Home Equity Overdraft
- Last updated on 05 Jun 2020
based on $350,000 loan amount for 25 years
- Extra repayments + redraw services
- Free redraw facility
- Repayments may decrease if RBA cuts rates
- Discharge fee at end of loan
- Repayments may increase if RBA raises rates
Interest rate structure
$150k - $100m
Principal & interest
Loan term range
5 - 30 years
Unlimited extra repayments
Redraw fee: $0
Allows split interest
Line of Credit, Owner Occupiers
ACT, NSW, NT, QLD, SA, TAS, VIC, WA
Estimated upfront fees
Minimum SMSF Amount
Compare and review home loans with similar features
The Australian Military Bank was founded in 1959 and is Australia’s longest serving defence financial organisation with over $1 billion in total assets. Formerly the Australian Defence Credit Union, it was renamed the Australian Military bank in 2015.
The bank has over 50,000 members and over 30 branches at military bases around Australia. They offer home and personal loans, credit cards, savings accounts, insurance and superannuation, as well as financial planning and advice.
The Australian Military Bank has won numerous awards, including Money Magazine’s Best DIY Savings Account Award in 2016.
Australian Military Bank home loan calculator
Interested in an Australian Military Bank home loan? RateCity has a suite of calculators that can show you what your repayments would be and how Australian Military Bank compares to its competitors. Simply plug in your borrowing amount below.
We use your current mortgage details to calculate the potential savings if you were to change lenders, and also to help us point you to loans that may meet your needs.
For example – if you live in the house you own, we’ll make sure we show you the owner-occupier rates, which are typically cheaper than investor rates. Or if you have less than 20% equity in your property, then we won’t show you the deals that require a greater amount of equity.
Equity refers to the difference between what your property is worth and how much you owe on it. Essentially, it is the amount you have repaid on your home loan to date, although if your property has gone up in value it can sometimes be a lot more.
You can use the equity in your home loan to finance renovations on your existing property or as a deposit on an investment property. It can also be accessed for other investment opportunities or smaller purchases, such as a car or holiday, using a redraw facility.
Once you are over 65 you can even use the equity in your home loan as a source of income by taking out a reverse mortgage. This will let you access the equity in your loan in the form of regular payments which will be paid back to the bank following your death by selling your property. But like all financial products, it’s best to seek professional advice before you sign on the dotted line.
Equity is the value of your property, less any outstanding debt against it. For example, if you have a $500,000 property and a $300,000 mortgage against the property, then you have $200,000 equity. This is the portion of the property that you actually own.
This type of loan is a flexible mortgage that allows you to draw on funds when you need them, similar to a credit card.