Australian Military Bank Home Loans Comparison

Rates and fees last updated on

Australian-Military-Bank-Feature2If you’re looking for a competitive home loan, then consider applying with the trusted Australian Military Bank

Established in 1959, the Australian Military Bank is the longest serving Defence financial institution in Australia. Dedicated to helping the men and women who protect our community, the Australian Military Bank are committed to providing its members with competitive rates and lower fees.

With over 48,000 members and 30 branches at major defence bases in Australia, the Australian Military Bank provides its members with access to more than 3,400 ATMS Australia-wide thanks to its affiliation with National Australia Bank (NAB) and rediATM network.

Compare Australian Military Bank Home Loans

Rates last updated November 25th, 2017
$
Loan purpose
Offset account
Loan type
Your filter criteria do not match any product
Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
4.33%
5.17%
$500
$0 p.a.
95%
A loan that gives you the benefit and peace of mind with a fixed, competitive interest rate. Reverts to the variable offset home loan.
4.39%
4.95%
$500
$5 monthly ($60 p.a.)
80%
A three year fixed term with a competitive interest rate.
4.33%
5.15%
$450
$0 p.a.
95%
4.67%
4.72%
$450
$0 p.a.
95%
3.97%
4.02%
$450
$0 p.a.
95%
4.44%
5.12%
$500
$0 p.a.
95%
A three year fixed term, reverting to the Variable Offset home loan.
5.32%
5.36%
$450
$0 p.a.
95%
4.44%
5.10%
$450
$0 p.a.
95%
5.34%
5.38%
$500
$0 p.a.
95%
Build or renovate your dream house and borrow up to 95% of your property's value.
5.20%
5.35%
$500
$0 p.a.
80%
4.19%
4.96%
$500
$5 monthly ($60 p.a.)
80%
A low rate investment loan.
5.20%
5.35%
$500
$0 p.a.
80%
5.49%
5.49%
$500
$5 monthly ($60 p.a.)
80%
Access the equity in your home with an all-in-one account and manage your expenses.
4.09%
4.15%
$500
$0 p.a.
95%
A no-frills home loan provides all the benefits for a variable loan with a discounted interest rate.
4.69%
4.75%
$500
$0 p.a.
95%
Borrow up to $95% loan-to-value ratio.

Compare up to 4 providers

Who is Australian Military Bank?

Having managed in excess of $1.03 billion, the Australian Military Bank has been offering financial services to the Australian Defence Forces for over 50 years.

Founded in 1959, the Australian Military Bank merged with Army Defence (NSW) Credit Union in 1983 and in 2015 a vote passed to change its name to Australian Military Bank (formerly Australian Defence Credit Union).

Offering a range of mortgage products including Defence Home Ownership Assistance Scheme (DHOAS) and investment home loans, the Australian Military Bank is a trusted and reputable provider.

Home loans provided by Australian Military Bank

Australian Military Bank offers a range of home loans for both owner-occupiers and investors, some of which are outlined below.

DHOAS Value Home Loan

The DHOAS Value Home Loan offers discounts if your deposit exceeds 10% of the property value, and comes with a 100% offset account, the ability to make additional repayments and access them through a redraw facility. It has a maximum term of 30 years and the flexibility of a variable rate.

DHOAS Standard Variable Rate Home Loan

This is a variable rate home loan that features a 100% offset account, a high maximum LVR of 95%, no monthly or annual fees, and the ability to make additional repayments and access them through a redraw facility. It also offers flexible repayment frequencies to suit your income stream.

DHOAS 2 and 3 year fixed rate home loan

This home loan comes with a two or three year fixed loan period which provides you with the peace of mind in knowing what your repayments will be without being locked in for a long period of time.
At the end of the fixed period the loan reverts back to the DHOAS Standard Variable Rate Home Loan. The minimum amount you can apply for is $50,000, and this can go up to 95% LVR. It offers a 100% offset after the fixed rate period, it allows direct debits, but it does not allow additional repayments during the fixed term.

Pros and cons of Australian Military Bank home loans

Pros

  • Competitive rates. The Australian Military Bank offers competitive and discounted rates to borrowers depending on their deposit amount (e.g. 20% deposit or more).
  • ATM access. Providing members with access to more than 3,400 ATMs across Australia, you can benefit from easy and convenient access to ATM networks.
  • Governance. The Australian Military Bank is regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) and it prides itself on being an ethical and transparent institution.
  • Mobile banking service. Simply complete the online form on the Australian Military Bank website and a specialist mobile banker will come to you to run through any home loan enquiries that you may have.

Cons

  • Fees. Although the Australian Military Bank generally waives the application fee for some of its home loan products, you may have to contend with a $300 discharge fee.

How to apply for a Australian Military Bank home loan

To become a member of the Australian Military Bank, simply complete a product application or membership application online.

If you think an Australian Military Bank home loan is right for you, you can enquire online or at a branch. If you enquire online, an Australian Military Bank representative will be in touch to discuss the next steps.

Documents needed for an Australian Military Bank home loan

Personal information

When applying for an Australian Military Bank home loan, you’ll need to supply the following:

  • Your valid Australian passport
  • Your valid Australian driver's license
  • Your Medicare card
  • Your Tax File Number - optional

Property information

You may be required to supply information related to your property, including:

  • Contract of sale. This document contains information about the sale of the home which is normally provided by the agent.
  • Certificate of title. A copy of the certificate of title is required to prove that the person who intends to sell the property is the actual owner.
  • Transfer of land. A copy of the transfer of land is required to prove the land's transfer to the buyer.

Financial information

Required financial information includes:

  • Assets. Including existing assets in your home loan application helps increase your borrowing power. As a result, make a list of all your assets worth mentioning.
  • Liabilities. You have to disclose all your existing liabilities when applying for a home loan. This includes any other loans, lease agreements, as well as credit cards. This information helps establish your monthly spending pattern.
  • Income. You have to disclose how much you earn and this amount, minus your expenditure, helps arrive at how much you can borrow. To prove income, you may have to provide group certificates from your employer as well as your tax returns.

When it comes to finding a suitable home loan to complement your needs, make sure that you compare the available options on the market. Australian Military Bank offers a range of home loans with attractive features such as competitive and discounted rates, 100% offset accounts, redraw facilities and a convenient mobile banking service.

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This page was last modified on 13 September 2017 at 9:54am.

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2 Responses

  1. Default Gravatar
    nielsMay 31, 2016

    Is Australian Military Bank covered by the government $250.000 guarantee, as I am considering them for my savings.
    Regards
    Niels

    • Staff
      MarcJune 2, 2016Staff

      Hi Niels,
      thanks for the question.

      Australian Military Bank is covered by the government guarantee on the following accounts:

      - Savings accounts: 100% Mortgage Offset, Access, Junior Access, Star Saver Direct, Online Saver, Cash Management, Recruit Salary Saver, Mess Account and Christmas Club.
      - All term deposits
      - Retirement accounts: DIY Super Saver, Deeming Access, Capital Guaranteed Super and Capital Guaranteed Pension.

      I hope this helps,
      Marc.

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