As a mutual bank, Australian Military Bank has been providing money savvy products to Australian defence personnel and their families since 1959. But membership is open to everyone, not just the defence community, so if you’re after a great home loan, check out the details of Australian Military Bank below.
Rates and fees verified as correct at 27 April, 2018. Other information correct at the time of writing.
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 owner occupiers, and 90% for investors. You can choose to make repayments weekly, fortnightly or monthly and you’ll have the use of a redraw facility, although fees apply. Speaking of 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 ‡ |
|---|---|---|---|---|---|
| 4.44% p.a. | 4.93% p.a. | $0.00 | $750 | ||
| 4.44% p.a. | 4.93% p.a. | $0.00 | $750 | ||
| 4.59% p.a. | 5.40% p.a. | $8.00 monthly | $750 | ||
| 4.39% p.a. | 5.13% p.a. | $8.00 monthly | $750 |
As with the fixed rate alternative, investors can borrow up to 90% of the property’s value with a variable rate home loan from Australian Military Bank, while buyers who are planning to live in the home can borrow up to 95%. There’s a bunch of flexible features attached to this home loan, including unlimited free repayments, the use of an offset account and a redraw facility, although fees and a minimum amount apply to the latter. Both owner occupiers and investors will pay application, legal and valuation fees on this loan.
| Product | Rate | Comparison Rate* | Service fee | Upfront fee | Monthly repayments ‡ |
|---|---|---|---|---|---|
| 5.50% p.a. | 5.65% p.a. | $8.00 monthly | $750 | ||
| 5.20% p.a. | 5.35% p.a. | $8.00 monthly | $750 | ||
| 4.09% p.a. | 4.15% p.a. | $0.00 | $750 | ||
| 4.69% p.a. | 4.75% p.a. | $0.00 | $750 |
‡ Results from this calculation are estimates only as individual lenders apply different formulas. Actual repayments will depend on your individual circumstances and interest rate changes.
| Offset accountOffset account | Choose an Australian Military Bank variable rate home loan, and you’ll get the use of an offset account to keep interest costs low. |
| No ongoing fees for owner occupiersNo ongoing fees for owner occupiers | 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. |
| Flexible repayment scheduleFlexible repayment schedule | Choose to make your repayments on a schedule that suits your budget - either monthly, fortnightly or weekly. |
Find out what customers of the Australian Military Bank think about their home loans in terms of things like price, convenience and customer service with our customer review section.
* Overall rating based on reviews in the past 12 months.
Currently revising all banking systems at same time, utter chaos.
Currently revising all banking systems at same time, utter chaos.
Don (WA), reviewed 24 days ago
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...
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!
West (ACT), reviewed over 2 years ago
Tanya (NSW), reviewed almost 3 years ago
It's about service, where you always speak to the person at the bank down the road, not a call centre, it's when you ask for the manager & get them.
It's about service, where you always speak to the person at the bank down the road, not a call centre, it's when you ask for the manager & get them.
Don (WA), reviewed about 4 years ago
I love the competitive rates and products they provide. The customer service I got was excellent and internet support is great. The only downfall is, they closed the branch where we became members. I can use local ATMs for money. Although I now...
I love the competitive rates and products they provide. The customer service I got was excellent and internet support is great. The only downfall is, they closed the branch where we became members. I can use local ATMs for money. Although I now have to travel one and a half hours to go to the closest branch if I want to speak to someone at the bank. They have now provided us with a mobile consultant who will come to us if we request, but they have to travel 2 hours to come and see me. Where is the logic in that? I would prefer to go to the bank than have someone come into my home. The pros are that they treat you like a person not just a number. They are professional and very personal in their service. ADCU will do all they can to help you and they are very good at following up on any queries. The cons, there is no local branch now. Make sure there is a branch close by that will not close down.
Lee-anne (QLD), reviewed about 4 years ago
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The first step in applying for a home loan from Australian Military Bank is to become a member. Although 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:
When you apply for a home loan, you’ll need to have:
