Defence Bank home loans

Defence Bank
Defence Bank's overall rating for home loans

(as rated by the Mozo community)

7.5 / 10

based on 6 reviews

Defence Bank began as Defence Force Credit Union in 1975, and changed its name in 2012.  Offering financial products - including a range of competitive home loans - to Australian Defence Force personnel and the wider Aussie public, Defence Bank is one of Australia’s largest member-owned banks.

Rates and fees verified as correct at 08 December, 2016. Other information correct at the time of writing.

What home loans do Defence Bank offer?

Fixed Rate Home Loans Fixed Rate Home Loans

If you’re after a no-frills home loan solution that will help you plan a monthly budget and stick to it, then the fixed rate option from Defence Bank might be for you. You can borrow between $50,000 and $1,500,000, up to 95% of the property’s value. And to help pay off your home loan quicker, you have the ability to make fee free extra repayments. Just remember to budget for the upfront and monthly service fees attached to this offer!

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.14% p.a.

4.93% p.a.

$8.00 monthly

$901

3.99% p.a.

4.49% p.a.

$8.00 monthly

$901


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Variable Rate Home Loans Variable Rate Home Loans

For a little more flexibility, the variable rate home loans from Defence Bank deliver. Like the fixed rate alternative, you can borrow up to 95% of the property’s value, starting from $50,000. In terms of flexible features, you’ll have the ability to make unlimited fee free extra repayments, free redraws and the use of an offset account. But keep in mind that there are both upfront and monthly service fees to consider.

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

5.00% p.a.

5.16% p.a.

$8.00 monthly

$901

4.45% p.a.

4.61% p.a.

$8.00 monthly

$901

3.95% p.a.

3.95% p.a.

$0.00

$0


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Fixed Package Home Loan Fixed Package Home Loan

To cash in on some great bundling bonuses, take a look at Defence Bank’s fixed rate home loan package. You’ll pay a yearly fee on this offer, and you can borrow up to 95% of the property’s value, starting from $150,000. Along with fee free additional repayments, this home loan package gives you the chance to score perks like discounted insurance premiums, extra interest on term deposits, waived application fees on car and personal loans and an annual fee-free credit card.

Home loan repayments calculator
years
Product Fixed 3 year rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.04% p.a.

5.10% p.a.

$380.00 yearly

$0

3.89% p.a.

4.67% p.a.

$380.00 yearly

$0


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Variable Package Home Loan Variable Package Home Loan

Want all the package discounts and flexible features? Then check out the variable rate home loan package from Defence Bank. You can borrow amounts starting from $50,000, up to 95% of the property’s value. There's also a range of flexible features on offer, including unlimited fee-free extra repayments, a redraw facility (minimum applies) and the use of an offset account. And to sweeten the deal, remember to take advantage of the great bundling bonuses, like waived application fees on both personal and car loans, waived annual fee on your credit card, boosted interest on term deposits and discounted insurance premiums. But don’t forget to also factor the yearly fee into your budget!

Home loan repayments calculator
years
Product Rate Comparison Rate* Service fee Upfront fee Monthly repayments ‡

4.75% p.a.

5.11% p.a.

$380.00 yearly

$0

4.35% p.a.

4.72% p.a.

$380.00 yearly

$0

4.70% p.a.

5.06% p.a.

$380.00 yearly

$0

4.25% p.a.

4.62% p.a.

$380.00 yearly

$0

5.00% p.a.

5.36% p.a.

$380.00 yearly

$0

4.45% p.a.

4.82% p.a.

$380.00 yearly

$0


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Defence Bank home loan features in a glance

Unlimited free extra repaymentsUnlimited free extra repayments

You can make unlimited fee-free additional repayments to pay your home loan off quicker. Just remember that on fixed rate options, if you pay the entire loan off before the fixed term is up, you might get hit with an early break fee.

Low depositLow deposit

Having trouble saving up a deposit for your home loan? No worries. With Defence Bank, you can borrow up to 95% of the price of the property.

Package benefitsPackage benefits

Take out a home loan package from Defence Bank, and you can save on other banking products! Get a credit card with no annual fee, bonus interest on your term deposits, discounted insurance premiums and waived application fees on any personal or car loans.

Flexible repayment scheduleFlexible repayment schedule

Your repayments can be monthly, fortnightly or weekly - whatever suits your budget.

How are Defence Bank home loans rated?

To find out what everyday Aussies think of their Defence Bank home loans, read through our customer review section.

Defence Bank home loans

Overall 7.5*

Price

Features

Customer service

Convenience

Trust

6 Reviews

* Overall rating based on reviews in the past 12 months.

Recent Defence Bank home loan reviews Recent Defence Bank home loan reviews

Defence Bank

Defence Bank Essentials Home Loan (Owner Occupier) (Fixed) home loan review

Overall rating   10 / 10

Supportive

This bank is small, although it has connections with the NAB. Although its interest rates may be higher than some other competitors, the support you receive from staff cannot be found at any other bank.

Full review

This bank is small, although it has connections with the NAB. Although its interest rates may be higher than some other competitors, the support you receive from staff cannot be found at any other bank.

    Price   6 / 10

    Features   7 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Geralyn (ACT), reviewed over 1 year ago

Defence Bank

Defence Bank home loan review

Overall rating   5 / 10

Good customer service

Too many fees, and not competitive compared to other lenders.

Full review

Too many fees, and not competitive compared to other lenders.

    Price   6 / 10

    Features   4 / 10

    Customer service   7 / 10

    Convenience   9 / 10

    Trust   7 / 10

Less

Hris (NSW), reviewed almost 2 years ago

Defence Bank

Defence Bank home loan review

Overall rating   4 / 10

Incompetent and slow

Still in the process of applying for a DHOAS home loan. They have taken months and still no decision has been made. Only after threatening to drop the application and go to another bank has any progress been made but they are still missing...

Full review

Still in the process of applying for a DHOAS home loan. They have taken months and still no decision has been made. Only after threatening to drop the application and go to another bank has any progress been made but they are still missing their own deadlines they give me. They are useless with non-standard loans. Purchasing off a related party for less than market value with multiple sources of income, forget it. Next time, use a competent bank.

    Price   8 / 10

    Features   8 / 10

    Customer service   2 / 10

    Convenience   2 / 10

    Trust   2 / 10

Less

Brian (VIC), reviewed about 2 years ago

Defence Bank

Defence Bank home loan review

Overall rating   7 / 10

Good location, customer service is great

It is conveniently located close to work and home, lots of branches.

Full review

It is conveniently located close to work and home, lots of branches.

    Price   4 / 10

    Features   6 / 10

    Customer service   7 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

James (QLD), reviewed about 3 years ago

Defence Bank

Defence Bank home loan review

Overall rating   9 / 10

Awesome service

My husband has been a customer for a long time and has found the customer service and the product solutions to be excellent. Pro - customer service, flexibility, understands the customers needs, proactive in approach Con - have to be related...

Full review

My husband has been a customer for a long time and has found the customer service and the product solutions to be excellent. Pro - customer service, flexibility, understands the customers needs, proactive in approach Con - have to be related somehow to defence.

    Price   9 / 10

    Features   6 / 10

    Customer service   9 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Mozo reviewer (ACT), reviewed over 3 years ago

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Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a home loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years, and applies only to this example. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

‡ 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.

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers.

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

Anyone can bank with Defence Bank - you don’t have to be a member or employed by the Defence Force. But keep in mind that if your home loan application is approved, you’ll have to become a member before actually securing the loan. You can become a member by filling out and mailing the membership application or by visiting a Defence Bank branch.

When you apply for a Defence Bank home loan, make sure you have:

  • I.D.
  • Employment details
  • Asset details (including, savings shares or property)
  • Debt details (including other loans, or credit cards)
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