Defence Bank Home Loan Review

Defence Bank Home Loan Review

Read Here for Our Defence Bank Home Loan Review:

Defence Bank is a members-owned bank, and it’s one of the largest in Australia. As a members-owned bank, Defence Bank does not have shareholders to keep happy by making profits. Instead, they reinvest their profits right back into the Bank, and this is why they can offer you competitive products and prices.

So, if you want to take out home loans with low fees, Defence Bank is where you should go.

Who is Defence Bank?

Defence Bank has been around for more than 45 years. Established as Defence Force Credit Union Limited (Defcredit), it changed its name to Defence Bank in 2012. Today, the Bank has 33 branches located throughout Australia.

Traditionally focused on serving Defence Force employees and relatives, Defence Bank welcomes members who are not connected with the organisation. Those who are members, however, do not need to worry about leaving Defence Bank when they resign or retire from the Force. They can continue to access the Bank’s services through online banking, mobile banking, phone banking and Defence Bank’s contact centre.

Defence Bank Home Loan Products

Defence Bank offers a wide range of home loan products. Choose the one that best suits your requirements.

1.    Ultimate Package Essentials Fixed Home Loan

This is Defence Bank’s most comprehensive home loan with a fixed rate from 1 to 5 years. In addition, it comes with extra benefits and support.

Key features:

  • No application, establishment and monthly fees
  • Make extra repayments free of charge
  • Compatible with the Defence Home Ownership Assistance Scheme (DHOAS)
  • No annual fee on Defence Bank credit card
  • No application fee on personal loans
  • 15% per annum bonus rate on term deposits
  • Investor option available

2.    Essentials Fixed Home Loan

Defence Bank’s essentials home loan offers competitive fixed-rate options from 1 to 5 years.

Key features:

  • Compatible with DHOAS
  • No application fees
  • No extra repayment fees
  • Investor option available

3.    Ultimate Package Essentials Interest-only Home Loan

This comprehensive interest-only home loan product comes with extra benefits, including a no-annual-fee credit card.

Key features:

  • Fixed-rate options from 1 to 5 years
  • No application and monthly fees
  • No extra repayment fees
  • 15% discount on home, contents and landlord insurance from CGU
  • No application fee on personal loans

4.    Essentials Interest-only Home Loan

This is a no-frills interest-only home loan with fixed rates from 1 to 5 years.

Key features:

  • No application fees
  • No extra repayment fees
  • Interest-only option

5.    Premier Low-rate Home Loan

This product has the lowest rate that Defence Bank can give.

Key features:

  • Compatible with DHOAS
  • No fee on redraws (minimum of $100)
  • No application and monthly fees
  • No extra repayment fees
  • Investor option available

6.    Premier Home Loan

This is a low-rate home loan with an offset account and free unlimited redraws.

Key features:

  • 100% mortgage offset account
  • Compatible with DHOAS home loan
  • Free unlimited redraws (minimum of $100)
  • No application and monthly fees
  • No extra repayment fees
  • Investor option available

7.    Basic Variable Home Loan

A simple home loan for both owner-occupiers and investors.

Key features:

  • No application and monthly fees
  • No extra repayment fees
  • Get up to 80% loan-to-value ratio (LVR)

8.    Essentials Home Loan

This is Defence Bank’s low-rate home loan with an offset account. It is compatible with owner-occupied, investment and construction loans.

Key features:

  • Fixed-rate option
  • Interest-only option
  • Compatible with DHOAS home loan
  • 100% mortgage offset account (not available during a fixed-rate period)
  • Free loan redraws (not available during a fixed-rate period)
  • No extra repayment fees
  • No application fees
  • Construction (interest only) loan available

9.    Smart Mover Line of Credit

This home loan is a secured revolving line of credit. It allows you to tap the value of your home as cash whenever you need it. You can use it for whatever purpose, such as funding your renovation or a deposit for a new property that you are buying.

Key features:

  • Available with the Ultimate Package
  • No application and monthly fees
  • No extra repayment fees
  • Can access equity via the Defence Bank mobile app, online banking, Visa card or over the counter

Who is Eligible to apply?

To be eligible to take out a Defence Bank home loan, you must:

  • Be over 18 years old
  • Be a resident of Australia
  • Have a regular source of income

Searching for the Best Home Loan is Easy

Makes Cents helps you to find the best home loan product that suits your circumstances. We can help you compare rates and features from more than 25 lenders in just a few minutes. Get started with comparing your options today!

Our Defence Bank Home Loan Review is just one of many. You can also read reviews on many more Home Loan Reviews at MakesCents. 



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