Deposit scheme boosts demand for alternative lending
The customer-owned banking sector outpaced the overall banking sector in terms of home loa...
09 Feb, 2021
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.34% p.a. | 6.45% p.a. | $2,789 | Principal & Interest | Fixed | $380 | $0 | 80% | |||||||||||||
5.44% p.a. | 6.55% p.a. | $2,820 | Principal & Interest | Fixed | $380 | $0 | 80% | |||||||||||||
5.44% p.a. | 6.40% p.a. | $2,820 | Principal & Interest | Fixed | $380 | $0 | 80% | |||||||||||||
5.49% p.a. | 5.49% p.a. | $2,836 | Principal & Interest | Variable | $8 | $480 | 80% | |||||||||||||
5.84% p.a. | 6.48% p.a. | $2,947 | Principal & Interest | Fixed | $380 | $0 | 80% | |||||||||||||
5.84% p.a. | 6.44% p.a. | $2,947 | Principal & Interest | Fixed | $380 | $0 | 80% | |||||||||||||
6.09% p.a. | 6.44% p.a. | $3,027 | Principal & Interest | Variable | $8 | $480 | 80% |
Important Information and Comparison Rate Warning
What you need to know about Defence Bank home loans
Defence Bank is a member-owned lender that began life in March 1975 as Defence Force Credit Union Limited before re-branding in 2012. Today it serves more than 78,000 members and operates the largest network of on-base branches in Australia, returning all profits to better rates, fees, and services rather than shareholders. While the bank's main focus is on supporting the Defence community, anyone can join as a member to access it's products.
You might find Defence Bank a good fit if you:
- Need a loan that works with the Defence Home Ownership Assistance Scheme (DHOAS)
Defence Bank offers DHOAS-compatible home loans, letting eligible ADF members receive the monthly interest subsidy while having the option of features like offset accounts. - Would like to make extra repayments on a fixed rate
Unlike most lenders, Defence Bank allows fixed rate borrowers to make an unlimited amount of extra repayments, though a fixed rate borrower cannot redraw their additional repayments until their fixed period ends, while charges may apply if they repay their home loan entirely during their fixed term. - Want the choice between fully featured packages and basic mortgages
The bank's Essentials Home Loan with Ultimate Package includes an offset account, rate discounts, and other bonuses for an annual package fee while its more basic Premier home loan offers a lower interest rate. - Need access to the 5% Deposit Scheme
The bank participates in the Australian Government 5% Deposit Scheme, helping eligible first home buyers purchase with as little as 5%, or single parents with 2%, without paying lenders mortgage insurance (LMI). - Value face-to-face service in Defence locations
With branches on many ADF bases plus video and phone support, you can talk to a lender no matter where you're posted. - Want easy access to ATMs
Defence Bank offset, transaction, and savings account holders can access fee-free withdrawals at the bank's branded ATMs, as well as big four bank ATMs (CommBank, NAB, Westpac, and ANZ) and the atmx by Armaguard network. - Support community initiatives for veterans
The Defence Bank Foundation funds the Defence Community Dogs program, providing assistance dogs to veterans living with PTSD, and supports other initiatives aimed at bettering the Defence community.
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