A subsidised advance is available;
The subsidised advance is available for the following purposes:-
3.3.2.1 Enlargement. Under this term the predominant purpose of the loan and the bulk of the cost must be associated with increasing the internal floor space of the house. In circumstances where there are renovations or repairs associated with the enlargement but the renovations or repairs are not the main cost factor, the certificate should be issued for enlargement.
3.3.2.2 Modification. This term is to be used where the predominant purpose of the loan does not involve increasing the internal floor space of the home. However, incidental increases to the size of the home such as the enclosure of existing sleepouts or the installation of a bay window would be included in this definition. They are modifications in that they change the purpose for which an existing area is used. This definition also covers such things as :
3.3.2.3 Repairs. This term covers making good something which is in a state of disrepair. This includes replacing something which is defective.
3.3.2.4. Assignment. This provision may be used when the provider of the accommodation is a retirement village managed by an organisation whose prime purpose is to provide accommodation to veterans and veterans' widows (although it is extremely unlikely that a retirement village organisation would accept assignment of a loan), or is an individual who can provide satisfactory security or who will provide granny flat type housing. The advance will be assigned to the provider (the "assignee") who will assume the legal responsibilities for the advance. Loans for this purpose are not subject to the DSH lending criteria specified in Schedule C to the Agreement, but rather the Bank's normal lending criteria for loans of this type.
Links
[1] https://clik.dva.gov.au/user/login?destination=node/18058%23comment-form
[2] https://clik.dva.gov.au/user/login?destination=node/18489%23comment-form
[3] https://clik.dva.gov.au/user/login?destination=node/18493%23comment-form