Australian Military Bank Home Equity Overdraft

Features

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.

Who is the Australian Military Bank Line of Credit good for?

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.

Review - What RateCity says

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.

Australian Military Bank Home Equity Overdraft Options

Read more about the Home Equity Overdraft from Australian Military Bank below.

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More details

Variable Rates from

5.49%

Advertised rate

5.60%

Comparison rate
Pros
  • Allows borrowing of up to 80 per cent of the purchase price.
  • Allows extra repayments to be made.
  • Branch access Australia-wide.
Cons
  • No mortgage offset account.
  • No redraw facility.
  • Not available to investor borrowers.
Eligibility

Available to members of the Australian Military Bank.

Must meet the lender’s serviceability requirements.

Suitable For
  • First Home Buyers
  • Owner-Occupiers
  • Refinancers
  • Line of Credit Loans
Fees
  • Estimated upfront fees: $770.00
  • Discharge fees: $300
  • Ongoing fees: $5 monthly

The Australian Military Bank Home Equity Overdraft Loan charges a number of fees, including upfront fees. By market standards the upfront fees are high.

 

While there is no annual fee charged on this mortgage, borrowers will incur a monthly fee. A discharge fee is also charged at the time the loan is closed.

Features
  • Redraw facility
  • 100% offset account
  • Unlimited extra repayments
  • Weekly repayments
  • Fortnightly repayments
  • Monthly repayments
About Australian Military Bank

Established in 1959, the Australian Military Bank offers banking services to people working for the Australian Defence Force, contractors, and their families.

The bank offers a range of financial services including home and investment loan, credit cards, personal and car loans, savings and deposit accounts, as well as superannuation and insurance products.

It has branches Australia-wide and more than 3000 ATMs available via the rediATM network.

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