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Home Buyers Assistance Scheme (HPAS) Home Loan

HPAS MortgageIf you are a serving member of the Australian Defence Force ('ADF') and have never applied for the Home Buyers Assistance Scheme ('HPAS') then you may be able to use this grant, in conjunction with the First Home Owners Grant, to buy your home with no or minimal deposit of your own.

It is important to note that HPAS is available to all full time members of the ADF regardless of whether they are first home buyers or not. Providing you have not received the grant and are looking to occupy the property as your principle place of residence, then you will most likely be eligible. The grant is currently $16,949 (as at 01/01/2011) but is taxable so as a rule, depending on your income, the after tax amount would be $11,000-$12,000.

Further information on HPAS Home Loans here.

If you would like to purchase with no deposit and have access to a guarantor, see our page on Guarantor Home Loans for Defence.