Essentials Home Loan (fixed).

A fantastic low-rate option with fixed rate options from 1 to 5 years.

2 .19 % p.a. 2 year fixed rate.
3 .43 %* p.a. Comparison rate.

Compatible with DHOAS.

No application fees.

Can make extra repayments.

Fixed-rate options 1 to 5 years.

Sometimes simple is best. Our Essentials home loan offers a competitive rate with the convenience and flexibility you need.

Compatible for owner-occupied (including DHOAS), Essentials is a solid bet on a loan that has your back, whether it’s your first home, your tenth or anything in-between.

Key features.

  • Compatible with DHOAS.
  • Fixed-rate options 1 to 5 years.
  • No application fees.
  • No fees for extra repayments.
Owner occupier - fixed. Fixed rate. Comparison rate.*
Fixed 1 year. 2.49% p.a. 3.58% p.a.
Fixed 2 year. 2.19% p.a. 3.43% p.a.
Fixed 3 year. 2.49% p.a. 3.40% p.a.
Fixed 4 year. 2.79% p.a. 3.42% p.a.
Fixed 5 year. 2.79% p.a. 3.36% p.a.
Fees.  
Application fee. $0
Loan Settlement fee.^ $275
Valuation fee.^  
– Standard valuation. $205.25
Loan Service fee.^ (monthly) $8
Consent and variation fee.^ $250
Switching fee.^ (For example switching from fixed to variable interest rate.) $300
Security discharge administration fee.^ $250
Substitution of loan security fee.^ $275
May be payable.^  
– Solicitors and other parties actioning requests. Not ascertainable
Rate lock fee.  
– When you ask us to lock in a fixed, or guaranteed, rate of interest on a home loan. 0.15% of the fixed interest rate loan amount.
Break cost fee.†  
Payable before expiry of any period when interest rate is fixed on any portion of loan due to loan being repaid, interest becoming variable or default. We calculate the ‘break cost’ using the following formula:  
Let n = the remaining number of months for which the rate is fixed.
Let A = current outstandings.
Let P = monthly scheduled payments.
Let z = annual fixed interest rate payable monthly.
Let y = annual reinvestment rate payable monthly.
Let b = (1+y/12)n Let d = (1+z/12)n.
Then the Break Value is given by: (A/b)*(d-b)+12P/(byz)*(z(b-1)-y(d-1)).
 
Arrears reminder notice fee (per letter). $20
Default Notice (enforcement notice). $20
Redraw Fee (Basic Variable home loan only). $25

 

Terms and conditions, fees and charges apply and are available upon request.

Approval subject to Defence Bank's lending criteria.

Rates apply to new applications received however are subject to change at anytime.

Defence Bank’s Target Market Determination can be viewed here.

On expiry of the fixed interest rate period, the interest rate will revert to the applicable Essentials home loan variable interest rate (Owner Occupier) which applies at the time of expiry.

Next steps...

We offer a range of DHOAS-compatible home loans for owner-occupiers.
Use our home loan calculators to see how your dream home fits into your budget.
Any questions? Speak to our experienced, helpful staff.
Find a home loan consultant at a branch near you.

Frequently asked questions.

You need to have at least 5% genuine savings plus enough funds to cover fees and charges.

Where you have less than a 20% deposit, lenders mortgage insurance (LMI) or, if you are eligible, a First Home Loan Deposit Scheme Guarantee will be required. It’s best to talk to a home loan consultant to find out more.

Look at our home loan options.

The Defence Home Ownership Assistance Scheme (DHOAS) assists current and former Australian Defence Force (ADF) members and their families to achieve homeownership.

DHOAS is administered by the Department of Veterans' Affairs (DVA) on behalf of the Department of Defence.

DHOAS provides eligible current and former serving members of the Permanent Force and the Reserves with a subsidy on the interest of their home loans.

The subsidy is paid monthly, directly into a DHOAS home loan. The amount of subsidy you receive depends on your subsidy tier level and the balance of your home loan up to your subsidised loan limit. 

To learn more about Defence Bank DHOAS home loans click here

To find out more about DHOAS and your eligibility click here

Yes, we are one of the financial institutions who are able to offer this scheme to our members. To check your eligibility, visit the National Housing Finance and Investment Corporation (NHFIC) website.
Check if you’re eligible.

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