In the recent publication from the AOA, it was mentioned that the Housing Allowance for owner/occupier would change from 15 years to 25. Details to be sorted...
Is this applicable only if you are on COS 08 or is it irrelevant of either COS?
What happens e.g. you started a loan with $50,000 per month repayment based on 15 years (just as an example)...and the company changes it to 25 years? Do I now have to go back to the finance company to change the terms?
Or are we grandfathered under the old scheme? Any new purchases without having used ANY allowance previously is then based on 25 years. Say an officer used 4 years out of the 15 sold...now wishes to purchase something...does the officer then have 21 years at the new rate? What if he/she had previously opted for the fixed option? Or does the officer still get another 11 years at the previous fixed rate?
Anyone know the answer or was it explained over the page
