Defence Home Loan Assistance Scheme - SIGNED!

[MilkOnTap]

Minister for Defence Media Mail List------------------------------------------------------------------------ THE HON. WARREN SNOWDON MPMinister for Defence Science and Personnel Wednesday, 23 April

2008041/2008 SIGNING OF THE DEFENCE HOME LOAN ASSISTANCE SCHEME

What: The Minister for Defence Science and Personnel, the Hon. Warren Snowdon MP, will attend the signing of the Defence Home Loan Assistance Scheme with the successful tenderers.

When: 12.45pm for 1pm signing. Where: Parliament House, House of Representatives southern courtyard (27 K).


Media contacts:Kate Sieper (Warren Snowdon): 02 6277 7620 or 0488 484 689Defence Media Liaison: 02 6265 3343 or 0408 498 664 www.defence.gov.au

[MilkOnTap]

THE HON. WARREN SNOWDON MPMinister for Defence Science and Personnel Wednesday, 23 April 2008 042/2008 NEW ADF RETENTION INITIATIVE SIGNED The Minister for Defence Science and Personnel, the Hon. Warren Snowdon MP, today witnessed the next step towards helping ADF personnel buy their own homes. The Defence Home Ownership Assistance Scheme (DHOAS) is one of a number of initiatives to encourage ADF personnel to serve longer. Mr Snowdon said it will provide progressively higher home loan subsidies to Permanent members who serve beyond the critical separation points of 4, 8 and 12 years, and Reservists with service past 8 years. “While the scheme is still subject to legislation being passed in the Winter session of Parliament, today’s signing with the four successful tenderers works towards a July 1 commencement date. “The initiative recognises the loyalty and dedication of Australian Defence Force members, and it replaces the 17 year-old Defence HomeOwner Scheme which has a maximum loan of $80 000. “DHOAS better matches the realities of modern home ownership, and the maximum amount borrowed will be subject only to negotiation between the ADF member and the lending body within the normal constraints of policies and market conditions,” said the Minister. Loans will be provided by three lending institutions not one as is currently the case. The successful Home Loan Provider panel members are:* National Australia Bank Limited,* Australian Defence Credit Union Limited, and* Defence Force Credit Union Limited. The tender process has enabled the Government to obtain more choice of loan products for ADF members, and due to the modest franchise fee has enabled the Government to be more generous in the subsidy. Following a separate competitive tendering process, the Department of Veterans' Affairs has been appointed as the Scheme Administrator for both the old and the new schemes.

[lavenderpegasus]

yay, so now we just need to earn enough to buy a house in Syndey



OUCH! The last place i looked at was $746,000.00 repayment were around $1000 a week. I guess i'll be living in the sticks:no:


yay again for the minister for defence

lp in wa

[mummyof5]

I have heard around the traps that this new scheme is FBT affected. Can't find anywhere that confirms or denies this, any of you ladies know???
If it is, then it is useless to most of us as it will affect out Family Tax Benefit and also the amount of Child Support we pay (if we have too, obviously).
Anybody know for sure??

[lavenderpegasus]

we dont get anything from gov as hubby earns just too much. and I mean just as in just over the limit not just as oh boy we bathe in $100 dollar bills..hehe

is that what the ftb is??

lp in wa

[KJEmum]

FTB (Family Tax Benefit) is what you get from Centrelink. FTB A & B .. one is 'family allowance' which everyone gets and the other is 'parenting allowance' that you get for being a stay at home mum. That's my description but there is a much better one lol.

My DH gets a good wage but are still under the limit so you should check it out.

[ConcernedParent]

Yes it has FBT iimplications. There is another post somewhere in this forum with a link to the detail, (can't lay my hands on it atm). I have read through and it specifically says this package is attracts FBT.

[ConcernedParent]

Excuse my sausage fingers from previous post...Here you go - Try this: http://www.defence.gov.au/dpe/pac/and then this one for FAQ http://www.defence.gov.au/dpe/pac/dhoas_faqs.htm#subsidy.

[ConcernedParent]

I am making this look real hard!!!http://www.defence.gov.au/dpe/pac/dhoas_faqs.htm#subsidy

[mummyof5]

Thanks for that, concerned parent.
Shame, would have been nice to have the subsidy, but why access that if it means we lose that or more in FTB? With 5 kids to feed (and child support to pay for another), we can't afford to lose any money, so I guess we'll keep struggling, like alot of defence personel who won't use it for the same reasons, and it won't do diddly squat for retention...when they start making retention schemes tax free, they will get somewhere.
My gripe for the day!!:)

[MilkOnTap]

Man... just when something looks sweet you discover that its sour!!!

Oh wait - thats defence life, right? :rolleyes:

[tootiredtosleep]

I don't think I get any FTB, I hate dealing with centrelink and if I can get any I will just do it at tax time, so its pretty good for us.

I am disapointed in the choices of lenders though .. I don't like NAB, but their is NO WAY that I want to continue to bank with DefCredit and I haven't heard of the other one??

[ConcernedParent]

Next time they ask for what you want at these feedback sessions where they are asking about retention issues - ask for more FBT exempt considerations and tax concessions.
Currently a lot of defence entitlements are either taxed or attract FBT. Such as aircond allowance - used to be a bill reimbursment, (you pay your bill then they reimburse - no tax) but then was changed to a taxable allowance. Now people get aircond allowance in with their taxable income.
SWAP Program - Spouse Spupport with resume's and work program (can't remember proper name), is an FBT item. If you use this program, it will be reported on DH's payment summary.
Tax concessions and FBT exemptions will make things a lot more attractive for families.
If we had more concessions and exemptions, some of these "benefits" would really be beneficial.