Defence Bank Home Loans Review
Owned by: Customer-owned
Funded by: Retail deposits and wholesale capital markets
LMI provider: Genworth
Lender type: Credit union
Defence Bank is not an available lender on our panel. This is a review only.
Defence Bank, formerly known as Defence Force Credit Union, was set up to offer cheap home loan options under the Defence Home Ownership Assistance Scheme (DHOAS).
As a customer-owned bank, they don’t operate for the benefit of shareholders so their profits go back into offering better products and service to Australian Defence Force (ADF) personnel.
How do Defence Bank home loans compare?
They’re great at
But they’ve got some drawbacks…
- They can be conservative when it comes to unusual property types and locations
- Ongoing fees rarely apply but a high upfront fee will likely be charged
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What types of home loans does Defence Bank sell?
Defence Bank’s variable rate packages are the Ultimate and Essentials packages, with the only real difference being a slightly lower interest rate applied to its Ultimate package.
Do I have to be a member of the ADF?
No but a few of their products are only available to ADF personnel meaning that special interest rate discounts and government subsidies only apply via the DHOAS.
For example, the DHOAS Saver Home Loan and DHOAS Construction Home Loan is only available to ADF members.
Can I get DHOAS subsidies through other lenders?
Any bank in Australia can submit a tender to the government to secure the contract for the defence housing discounts and it currently sits with three lenders.
You can read more about qualifying for DHOAS subsidies on the defence force home loan discounts page.
We’re experts in getting home loan discounts for ADF members!
As a mortgage broker, we can assess your needs and choose from our panel of nearly 40 lenders to find a great deal on your behalf.
Call us on 1300 889 743 or complete our free assessment form today.