based on 294 Australian Military Bank banking product reviews as rated by Mozo community

Australian Military Bank home loans

As a mutual bank, Australian Military Bank has been providing money savvy products to Australian defence personnel and their families since 1959. They currently have over 56,000 members, with ATMs and branches located at major defence bases. 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.

What home loans do Australian Military Bank offer?

Rates and fees verified as correct at 25 September, 2021. Other information correct at the time of writing. Advertiser disclosure.

Fixed Rate Home Loans

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.

Home loan repayments calculator

years

Product Fixed 3 year rate Comparison Rate Service fee Upfront fee Monthly repayments

2.19% p.a.

4.09% p.a.

$0.00

$750

2.59% p.a.

3.75% p.a.

$8.00 monthly

$750

Variable Rate Home Loans

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. 

Home loan repayments calculator

years

Product Rate Comparison Rate Service fee Upfront fee Monthly repayments

2.98% p.a.

3.02% p.a.

$0.00

$250

2.29% p.a.

2.31% p.a.

$0.00

$250

2.29% p.a.

2.30% p.a.

$0.00

$250

3.09% p.a.

3.13% 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

Australian Military Bank home loan features in a glance

Offset icon

Offset account

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.

Image of coins

No 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.

Image of coins

Free extra repayments 

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. 

Schedule icon

Flexible repayment schedule

Choose to make your repayments on a schedule that suits your budget - either monthly, fortnightly or weekly.

Image of coins

Suits smaller deposits 

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

How are Australian Military Bank home loans rated?

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.

Icon of home-loans
Australian Military Bank home loans
Overall
Price
Features
Customer service
Convenience
Trust

24 Reviews

Recent Australian Military Bank home loan reviews

Australian Military Bank Variable Offset Home Loan
Overall 7/10
Have been very good in past

Currently revising all banking systems at same time, utter chaos.

Read full review

Currently revising all banking systems at same time, utter chaos.

Price
6/10
Features
7/10
Customer service
3/10
Convenience
7/10
Trust
9/10
Less
Don, Western Australia, reviewed over 3 years ago
Australian Military Bank Value Home Loan
Overall 8/10
ADCU - I use their mobile banker for convenience

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 review

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!

Price
6/10
Features
9/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
West, Australian Capital Territory, reviewed almost 6 years ago
Australian Military Bank Fixed Rate Home Loan
Overall 7/10
Great bank!

Fantastic bank.

Read full review

Fantastic bank.

Price
7/10
Features
8/10
Customer service
7/10
Convenience
8/10
Less
Tanya, New South Wales, reviewed about 6 years ago
Australian Military Bank Home Loan
Overall 10/10
free

free

Less
Bob, Western Australia, reviewed over 6 years ago
Australian Military Bank Home Loan
Overall 10/10
Good

Good

Price
10/10
Features
10/10
Customer service
10/10
Convenience
10/10
Trust
10/10
Less
Max, , reviewed over 6 years ago

What do you need to apply for a Australian Military Bank home loan?

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:

  • 18 years or over
  • a citizen or resident of Australia

And have with you:

  • your current Driver's Licence
  • your Medicare Card

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: 

  • Personal ID documents
  • Details about your employment and income
  • Details of your assets which means savings, investments or property among other things
  • Details of your debts, including credit cards or personal loans.

Home loan quick links