DSH loans are available to buy, build, modify or repair a house/unit, and to refinance a mortgage over a house/unit.
What are you looking for?
Defence Service Homes provides subsidised housing loans to recognise the contribution of men and women who have served in the Australian defence forces, either during war or peacetime. Flexi First Veteran Loans (previously known as Defence Service Homes – DSH Loans) are provided by the Westpac Banking Corporation and are made under an agreement between the Commonwealth and the bank. Fees and charges apply, and full details of the terms and conditions for the loans are available from Westpac.
Generally, Westpac will secure the loan by way of a FIRST mortgage over the property. This is a requirement of the Defence Service Homes Act 1918. Our loan customers receive a 50 per cent discount on loan establishment and monthly account keeping fees. The Westpac Flexi First Veteran Loan offers a reduced interest rate on your loan.
Loans are available to buy, build, enlarge, complete, modify or repair a house or unit, and to refinance a mortgage over a house or unit. Loans are also available in certain circumstances for retirement village accommodation and granny flats.
| Loan condition | Description |
|---|---|
| Maximum loan available | $25,000 |
| Maximum repayment term | 25 years |
| Interest rate | Capped at 3.75% a 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. |
Loans outstanding at or taken out on or after 9 December 1987 are portable, and can be moved from one home to another any number of times until the full term of 25 years has been used.
Widow / Widower Advances, Essential Repair Advances and Assigned Advances are not portable and are excluded from the Portability arrangements.
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.
Widow / Widower Advances, Essential Repair Advances and Assigned Advances are not portable and are excluded from the Portability arrangements.
See: Assigned advances
Who can apply?
Please check Eligibility to see if you qualify for assistance.
If your first service in the defence forces began on or after 15 May 1985, you are not eligible for a Defence Service Homes loan unless you were allotted for service in Namibia. Housing loan assistance for those whose first service began on or after 15 May 1985 may be available through the Defence Home Ownership Assistance Scheme.