Rates and fees verified as correct at 12 April, 2021. Other information correct at the time of writing. Advertiser disclosure.
The fixed rate home loan offer from Australian Military Bank is available for amounts starting at $150,000, up to 95% of the property’s value for both owner occupiers and investors. You can choose to make repayments weekly, fortnightly or monthly and you’ll have the ability to split your loan into fixed and variable rates. As for fees, owner occupiers will pay application, legal and valuation costs, while investors will have an extra monthly service fee on top of that.
| Product | Fixed 3 year rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 2.64% p.a. | 4.02% p.a. | $0.00 | $750 | ||
| 2.64% p.a. | 3.76% p.a. | $0.00 | $750 | ||
| 2.59% p.a. | 2.82% p.a. | $8.00 monthly | $750 | ||
| 2.59% p.a. | 2.82% p.a. | $8.00 monthly | $750 |
If you're looking for more flexible features, then consider a variable rate home loan from the Australian Military Bank. Whether you're an owner occupier or an investor, all of the Australian Military Bank's variable options allow you to make an unlimited number of free extra repayments and access a redraw facility although fees and a minimum amount apply to the latter. With most offers, except for the Rate Saver, you'll also have an offset account at your disposal. As with the fixed rate alternative, investors can borrow up to 95% of the property's value, while owner occupiers can borrow either up to 80% with the Rate Saver or up to 95% with the rest.
So if you want to save on home loan costs and are willing to compromise a little on flexibility, then the Rate Saver has the lowest interest rates and smallest upfront costs of the bunch. It comes with legal and valuation fees, while the other variable options also require owner occupiers to pay an application fee. Meanwhile investors have to factor in a further additional monthly service fee.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments |
|---|---|---|---|---|---|
| 3.95% p.a. | 3.97% p.a. | $0.00 | $250 | ||
| 2.98% p.a. | 3.00% p.a. | $0.00 | $250 | ||
| 3.19% p.a. | 3.24% p.a. | $0.00 | $750 | ||
| 4.08% p.a. | 4.14% p.a. | $0.00 | $750 | ||
| 2.79% p.a. | 2.95% p.a. | $8.00 monthly | $750 | ||
| 2.69% p.a. | 2.85% p.a. | $8.00 monthly | $750 |
Choose any Australian Military Bank variable rate home loan (except for the Rate Saver), and you’ll get the use of an offset account to help keep interest costs low.
If you’re going to live in the home you’re buying, then the good news is there are no ongoing service fees on your Australian Military Bank home loan. But keep in mind there are some upfront fees to consider.
Make as many fee-free extra repayments as you would with any Australian Military Bank variable rate offer, and pay off your home loan sooner. Should you need those funds later on, you can also make redraws, but just bear in mind redraw fees and a minimum amount of $500 applies.
Choose to make your repayments on a schedule that suits your budget - either monthly, fortnightly or weekly.
With most Australian Military Bank home loans (except for Rate Saver), both investors and owner occupiers can borrow up to 95% of the property's value. That means you could be approved for a mortgage, with just a 5% home deposit saved up. But if your deposit is under 20%, you may have to budget for an additional cost known as Lenders Mortgage Insurance.
Mozo users have rated Australian Military Bank home loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
24 Reviews
Currently revising all banking systems at same time, utter chaos.
Read full reviewCurrently revising all banking systems at same time, utter chaos.
I was recently well looked after by the mobile banker in Canberra (again). She was clearly unwell and watching her over time she is always under the pump but never made me feel like I was a bother to her and took the time to explain things others didn't. I didn't have to leave my house for the entire process. Not all their employees are quite the same though so make sure you choose the right one particularly in Canberra - Duntroon branch has the most help so go there or get Liz who does the house calls. I wouldn't trust anyone else after dealing with their opposition prior!
Read full reviewI was recently well looked after by the mobile banker in Canberra (again). She was clearly unwell and watching her over time she is always under the pump but never made me feel like I was a bother to her and took the time to explain things others didn't. I didn't have to leave my house for the entire process. Not all their employees are quite the same though so make sure you choose the right one particularly in Canberra - Duntroon branch has the most help so go there or get Liz who does the house calls. I wouldn't trust anyone else after dealing with their opposition prior!
The first step in applying for a home loan from Australian Military Bank is to become a member. Although the Australian Military Bank specialises in providing financial solutions to the defence community, anyone can apply for membership. You’ll just need to be:
And have with you:
You can apply online via an application form. Or if you prefer to speak to someone remotely or in person, you can call or visit a home lending specialist at an Australian Military Bank branch or make an appointment to meet them at a different preferred time and location. Remember that you'll need a few details handy:
