Loans & Grants

This section deals with buying and selling, borrowing and loaning, giving and taking MONEY.

Giving money… this is called making donations. If you make a donation you receive nothing in return, unless it is a registered charity and then you can claim a tax deduction for donations over $2.

Taking money… this is called receiving a grant. If you are in financial difficulties you may find it necessary to seek grants from organisations such as the Smith Family, or Salvos. It is also possible to receive grants of money from three ADF friendly funds… which were established under an Act of parliament using soldiers/sailors and airmen/womens’ money from the canteens during WW2. These three funds are listed below.

Buying money… is called borrowing or taking a loan where you have to repay more than you borrowed....that is, you pay extra. The extra - interest - is the cost of buying the use of the money.

Selling money… is called loaning or investing where you receive extra money, interest, for letting someone else control your money for a period of time.

The way most financial institutions make their money is that they sell their money for more than they buy it. Overall, the differences between the product costs of the major financial institutions are very small. Choosing your financial institution is a personal choice, but be prepared to use more than one. Maximising the amount you sell money for, and minimising the amount you buy money for helps your personal financial health, irrespective of whether you are an individual or a financial institution.

Makes interest free and fee free loans and grants. Brochures can be obtained from RAN units. RANRTF contact details are:

Building 16
HMAS Harman
Canberra Avenue
Canberra ACT 2600
Ph: 02 6266 6887 / 6886
Fax: 02 6266 6869
E-mail: shona.steele@defence.gov.au

AMF (Army) Relief Trust Fund (AMFRTF)

Makes interest free and fee free loans and grants. Brochures are available from Army units. The Secretary can be contacted at:

Mr Peter Elliott
Department of Defence CP2-5-141
CANBERRA ACT 2600
Ph: 02 626 63260
Fax: 02 626 62982
Email: peter.elliott4@defence.gov.au

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The AAF Company

The Army Amenities Fund promotes and supports the provision of affordable amenities to units for the benefit of soldiers and their families. These amenities are those that would not normally be funded from public monies.

RAAF WelfareTrust Fund (RWTF)

Has a variety of loans, and grants, with most loans attracting about half the interest of commercial financial institutions. The Fund brochures are available at RAAF units and the Fund secretary can be contacted:

Mr Russ Thomson
CP4-2-133
Department of Defence
CANBERRA ACT 2600
Ph: 02 626 63650
Fax: 02 626 64080
Email: russ.thomson@defence.gov.au

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Australian Defence Credit Union (ADCU)

Is a commercial financial institution founded by Defence members for Defence members. The ADCU have many agencies on base and their website is http://www.adcu.com.au

Defence Force Credit Union (DEFCREDIT)

Is a commercial financial institution founded by Defence members for Defence members. DEFCREDIT have many agencies on base and their website is at http://www.defcredit.com.au

National Australia Bank http://www.national.com.au

The Defence Home Loan Scheme, (DHLS) offered through the National Australia Bank, is available to members of the ADF. Eligibility criteria apply, depending on the length and type of service. The maximum loan amount is $80,000 per member. An interest subsidy applies for the life of the loan. Contact your local NAB branch for more details or browse the Department of Veterans Affairs ^ext information page for the DHLS.

Westpac http://www.westpac.com.au

All ADF members are eligible to apply for the Defence Service Home Loan (DHLS) which is offered through Westpac. The maximum loan amount is $25,000 per member. Eligibility criteria are assessed by the Department of Veterans Affairs (DVA). Ask at your local Westpac branch for more details or browse the Department of Veterans Affairs ^ext information page for the DHLS.

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