the Defence Home Ownership Assistance Scheme (DHOAS) is a financial assistance program provided by the Australian government to support ex and current serving members of the Australian Defence Force (ADF) in achieving home ownership. DHOAS is a program designed to enhance the recruitment and retention of personnel in the ADF. This approach serves multiple purposes. Firstly, it incentivizes individuals to commit to longer periods of service, thereby contributing to the ADF’s goal of retaining experienced and skilled personnel. Secondly, it acknowledges the unique lifestyle challenges faced by military personnel, including frequent relocations and deployments, by providing a financial mechanism that supports them in achieving stability through homeownership.
Unlike some short-term incentives, DHOAS is structured to provide ongoing assistance, recognizing that the financial needs of military personnel extend beyond their active service years. This long-term support is crucial in assisting veterans and serving as a valuable component of their overall financial planning.
Maximising your DHOAS effectiveness
Today, we’re diving into the ingenious method of how DHOAS can swiftly eliminate your mortgage. It’s not just about the convenience of using your DHOAS to lessen your monthly mortgage contribution; it goes far beyond that. This strategy can potentially shrink your 30-year mortgage to a mere 20 years or even less. Just following these two simple steps when implementing your DHOAS, will save you thousands and slash years of that dreaded mortgage. Intrigued? Let’s break it down into two straightforward steps.
First things first, if you’re being paid fortnightly (which is the case for many in the defence force), this method aligns perfectly with your pay schedule. Instead of making monthly mortgage payments, switch to fortnightly repayments. Why does this matter? Well, by making 26 fortnightly payments instead of 12 monthly ones, you’re effectively squeezing in an extra payment each year. That seemingly small change can slash a remarkable five years off your mortgage term. Just by syncing your payments with your pay checks, you’re already on the fast track to financial freedom.
Now, here’s where it gets even more exciting. When you receive your DHOAS, you typically have two options: you can use it as an extra payment towards your mortgage or reduce the amount you personally contribute each month. Opt for the former – use your DHOAS as an additional repayment on top of your fortnightly instalments. When combined, these extra payments can chop off a whopping 10 years from your mortgage. Imagine that – a decade of financial commitment evaporated just by being strategic with your payments.
Conquer your mortgage
This strategic approach isn’t just a great financial move; it’s a game-changer. It’s not just about managing your mortgage; it’s about conquering it. By utilizing your DHOAS wisely and aligning your payments with your pay schedule, you’re not only maximizing your benefits but also ensuring that your mortgage doesn’t linger over your head for decades. So, take control of your financial destiny and make the most out of this incredible opportunity. Your mortgage-free life might be much closer than you think. Don’t just manage your mortgage; master it.
It’s important to note that while DHOAS provides valuable financial assistance, it does not eliminate the need for responsible financial management. Individuals utilizing DHOAS benefits should still budget wisely, plan for homeownership costs beyond mortgage repayments, and be mindful of their overall financial well-being.
If you need help navigating your ADF housing entitlements, reach out to us today. Our team of experts can assist you with your home purchasing journey: Contact
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