Simple improvements to DHOAS that could make a world of difference


Certainly, towards the end of last year (2022), we witnessed a series of changes introduced to DHOAS, which, in my opinion, marked a positive start. However, there’s room for improvement, particularly in terms of flexibility. Currently, individuals receive one certificate for their Defence Home Ownership Assistance Scheme currency after discharge, tying them to a specific bank for the entire duration of their loan. This limitation eliminates competition from the market and restricts the ability to explore better options.

Our thoughts on how to improve DHOAS

My proposal for enhancement is simple: why limit individuals to just one certificate? It could be beneficial to provide multiple certificates, whether it’s five or an unlimited number. This change would empower borrowers to enter and exit the  Defence Home Ownership Assistance Scheme market at opportune moments, allowing them to compete with other banks. The current system, with its one-certificate restriction, binds borrowers to a single bank for up to 30 years, a commitment that rivals some marriages. Having the flexibility to explore different options would be a significant financial relief for many.

Lender options for DHOAS

On a similar note, another pressing concern with DHOAS is the limited pool of lenders—only three are currently available. Why not open it up to any lender? As long as individuals have the necessary credit and defence covers the cost, the choice of bank should be theirs. After all, DHOAS is designed to assist with home payments, and borrowers deserve the freedom to choose the most suitable option available to them.

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