The Army Trust Fund was set up in Australia to help the members of the Army to ensure that they were able to get the financial help they need. It can really be a great program for the people who are in the military in Australia. It is something that you will definitely want to consider looking into, especially if you ever run into any budgeting problems, but first- you need to make sure that you are aware of the ins and outs of the program. Here are 5 things that you should know.
There is More Than One Type of Loan
First and foremost, you should be aware of the fact that there is more than one type of loan that you may apply for. You can apply for a general loan, which is basically used as a loan for debt consolidation or other worthwhile purposes. The relief loans are actually the loans that you get when you have an unforeseen circumstance that comes up and you don’t have the funds to cover it. It can help you to pay for your accommodations, food, clothing and sometimes even your medical expenses.
There is a Minimum Time Served Requirement to Apply
If you are in the Australian army, it is important for you to understand that you need to be in the army for a minimum of 12 continuous months if you want to be able to apply for the loan and get approved. If you haven’t been in for a full year, then you may find that you are not eligible. That isn’t always the case, as there are special provisions set into place that may allow for an exception every now and again. Just as a general rule of thumb, you must have served in the army for at least 12 months though.
The Application Process Can Take Some Time
One question that people commonly ask about the ATF is how long the application process takes. It can actually take some time, because it has to go all the way up through the chain of command. The relief applications usually take priority, because of their nature. General applications will usually be able to be processed within at least three pay periods of the time of the application.
There are Maximum Borrowing Amounts
When borrowing money, you will want to make sure that you know that there are maximum borrowing amounts. You can’t go in and assume that you can borrow as much as you may need. You can get anywhere from $300 and $5,000, depending on what you qualify for.
Approval is Not Guaranteed
Some people wonder if the approval for the army trust fund is guaranteed, and unfortunately it isn’t. The army Trustees actually do have the right to refuse a loan application or decline it.
Many members of the armed forces will apply and get approved, but there are some situations in which you simply can’t get approval. The website address given below has more information: Army trust fund.
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