
- Flexible repayment options: DHOAS loans offer flexible repayment options, which can make it easier to manage your repayments.
- Loan portability: DHOAS loans are portable, which means that you can transfer the loan to another property if you need to move.
- No deposit required: DHOAS loans do not require a deposit, which makes them more accessible for eligible borrowers.
DHOAS loans can be a great option for eligible borrowers, but it is important to compare different products and lenders to find the best deal for your needs.
What Banks Offer DHOAS Loans In Melbourne?
How To Apply For DHOAS?
- You fill out an application form and submit it to DHOAS.
- DHOAS assesses your application and, if you are eligible, approves your loan.
- The loan is paid into your account and you can start making repayments.
- You make regular repayments until the loan is repaid in full.