Which defence medical benefits are acceptable by the lenders?

Any general questions you might have in regards to loans and finance.
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Otto Dargan
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Re: Which defence medical benefits are acceptable by the lenders?

Post by Otto Dargan »

Hi sethR,

Sorry to hear about that.

We know lenders that will accept 100% of your medical discharge benefits if you receive these benefits from any of the following military superannuation schemes:
  • Defence Force Retirement & Death Benefits Scheme (DFRDB).
  • Commonwealth Superannuation Corporation (ComSuper).
  • Military Superannuation & Benefits Scheme (Military Super).
By using incapacity benefits, you can increase your borrowing power and buy the property you really want. As a member of the Australian Defence Force (ADF), you’ll also be entitled to:
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

User avatar
Otto Dargan
Mortgage Specialist
Posts: 7730
Joined: Sat Sep 06, 2008 5:55 pm
Location: Sydney, Australia
Contact:

Re: Which defence medical benefits are acceptable by the lenders?

Post by Otto Dargan »

Hi sethR,

Regarding the incapacity payments, you will need to provide the lender with a letter of entitlement or confirmation that you would have received after you were deemed unfit for warlike service by the Australian Defence Force (ADF). These letters are normally two to three page documents and issued with the letter of either the Department of Veterans’ Affairs (DVA) or the Commonwealth Superannuation Corporation (CSC).

Most of these letters have a 1-year validation, at which time, you will need to undergo a medical examination. If the letter is expiring in a few weeks time, the bank may ask for an updated letter.

However, you don’t need to show proof of regular payments going into your account over a certain period of time.

We specialise at helping ADF members qualify for amazing home loan discounts. Please call us on 1300 889 743 or fill in our [url=https://www.homeloanexperts.com.au/free-quote/]online enquiry form[/b] and we can let you know if your incapacity benefits will be accepted.

Cheers,
Otto
Otto Dargan
Mortgage Broker
P | 1300 889 743
Home Loan Experts

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