What are the break costs for fixed rate loans with Australian Military Bank?

If you decide to pay off your fixed rate loan early, break costs will apply. These can vary, so it's important to discuss the specifics with the bank to understand potential fees.

I've had issues logging into my account and my payees were deleted. How can I resolve this?

This is a known issue affecting some users. Contact Australian Military Bank's customer service for assistance in restoring your account access and re-adding payees.

How much would I save on a $500,000 loan with Australian Military Bank compared to the market?

You could save $101 per month, totaling $36,446 over 30 years compared to the market rate.

What are the refinancing options available with Australian Military Bank?

They offer flexible refinancing options for purposes like debt consolidation and renovations. However, specific timelines for refinancing aren't provided, so it's best to reach out to them directly.

Are there any hidden fees when banking overseas with Australian Military Bank?

No unexpected overseas bank fees have been reported, indicating transparency in international transactions.

Does Australian Military Bank offer any special schemes for first-time buyers?

Yes, they participate in the Australian Government 5% Deposit Scheme, which can be beneficial for first-time buyers.

What should I expect during the discharge process with Australian Military Bank?

The discharge process typically involves a fee and can take several weeks. Exact timelines aren't specified, so contacting the bank for precise details is recommended.

How much can I save on a $1,000,000 loan with Australian Military Bank?

You can save $202 per month, leading to a total of $72,892 over 30 years compared to the market.

I've heard about service disruptions. How can I ensure my automatic payments aren't affected?

If you've experienced service disruptions, it's important to regularly check your account and contact customer service to ensure payees are correctly set up and payments are processed.

UPDATED JUL 7, 2026

Australian Military Bank Home Loans: The 2026 Review

Unlock home ownership with the 5% Deposit Scheme and no annual fees. Be aware of break costs on fixed loans. Ready to make your move?

Bheja Verdict

Very Good

4.0/5

✓

Highly competitive rates across products

✓

Wide range of loan options

Check Eligibility

Australian Military Bank Home Loans At a Glance

🏷️Best Rate Available

6.04%

Variable • Owner Occupied

💳Application Fee

$450

Upfront fee applies

📅Monthly Fee

Ongoing service fee

Loan Range:$50K - $5.0M

LVR:Up to 98%

Products:40 variations

Offset Account:Available

Current Australian Military Bank Home Loan Rates

Last updated: July 2026

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Average Rate: 6.67%
Best Rate: 6.24%
Monthly Payment: $3,075

Advanced

Sort By

DHOAS Rate Saver Home Loan
Australian Military Bank
20%-29% DepositRedraw
6.24%
Interest Rate
Variable
6.27%
Comparison Rate*
$3,075
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application
$450Ongoing/quarterly $2
Discharge
$120+ other fees may apply
RateSaver Home Loan
Australian Military Bank
20%-29% DepositRedraw
6.34%
Interest Rate
Variable
6.37%
Comparison Rate*
$3,108
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application
$450Ongoing/quarterly $2
Discharge
$120+ other fees may apply
DHOAS Value Home Loan
Australian Military Bank
20%-29% DepositOffsetRedraw
6.59%
Interest Rate
Variable
6.62%
Comparison Rate*
$3,190
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $450Ongoing/quarterly $2
Discharge
$120+ other fees may apply
Value Home Loan
Australian Military Bank
20%-29% DepositOffsetRedraw
6.69%
Interest Rate
Variable
6.72%
Comparison Rate*
$3,223
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $450Ongoing/quarterly $2
Discharge
$120+ other fees may apply
DHOAS Standard Variable Home Loan
Australian Military Bank
Min 4% DepositOffsetRedraw
7.04%
Interest Rate
Variable
7.07%
Comparison Rate*
$3,340
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $450Ongoing/quarterly $2
Discharge
$120+ other fees may apply
Standard Variable Home Loan
Australian Military Bank
Min 4% DepositOffsetRedraw
7.14%
Interest Rate
Variable
7.18%
Comparison Rate*
$3,374
per month
Principal And Interest
Visit lender’s site
Check Eligibility
Fees:
Application $450Ongoing/quarterly $2
Discharge
$120+ other fees may apply

Australian Military Bank Product Statistics

Real-time insights and market analysis

Australian Military Bank offers 21 home loan products across 40 variations, the average variable rate is 6.65% p.a., the best available rate is 6.04% p.a..

Average Variable Rate

6.65%

28 products

Average Fixed Rate

6.52%

12 products

Best Available Rate

6.04%

Variable • Owner Occupied • P&I

Total Products

40 variations

Fee Summary

Application Fee

$450

Monthly Fee

$2 - $750

Discharge Fee

$120

Late Payment Fee

$20 - $30

Key Features

Across Australian Military Bank's range: 14 include an offset account, 25 offer redraw, 40 allow extra repayments, 40 support split loans.

Offset Account

35%

Redraw Facility

63%

Extra Repayments

100%

Split Loan

100%

Product Ranges

Australian Military Bank's interest rates range from 6.04% to 7.14% p.a., maximum LVR from 70% to 98%, loan amounts span $50,000 to $5,000,000.

Interest Rates6.04% — 7.14%

Max LVR70% — 98%

Loan Amount$50K — $5.0M

Disclaimer: The key features displayed highlight what's available across the lender's home loan range. Individual products and variations may differ. Use the product table to search for a loan with the specific features you're looking for.

How Australian Military Bank Compares

FEATURE	Australian Military Bank	Australian Mutual Bank LTD	Hume Bank	Fire Service Credit Union	Newcastle Permanent Building Society
Best Variable Rate	6.04%	5.64%	5.99%	5.89%	5.99%
Best Fixed Rate (3yr)	6.44%	6.14%	6.39%	—	6.39%
Application Fee	$450	$250	$199	$150	$350
Monthly Admin Fee	$2	$0	$0	$0	$0
Offset Account
Redraw Facility
Product Variations	40	182	115	5	109

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Bheja Insight: Australian Military Bank offers offset accounts like most community-owned lenders, helping reduce interest while keeping funds accessible.

About Australian Military Bank

Company overview and contact information

Established in 1959, Australian Military Bank began as the Navy (Civil Staff) Co-op and has grown to serve the broader Australian Defence Force community. As a community-owned institution, it operates both online and through branches, maintaining a strong connection with its members. The bank is an APRA-regulated Authorized Deposit-taking Institution (ADI) and holds both an Australian Financial Services Licence (AFSL) and an Australian Credit Licence (ACL).

Australian Military Bank offers a diverse range of 21 home loan products, featuring 40 variations with competitive interest rates ranging from 6.19% to 7.29%. Notable for its support of ADF members, the bank provides options like the Defence Home Ownership Assistance Scheme (DHOAS) and investment mortgage lending. Borrowers can access up to 90% Loan-to-Value Ratio (LVR) with no monthly or annual fees, making it an attractive choice for military personnel.

What sets Australian Military Bank apart is its deep-rooted commitment to the ADF community, offering specialized programs and broker support tailored to military needs. Its reputation for competitive rates and fee-free services enhances its appeal, positioning it as a reliable choice for those within the defence sector seeking home loan solutions.

Company Details

Legal Name: Australian Military Bank

ABN: 48087649741

ACN: 087649741

Established: 1959

Ownership: community_owned

AFSL: 237 988

Key Features

Australian Military Bank offers flexible home loan options tailored for Australian Defence Force members, featuring competitive rates, no ongoing fees, and unique benefits like the 100% offset facility and the Australian Government 5% Deposit Scheme.

Offset Account

Australian Military Bank provides a 100% offset account with its Value Home Loan, allowing borrowers to reduce their interest payments significantly. For example, a $100,000 offset can save $516 per month, equating to $6,192 annually.

Extra Repayments

Borrowers can make unlimited additional repayments on select loans, such as the RateSaver Home Loan, without incurring fees. This feature allows for faster loan repayment and reduced interest costs over time.

Split Loan

The bank offers the option to split loans between fixed and variable rates, providing borrowers with the stability of fixed repayments and the flexibility of variable rates. This is available on select products, enhancing financial management.

Redraw Facility

A redraw facility is available on loans like the RateSaver Home Loan, allowing borrowers to access extra repayments if needed. This feature provides financial flexibility in managing unexpected expenses.

No Monthly or Annual Fees

Australian Military Bank offers loans with no monthly or annual fees, such as the Value Home Loan, helping borrowers save on ongoing costs and manage their finances more effectively.

Competitive Interest Rates

The bank provides competitive interest rates on its home loans, including super-low variable rates on the DHOAS Rate Saver Home Loan, making it an attractive option for cost-conscious borrowers.

Loyalty Program

A points-based loyalty program is available, rewarding borrowers for their banking activities. This can lead to additional savings or benefits over the life of the loan.

Flexible Repayment Options

Loans are available with both Principal and Interest repayments and Interest Only options for up to five years, allowing borrowers to tailor their repayment strategy to their financial situation.

Digital Banking Features

Australian Military Bank offers robust digital banking features, including online banking and a mobile app, providing borrowers with convenient access to manage their loans and make payments anytime, anywhere.

Investment Construction Loans

The bank offers tailored construction loans for investment purposes, supporting projects like building a new home or renovating an existing property, with competitive rates and flexible terms.

Fees & Charges

Australian Military Bank offers a transparent fee structure for its home loans, with a range of upfront, ongoing, and other conditional fees tailored to various loan products.

Fee Type

Amount

Description

Processing Fee

$450

Charged for processing the loan application.

Property Valuation Fee

Variable (Minimum $250)

Covers the cost of property valuation, required for loan approval.

Consent Fee

$250

Applied for second or subsequent mortgages or lease registrations.

Mortgage Discharge Fee

$120 + 3rd party costs

Payable when the mortgage is discharged, plus any third-party costs.

Redraw Fee

$10 per redraw

Charged each time funds are redrawn from the loan.

Switch/Variation Fee

$100 + 3rd party costs

Applies when switching loan types or making variations, in addition to any break costs for fixed rate loans.

Fixed Rate Lock Fee

$750

Secures the current fixed rate for a specified period.

Default Notice Fee

$30

Charged when a notice is issued regarding a default under the contract.

Lenders Mortgage Insurance

Variable

Required for loans with deposits less than 20%, calculated at cost.

Construction Loan Drawdown Fee

$65

Applies to each drawdown on a construction loan.

Paper Statement Fee

$2 per statement/Per statement

Charged for each paper statement issued.

Archive Retrieval Fee

$50 per hour

Hourly fee for retrieving archived documents, plus any expenses incurred.

Fees subject to change. Refer to lender documentation for current rates.

Eligibility Criteria

Australian Military Bank offers home loans to Australian citizens and permanent residents, focusing on accessibility for those with regular income and a minimum age of 18.

Must be at least 18 years old.

Must be an Australian citizen or permanent resident.

Must be currently employed or receiving a regular income. Self-employed applicants should contact the bank prior to applying.

Loan to Value Ratio (LVR) must be between 71% and 98%.

Lenders Mortgage Insurance (LMI) is required for loans with an LVR above 80%.

A minimum 5% deposit is required.

Applicants must be natural persons, not legal entities.

Important Notes

LMI is required for loans with an LVR above 80%, impacting the overall cost of the loan.
A minimum deposit of 5% is necessary, which may vary based on specific loan products.
The Australian Government 5% Deposit Scheme is available, providing additional support for eligible applicants.
Special considerations may apply for Australian Defence Force members, including DHOAS eligibility.

Australian Military Bank Home Loan Pros & Cons

Our expert take on whether Australian Military Bank is right for you

Pros

+Competitive interest rates below market average
+No monthly or annual fees
+Offers Australian Government 5% Deposit Scheme
+Allows extra repayments without fees
+Includes a points – based loyalty program

Cons

–Complaints about online banking issues
–No redraw facility on certain loans
–Break costs for fixed rate loans

Best For

Australian Defence Force members
Borrowers seeking competitive interest rates
Individuals looking for no monthly or annual fees
Those interested in a points-based loyalty program

Not Ideal For

Borrowers needing a redraw facility
Customers prioritizing seamless digital banking experiences

💡

Bheja Verdict: Australian Military Bank offers competitive home loan rates and features tailored for Australian Defence Force members, though some service issues may be a concern.

Expert Secrets (Why Use Us?)

Insider knowledge about Australian Military Bank that most borrowers don't know

LMI Cost Examples

1For a $500,000 loan at 85% LVR, LMI costs $6,000.

2At 90% LVR, the LMI increases to $12,500 for the same loan amount.

3For a $500,000 loan at 95% LVR, LMI costs rise to $21,000.

4A $750,000 loan at 85% LVR incurs a $9,000 LMI cost.

Offset Benefits

A $10,000 offset account saves $52/month, totaling $624/year.

A $25,000 offset account saves $129/month, totaling $1,548/year.

A $50,000 offset account saves $258/month, totaling $3,096/year.

A $100,000 offset account saves $516/month, totaling $6,192/year.

Admin & Logistics (The Help Desk)

Everything you need to manage your loan

Application Process

5 Steps

Contact the Bank: Call Australian Military Bank at 1300 13 23 28 to initiate the discharge process. Confirm any specific requirements or documents needed. (Tip: Make the call during business hours (Mon-Fri 8:00am-6:00pm, Sat 9:00am-12:00pm AEST) for prompt assistance.)

Complete Required Forms: Fill out any discharge forms provided by the bank. These forms are necessary to formally request the discharge of your mortgage. (Tip: Ensure all information is accurate to avoid processing delays.)

Pay Discharge Fees: Pay the $120 mortgage discharge fee along with any applicable third-party costs. Confirm the total amount with the bank. (Tip: Check if online payment options are available for convenience.)

Submit Documents: Submit the completed forms and proof of fee payment to the bank. This can often be done via email or through an online portal. (Tip: Keep copies of all submitted documents for your records.)

Await Processing: The bank will process your discharge request, which may take several weeks. They will notify you once the discharge is complete. (Tip: Follow up with the bank if you do not receive confirmation within the expected timeframe.)

Processing Times

Discharge ProcessApproximately 2-4 weeks

💡

Pro Tips

Request the discharge at least 2 weeks before your intended settlement date to avoid delays.
Double-check all forms for accuracy before submission to prevent rejections.
Inquire about any potential fee waivers or discounts, especially if you have been a long-term customer.
Keep a record of all communications with the bank for future reference.
Be aware of any third-party costs that may arise and budget accordingly.

Australian Military Bank Mortgage Calculator

Estimate your repayments using current Australian Military Bank home loan rates

Over 30 years, borrowing $480,000 at 6.04%, total cost including interest and known fees could be around $1,042,736. Estimated monthly repayment: $2,890.20.

Home loan option

Property price

Your deposit

Loan term (years)Repayment frequency

Estimated total cost over 30 years

$1,042,736

Estimated repayment

$2,890.20

monthly repayment

Amount you borrow: $480,000 · At 6.04% · Variable — can change with the market

This loan can be split between fixed and variable. This estimate uses one option only.

Known fees in this estimate

Application fee: $450
Legal fee: $250
Document fee: $5
Discharge fee: $120
Monthly fee: $4 / month
Total ongoing fees (30 yrs): $1,440

How is this calculated?

Estimated total cost includes the amount borrowed, interest over the full loan term, and any upfront, ongoing, and discharge fees published by the lender. It does not include stamp duty, LMI, or savings from an offset account.

The revert rate is the rate your loan may switch to when a fixed, introductory, or interest-only period ends. Where a lender hasn't published this rate, we use an estimate.

Cost breakdown

Amount you borrow: $480,000
Total interest: $560,471
Upfront fees: $705
Ongoing fees: $1,440
Discharge fee: $120
Estimated total cost: $1,042,736

These figures are estimates only. Your actual repayments and costs may differ. Confirm all details with your lender before making a decision.
Where a lender hasn't published their revert rate (the rate that applies after a fixed, introductory, or interest-only period ends), we estimate it. Your repayments may change when this period ends.
Split loans and offset accounts aren't included in this estimate.
For product comparison and comparison rates, see the rates table above.

Still Unsure? Let a human handle it.

Not sure if Australian Military Bank is right for you? Our brokers can help you compare options.

Frequently Asked Questions

Online applications can be completed in under 15 minutes, but specific timelines for conditional and full approval aren't provided. It's best to contact the bank directly for more detailed information.