When it comes to features, the Australian Military Bank Value Home Loan has plenty.
This variable interest rate home loan gives you the flexibility to make unlimited additional repayments which is a great way to reduce the term of your loan and save interest.
If you’ve got a stash of savings, you can use the 100 per cent offset facility to reduce the interest payable on your loan and any additional repayments you do make can be accessed using the redraw facility.
Weekly, fortnightly or monthly repayments let you manage your money better and coordinate with your salary schedule.
For those with a smaller deposit, the Australian Military Bank Value Home Loan will lend you up to 95 per cent of the purchase price. However, to avoid paying lenders mortgage insurance you will need to put down a 20 per cent deposit.
This loan has a maximum term of 30 years and also gives you the flexibility of opting for interest-only repayments for a period of time.
If you’re looking for more certainty in your repayments, this loan does give you the choice to split your loan between a fixed and variable interest rate.
The Australian Military Bank Value Home Loan is a fuss-free mortgage option. Refinancers might benefit from the deposit discount, while first home buyers or those with a small deposit might be lured by the five percent deposit threshold.
The interest-only option and choice of repayment frequency may be appealing for borrowers looking for flexibility, however this loan is not available to investors.
If you’re disciplined with your finances, there are some features in this loan which can potentially shave thousands of dollars off your loan - specifically, the 100 percent offset facility and extra repayment option. Having said that, it’s worth noting that any savings made using the offset account might be negated by the moderately high interest rate and high upfront fees.
This bank has a limited branch network across major defence bases in Australia, making the option of face-to-face customer support limited. There is an extended network of mobile bankers, a customer support line and unlimited online banking.
Fees aside, the Value Home Loan is a fairly straightforward product with enough bells and whistles to keep your loan flexible.
The Australian Military Bank Value Home Loan gives you the flexibility of a variable interest rate and a range of features like a 100 per cent offset account and redraw facility.