The Australian Military Bank Home Equity Overdraft Loan has a variable interest rate, which by market standards (for variable rates) is comparatively high, but is on par with many similar products in this category.
The overdraft, sometimes called a revolving line-of-credit, secured against the property, has a minimum borrowing amount of $50,000.
The loan allows for borrowing of up to 80 per cent of the property value. The loan has a minimum repayment of just 1 per cent, however, it allows the borrower to make additional repayments in order to pay the loan down faster.
The Australian Military Bank Home Equity Overdraft Loan also allows for a split option with other Australian Military Bank home loans. The loan does not have access to a mortgage offset account, which is typical for this type of product, unlike a more traditional home loan product.
Along with the loan, Australian Military Bank offers a Visa Credit Card to access the funds in the overdraft.
The Australian Military Bank Home Equity Overdraft Loan is good for those seeking a revolving line of credit secured against a property. It is designed to give borrowers access to funds (up to an approved amount) as they need them.
The loan is available to members of Australian Military Bank, that is people working in the Australian Defence Force, and is available to owner-occupier borrowers only.
The Australian Military Bank Home Equity Overdraft Loan is a revolving line of credit secured against a property. It has a Visa credit card attached for access to funds, up to an approved limit.
The loan has relatively-high upfront fees and also charges a monthly ongoing fee. A discharge fee is also charged at the time of closing the loan. It has a minimum borrowing amount and is available for lending up to 80 per cent of the property value.
The Australian Military Bank Home Equity Overdraft Loan is available to owner-occupier members only, for those people working for the Australian Defence Force.
Read more about the Home Equity Overdraft from Australian Military Bank below.