This plain English guide to completing this application form will help make the application process as easy as possible. Don't forget - if you need any advice or assistance, we're only a phone call away. Contact us anytime.
Defence Service Homes loans provided by Westpac Banking Corporation (trading as Challenge Bank In Western Australia and Bank of Melbourne in Victoria). Consent is required from both Defence Service Homes and Westpac to transfer ownership of a home while the subsidised loan in current. The home may only be transferred to an eligible person, or the eligible person and their spouse. Contact Defence Service Homes if you are unsure of your eligibility. Where tenants-in-common ownership is proposed, the value of the share-holding of the eligible person must exceed the limit of the loan at the time of the transfer.
Complete the transfer of ownership Transfer of Ownership Application and send it to Defence Service Homes or lodge it at any Department of Veterans' Affairs office. Copies of relevant documents should be attached to the form.
Once your eligibility and entitlement have been established, and all our requirements have been met we will send you a certificate of entitlement. The certificate advises Westpac that the transfer of ownership, subject to the subsidised loan continuing, is permitted.
Westpac will assess your ability to meet lending criteria before consenting to the transfer, particularly your ability to continue to meet monthly payments on the loan and any other loans over the property. The bank will advice the procedures for arranging registration of the transfer.
Westpac's usual establishment fee applies to transfers, but is currently discounted by 50 per cent for Defence Service Homes loans. Additional fees and charges may apply to Defence Service Homes and Westpac loans. Terms and conditions for either type of loan are available from Westpac.
