VEA ? [2]
A person can choose to repay all or part of the loan and accrued interest at any time. The Commission has the discretion to accept repayments by instalments or lump sums.
Additionally the Commission [3] has the discretion to seek loan recovery before a person's death where:
A farm property is devalued placing full recovery in jeopardy. Sale of part of the property may be sought to ensure the prospects of future full recovery are assured.
More ? [4]
If DVA [3] is given prior notice of the sale or disposal of a property, the maximum amount of loan payable by a person is the value of the loan. Any nominated amount may still be recovered from the sale of the property if the outstanding loan is more than the sale price less the nominated amount.
VEA ? [5]
Ongoing payments under the scheme cease from the pension payday after
If a pensioner withdraws from the Home Equity Access Scheme, they can either:
If a couple separate permanently, the loan may be recovered when the property settlement occurs or at an appropriate time dependent on the circumstances of the case.
Section 52ZK [6] VEA - Effective date of withdrawal from scheme
Section 52ZKA [6] VEA - Repayment or recovery of debt after scheme ceases to operate
According to Section 179 [11]of the VEA [11], the Commission is a body corporate under the name of Repatriation Commission.
The Department of Veterans' Affairs.
Links
[1] https://clik.dva.gov.au/user/login?destination=node/16222%23comment-form
[2] https://clik.dva.gov.au/book/export/html/16222#tgt-cspol_part5_ftn112
[3] https://clik.dva.gov.au/%23
[4] https://clik.dva.gov.au/book/export/html/16222#tgt-cspol_part5_ftn113
[5] https://clik.dva.gov.au/book/export/html/16222#tgt-cspol_part5_ftn114
[6] https://clik.dva.gov.au/service-eligibility-assistant-updates/all-determinations-order-date-signed-oldest-most-recent/determinations-under-vea
[7] https://clik.dva.gov.au/book/export/html/16222#ref-cspol_part5_ftn112
[8] https://clik.dva.gov.au/compensation-and-support-policy-library/part-9-principles-determining-pension-rate/91-income-and-assets-test-principles
[9] https://clik.dva.gov.au/book/export/html/16222#ref-cspol_part5_ftn113
[10] https://clik.dva.gov.au/book/export/html/16222#ref-cspol_part5_ftn114
[11] http://clik.dva.gov.au/legislation-library