The Defence Bank offers a discounted variable interest rate for the life of the loan and the ability to make as many additional repayments as you can afford. It also comes with a redraw facility for when you need extra cash.
An offset account lets you take advantage of cash savings, but is only available with the variable rate option.
The Essential Home Loan offers a split loan option, which means you can fix a portion of your rate for security, while leaving another portion variable for flexibility.
The Essentials Home Loan can be used to purchase a new or established property or for construction purposes. It's also compatible with the Federal Government's Defence Home Ownership Assistance Scheme. This loan scheme is applicable to Australian Defence Force (ADF) employees only. However, if you are applying for the Essentials Home Loan you do not have to be a member of the ADF.
Who is the Defence Bank Essentials Home Loan good for?
This loan benefits ADF employees who are eligible for the Federal Government's Defence Home Ownership Assistance Scheme. However for non-ADF borrowers, the Essentials Home Loan may also appeal to first home buyers, owner-occupiers, investors and refinancers.
Review - What RateCity says
The Essentials Home Loan is a simple, variable rate option with a few popular add-on features. The ability to split the loan between fixed and variable rate options may be attractive to borrowers who want the best of both worlds.
Defence Bank Essentials Home Loan Options
The Essentials Home Loan is available from $250,000 and can be set up as principle and interest, fixed, interest-only and interest-only construction repayments.
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