Commonwealth act

Defence Home Ownership Assistance Scheme Act 2008

In ForceCTH

Jurisdiction

Commonwealth

Act Number

27 of 2008

Collection

act

Plain English Summary

8/10 complexity

What This Law Does

The Defence Home Ownership Assistance Scheme Act 2008 creates a government program to help current and former Australian Defence Force (ADF) members buy, build, or improve their own homes. It does this by subsidising (reducing) the interest they pay on their home loans.

Who It Affects

This law applies to:

Serving members of the Permanent Forces (Navy, Army, Air Force) after 2 years of service, or Reserves after 4 years
Incapacitated members — people who left the ADF due to a service-related injury or illness
Separated members — people who have left the ADF but were eligible before they left
Rejoining members — people who left the ADF, were eligible, and rejoined within 5 years
Surviving partners — the de facto or married partner of an eligible ADF member who has died
Veterans of warlike service (e.g., combat deployments) — who get bonus subsidy entitlements

How It Works

Apply for a subsidy certificate — You apply to the government (through the Department's Secretary) to get a certificate confirming you're eligible
Get a subsidised loan — You take out a home loan from an approved lender. The government pays a monthly subsidy directly to your lender on your behalf, reducing your effective interest rate

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Current sections

Direct links to the current provisions in Defence Home Ownership Assistance Scheme Act 2008.

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Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.