Rates and fees verified as correct at 30 October, 2020. 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 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 ‡ |
|---|---|---|---|---|---|
| 2.79% p.a. | 4.06% p.a. | $0.00 | $750 | ||
| 2.79% p.a. | 3.80% p.a. | $0.00 | $750 | ||
| 3.59% p.a. | 4.23% p.a. | $8.00 monthly | $750 | ||
| 3.59% p.a. | 4.55% 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 ‡ |
|---|---|---|---|---|---|
| 3.95% p.a. | 3.97% p.a. | $0.00 | $250 | ||
| 2.98% p.a. | 3.00% p.a. | $0.00 | $250 | ||
| 3.38% p.a. | 3.43% p.a. | $0.00 | $750 | ||
| 4.08% p.a. | 4.14% p.a. | $0.00 | $750 | ||
| 4.25% p.a. | 4.40% p.a. | $8.00 monthly | $750 |
WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
‡ 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.
Choose an Australian Military Bank variable rate home loan, and you’ll get the use of an offset account to 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.
Choose to make your repayments on a schedule that suits your budget - either monthly, fortnightly or weekly.
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 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:
