Your first Defence Service Homes loan
The maximum amount of a Defence Service Homes loan is $25000, but the actual amount you can obtain from Westpac depends on various factors including:
- the value of the home;
- the amount of your deposit;
- your ability to meet your repayments and your other commitments; and
- the level of security offered.
If you want to borrow more than $25 000, you can apply for a loan through Westpac, on the same terms and conditions as other Westpac loan applicants, but without the need for separate mortgage documentation. Information on the amount you can borrow, the monthly repayments and application fees is available from Westpac.
Alternatively, you could borrow the extra amount from a lender of your choice and take out a second mortgage.
Two or more eligible applicants can pool their entitlements on the same property. Similarly, a person who has completed eligible service and who is also a widow or widower of an eligible person can pool entitlements. Separate applications must be made for each entitlement.
IMPORTANT: If your loan application is approved by Westpac, the Bank will normally secure the loan by way of a FIRST mortgage over the property. This is a requirement of the DSH Act.
If you are not, or will not be, the registered proprietor of the property (for example, a retirement village unit or granny flat) please note information about also applying for a Certificate of Assignment in addition to a Certificate of Entitlement.
See: Assigned advances
- Obtain an Application for a Certificate of Entitlement for a Defence Service Homes Subsidised Loan
- Obtain an Application for a Certificate of Assignment for a Defence Service Homes Subsidised Loan
- Our Guide to First/Further Loans will assist you in completing the application form.