4/9 Home Purchase Assistance Scheme (HPAS). Your Key to a smoother home purchase
As we continue our journey through the landscape of housing entitlements, we’re excited to introduce you to a powerful card you can play in your property purchase strategy – the Home Purchase Assistance Scheme (HPAS).
Unlocking the Power of HPAS
The Home Purchase Assistance Scheme (HPAS) is similar to the FHOG, but tailored specifically for members of the ADF. With HPAS, you have the opportunity to enhance your property purchase journey by combining it with your FHOG. This means you’ll receive financial support from both the State Government and the ADF, amplifying your resources for your first home purchase.
Navigating HPAS Eligibility Criteria
To make the most of HPAS, you need to meet certain criteria, including:
Being a full-time serving ADF member.
Making your first home purchase while in the ADF.
Ensuring that you haven’t previously received an entitlement.
The home being in your current or new posting locality.
Planning to serve at the location for at least 12 months after the purchase.
If you’re an unaccompanied member with dependents, maintain that status for the 12-month period.
Occupying the home within specified periods, depending on the circumstances of your purchase.
Maximising Your HPAS Benefits
It’s important to note that HPAS can only be used while you are serving full-time. If both you and your spouse are serving members, one person can utilise HPAS at a time. However, you can leverage the other person’s HPAS entitlement for your subsequent property purchase.
The HPAS payment before tax is $16,949, and it’s included in your taxable income. After tax, you’ll have about $11,440 (for those in the 32.5% tax bracket) to work with. Combining HPAS with your FHOG can potentially provide you with anywhere from $21,500 to $41,000, depending on the state where you’re making your property purchase.
As our series progresses, we’re excited to guide you through the Home Purchase Assistance Scheme, The next post will provide you with insights and strategies to navigate the intricacies of HPAS, ensuring you make the most informed decisions.
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