Members of the Australian Defence Force (ADF) who leave the Force will be allowed to stay invested in ADF Super and be eligible for the Defence Home Ownership Assistance Scheme (DHOAS) for five years.
The Minister for Veterans’ Affairs and Minister for Defence Personnel, Darren Chester said Parliament approved the changes last week.
“Transitioning from ADF to civilian life is a significant life event and these changes will allow more time for families to make important financial decisions,” Mr Chester said.
“DHOAS provides eligible members with a monthly subsidy on mortgage interest payments and is an important housing benefit provided to assist current and former ADF members purchase their own home,” he said.
“This legislation increases the timeframe for which DHOAS can be accessed once leaving the ADF from two years to five years, allowing additional time to support future housing needs.”
He said the change to ADF Super would align the fund with broader industry superannuation arrangements as well as other public superannuation schemes, and allow ADF Super members to choose to remain contributing members after they transition to civilian life.
Mr Chester said the DHOAS changes are take effect before the end of June and the ADF Super changes from 6 July.
