Quick Summary
Founded
1959
Owned by:
Funded by:
Retail deposits and wholesale capital markets
LMI Provider:
Lender type:
Banks, Mutual Bank
Australian Military Bank, formerly Navy (Civil Staff) Co-op. Ltd is recognised as one of three DHOAS (Defence Home Ownership Assistance Scheme) home loan providers by the Department of Defense.
As a customer-owned bank, their shareholders are members, so the profit goes back into supporting themselves and Australian Defence Force (ADF) personnel.
They offer 24/7 globally accessible digital home loan services with lower fees and flexible facilities.
How do Australian Military Bank’s home loans compare?
Pros
- DHOAS subsidy up to 100% for servicing
- Eligible ADF members qualify for home loan discounts
- DHA investment for borrowers with connection with the Defence community
- No monthly or annual fees on most of their products
- High LVR home loans up to 95% plus LMI
- Construction home loans
- Guarantor home loans (Family pledge loans)
- Home equity Overdraft
- Redraw and offset account facilities
- Flexible repayment options
- Split home loan available
Cons
- Strict lending policy
- People with bad credit
- Non-resident mortgages
- Self-employed borrowers who cannot prove their income
- Branches are limited to defence bases in Australia
- Their interest rates are not so competitive
What home loan types do they have?
Despite specialising in DHOAS home loans, Australian Military Bank does provide several home loan offers.
- The RateSaver Home Loan is their simple vanilla loan with unlimited extra repayments and the ability to redraw.
- Variable home loans such as the Value Home Loan offer the benefit of 100% offset facility.
- Borrowers can get up to 80% of the property value through a special line of credit loan with the facility to redraw.
Do I have to be an ADF member?
No, but eligible ADF personnel receive low cost home loans plus a subsidy. However, the borrowers must apply for DHOAS home loans to be eligible for the subsidy.
Some products are only applicable for ADF members, while DHA investment and other investment home loans are available to borrowers with connection to the Defence community.
You can check out the defence force home loan discounts page to read more qualifying for DHOAS subsidies.
Compare Australian Military Bank With Other Lenders
Still not sure which lender is right for you? Talk to one of our specialist mortgage brokers at Home Loan Experts.
We’re experts in getting home loan discounts for ADF members.
We’ll first discuss your situation, complete a pre-assessment and find a couple of suitable lender options for you.
Give us a call on 1300 889 743 or fill in our free online enquiry form.
Find out if you are qualified to apply with this lender
Get a free assessmentTips for applying with Australian Military Bank
- You can choose to apply online for standard or DHOAS home loans or by visiting a local branch if that’s more convenient.
- You might need to provide documents in detail for most home loan options.
- If you’re applying for a DHOAS loan, it’s important you get a subsidy certification from the Department of Veterans’ Affairs first.
- Make sure to use 100% offset account when applicable.
- The bank suggests using tax return cash or bonus to pay off the loan faster – with no additional cost for repayments.