Home Support Loan
The Home Support Loan assists eligible veterans, widows and widowers with the cost of maintenance and modifications to their own homes, and other housing-related purposes that encourage independent living.
- You must be eligible either under the Defence Service Homes Act 1918 (DSH Act), or for a benefit under the Veterans' Entitlements Act 1986 as a result of service with the Australian armed forces or a Peacekeeping Force. The widow or widower of an eligible person may also qualify. (Note – eligible veterans, widows and widowers who have current DSH loans where the balance is more than $10,000 are not eligible).
- The maximum loan is $10,000 (minimum drawing of $1,000) at a capped interest rate of 3.75% per year. However, the actual interest rate on the loan is based on an average monthly interest rate of all market lenders, calculated monthly, less 1.5%, or 3.75% whichever is the lower rate. The maximum term is 25 years.
- The Home Support Loan is not portable from one home to another.
- If your HSL 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 currently have a mortgage on your home, you will need to ensure that your existing mortgagee will allow Westpac to hold first mortgage security.
Note: If you have an unused Defence Service Homes (DSH) loan entitlement of $10,000 or more, you have to use that entitlement instead of a Home Support Loan. DSH will determine the amount of assistance available and advise accordingly.