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Defence service home loan scheme changeover finalised



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Ben H umphreys M inister for V eterans' A ffairs

DEFENCE SERVICE HOME LOAN SCHEME CHANGEOVER FINALISED

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11 December 1988

Legislation needed to finalise the sale of the Defence Service Homes Corporation (DSH) to Westpac has been passed by both Houses of Parliament.

The Government proposes that the arrangements for new home loans with Westpac will begin on 19 December 1988.

The Minister for Veterans' Affairs said that on that date people will be able to lodge applications at the DSH office in each State, or with a branch of the bank.

"As soon as an applicant's eligibility is assured, a Certificate of Entitlement will be issued to allow the finalisation of loan arrangements with the bank," the Minister said.

"The most important benefit of the new arrangements is that the old ten-month waiting period will not apply.

"People with existing loans should have been contacted already, but a further letter outlining final details of the transfer will go out over the next few months.

"Recent applicants awaiting loan settlement will be contacted by the DSH Corporation to be advised of when their loan will be finalised by Westpac."

The Minister stressed that current loan terms and conditions, including interest rates, would be preserved. _

The Minister confirmed that the DSH insurance business is not included in the sale, and that it would continue to be managed co-operatively by the Commonwealth. All new borrowers will have access to the DSH Insurance Scheme.

The Minister urged anyone with questions or problems to contact the Central Office of the DSH Corporation (062) 851 885 or the State Branch office of DSHC.

For further information contact Geoff Stewart (062) 89 6562

Australia 1788-1988