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Helping to buy houses
Volume 50, No. 10, June 14, 2007 |
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The introduction of the Defence Home Ownership Assistance Scheme (DHOAS) from July 1 next year has turned attention to developing the full detail of its implementation.
On May 8, Treasurer Peter Costello announced the scheme in the Budget as one of a number of initiatives designed to improve ADF recruitment and retention rates.
Home ownership assistance is currently available to ADF members through the Defence Service Home Loan and the Defence Home Owner Scheme. Both of these were introduced at a time when the Australian housing market and the housing finance industry were very different to contemporary housing and finance markets.
The Director Housing and Removal Policy, Mr Robert McKellar, said that the assistance available has not kept pace with changes in these markets, but the new DHOAS would overcome these shortcomings.
“The detailed policy supporting the DHOAS is being developed... the DHOAS policy will be subject to the legislative process before it can be introduced on July 1, 2008,” he said.
The scheme provides increasing levels of assistance for ADF members who serve longer based on a three tiered subsidised loan limit as follows; four years of service – $160,000 ($241 per month); eight years of service – $234,000 ($353 per month); and twelve years of service - $312, 000 ($470 per month). Members will also have a choice of mortgage providers. |
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