Home Loans 18/11/2020

Australian Military Bank Home Loan Review

Read Here for Our Australian Military Bank Home Loan Review:

If you are in the Australian Defence and need to take out a home loan, look no further. Australian Military Bank has been helping personnel of Australian Defence as well as their families to manage their money for more than 60 years.  The Bank offers products customised for the men and women who are protecting and serving the community. It also offers competitive rates and lower fees.

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Who is the Australian Military Bank?

A mutual organisation, Australian Military Bank manages over $1.45 billion member-funds of its more than 56,000 members. It has ATMs and branches at major defence bases in Australia for the convenience of its member customers, as well as 24/7 service accessible anywhere in the world. The Bank offers Defence Home Ownership Assistance Scheme (DHOAS), investment home loans, and other mortgage products.

Different home loan products

Australian Military Bank offers different mortgage products that range from simple to flexible. Check out their key features below.

  1. RateSaver Home Loan

This basic vanilla loan has quite a low variable rate, a redraw facility and unlimited additional repayments. One can borrow up to 95% of the value of the property and is available for new owner-occupied and investment home loans that exceed $150,000. This product has no monthly and annual fees. The processing fee is waived when you provide a deposit of at least 20%.

  1. Value Home Loan

This variable rate home loan has a 100% offset facility and a maximum loan to value ratio of 95%. The minimum loan amount is $250,000, with weekly, fortnightly or monthly repayments. You can choose to repay the principal and interest up to 30 years. Extra repayments are allowed to reduce your interest and overall loan term.

  1. Variable Offset Home Loan

A variable rate home loan, this product has a low minimum loan amount of just $50,000. The Variable Offset Home Loan has a redraw facility with a minimum of $500 per transaction.  It has a 100% offset facility, a loan term of up to 30 years, and weekly, fortnightly or monthly repayments. There are no monthly or annual fees for this product.

  1. Fixed-Rate Home Loan

You can choose the Australian Military Bank’s Fixed Rate Home Loan if you want the security of knowing what your exact repayments will be. This is suitable for those buying or refinancing their home, with a loan term of up to 30 years. You can borrow up to 95% of the value of your property, which you can split with other variable home rate loans.

  1. Home Equity Overdraft

This gives you access to the equity in your home and allows you to manage your repayments according to your spending power. You can borrow up to 80% of your property value and enjoy unlimited redraw facility.

While there is no annual fee, the Home Equity Overdraft charges $5 each month. The minimum loan amount for this variable interest rate home loan is $50,000, and you have the option to make extra repayments to reduce your interest.

  1. Construction Loan

You can consider this product if you want to build your new home or renovate your existing one. Interest-only repayments allow you to save during the construction phase. The minimum loan amount is $50,000, and you can pay up to three years or to completion of the construction.

Compare today to find the best home loan

At Makes Cents, you are able to access and compare more than 25 lenders to find the home loan product that suits your needs. Start today. Our Australian Military Bank Home Loan Review is not our only review – read more here.

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