Founded in 1975 as the Defence Force Credit Union, Defence Bank has been helping Australian Defence Force members for more than 40 years. Over that time they've grown to become one of the country's largest member-owned banks, currently counting more than 90,000 customers and $1.5 billion in assets.
While the bank is most well known for their work with employees of the Australian Defence Force and their families, membership is open to every Australian.
Because Defence Bank isn’t driven by shareholders, they are able to re-invest the profits back into the bank. This is emphasised in their core values: Integrity, Member Focus, Teamwork, Community, Attitude and Effort, Innovation and Improvement.
In 2014 and 2015 Defence Bank won Money Magazine’s ‘Best of the Best Award’ for it’s car loan and was a finalist in the 2013 Australian Lending Awards.
With over 40 branches across Australia and one of the country's largest ATM networks, Defence has a broad presence across the country.
It is important to note that you will have to become a member with Defence to secure a home loan with them – although you can apply without membership.
In order to become a member you can apply in person at your local branch or mail in an application.
If you are interested in obtaining a mortgage with Defence Bank, you will need to be able to provide the following information:
- You will need to be at least 18 years of age
- Proof of Identification: Enough to pass the 100 point check, which can include your passport, birth certificate, etc. You will need at least one photographic ID and one other form of ID in most cases.
- You will need to be able to provide evidence of your financial details when you apply, so make sure you hang on to your tax returns, pay slips, and other financial details.
- A list of your income against your expenses, which will show the lender a more complete view of your current financial situation as far as incoming and outgoing cash flow is concerned.
- A list of assets and debts - assets include things like existing properties and investments as well as savings, while debts are any open lines of credit or other loans, etc.
- Details about the property you're planning to buy, such as the price of the property and how much you are looking to borrow.