Australian Military Bank Fixed Rate Loan

Features

The Australian Military Bank Fixed Rate Loan is available for both owner-occupier and investor borrowers with interest rates varying depending on the borrower type and the amount borrowed.

The best interest rates offered with the Australian Military Bank Fixed Rate Loan are competitive by market standards, but sit around the moderate range.

You may also choose to split their home loan between fixed and variable portions to take advantage of the benefits of both options. The variable portion of the split loan will be based on the Australian Military Bank standard variable rate.

Repayments can be made weekly, fortnightly or monthly and on a principal and interest basis only.

As with some fixed rate mortgages, the features offered are limited. For instance, there is no 100 per cent offset account, no ability to repay your loan early and no redraw facility. 

Who is the Australian Military Bank Fixed Rate Loan good for?

The Australian Military Bank Fixed Rate Loan may be suitable for first home buyers, owner-occupiers, refinancers and those looking to invest.

The products offered by Australian Military Bank are available to Defence Force personnel and members of their families.

Review - What RateCity says

If you're looking for certainty in a fixed rate loan product, the Australian Military Bank's Fixed Rate Loan might be a suitable option with its competitive rates and low or no ongoing fees.

Rates can be fixed for two, three or five years and is available if you’re an owner-occupier or investor. If you want to add some flexibility to your repayments, there is an option to split your loan with a variable loan portion.

However, the Australian Military Bank Fixed Rate Loan does not offer all the bells and whistles. For instance, it does not offer a mortgage offset account or allow for additional repayments to repay your loan early.

It’s important to consider these types of features when shopping for a home loan, rather than simply factoring in just the rate and fees charged.

Australian Military Bank Fixed Rate Loan Options

For more information about the Australian Military Bank Fixed Rate Loan option, click the links below.

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Fixed Rates from

3.09%

Advertised rate

4.63%

Comparison rate
Pros
  • Split loan option.
  • Branch network Australia-wide.
  • Flexible repayment schedule.
Cons
  • Upfront, discharge and ongoing monthly fees.
  • No 100 per cent offset account.
  • No early repayments allowed.
Eligibility

Must meet minimum deposit requirement.

Must meet serviceability criteria.

 

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Investors
Fees
  • Estimated upfront fees: $1014.00
  • Discharge fees: $300
  • Ongoing fees: $0 - $8 monthly

The upfront fees to establish these loans are comparatively high by market standards. And a discharge fee also applies at the time of closing the Australian Military Bank Fixed Rate Loans.

On the upside, low- to no ongoing fees are charged.

Fees and charges also apply if you choose to re-fix the loan at the end of the agreed fixed period.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
  • Loan allows split interest rate
About Australian Military Bank

The Australian Military Bank has been operating since 1959, originally as the Navy Civil Staff Co-op Ltd for the benefit of Australian Defence personnel and their families. With branches Australia-wide, the Australian Military Bank also offers customers access to a large ATM network.

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