All the home loan options you need under one roof.

Whether you’re a first home buyer, upgrading, downgrading, looking to build or expanding your investments, you’ll feel right at home with our suite of home loan options. And if you’re in the ADF, we have options that work with whichever stage you’re at in your career. Here are some basics that are always worth reviewing.

Speak with a home loan consultant today to discuss your options.

Find a home loan consultant.

Put in the initial ground work.

We’re here to make the process of buying a house as pain-free as possible. But it’s always a good idea to kick off the process with a thorough understanding of the market, what you’re looking for and what you have to work with. On your research list should be:

  • Are you living in or renting?
    If the latter, you need to consider what sells well in the renter’s market - you’re not buying for yourself. If you do plan to live in your purchase, a list of non-negotiables vs. ‘nice to haves’ is a good way to approach the process.
  • Know your market.
    Have a good idea of where you want to buy, and everything you can know about that area. Quick and simple online tools like this and this are a good place to start.

    If you're not sure where to start, our helpful home loan consultants can point you in the right direction.

Consider all the costs.

The costs with buying a house add up to more than what the auctioneer shouts out as the gavel comes down.

  • The deposit.
    You may be tired of hearing about it, but the information is still the same: unless you’re part of the First Home Loan Deposit Scheme, you need at least a 20% deposit if you want to avoid the lender’s mortgage insurance (LMI).
  • Fees and taxes.
    From stamp duty and removalists to conveyancing and application fees, there’s a lot to budget for. Get a head start with our suite of handy calculators, like determining stamp duty for a specific house purchase or planning and setting a budget.
  • Indirect costs.
    It’s worth considering the time and effort you spend in the process as a cost, especially if you have kids that need looking after during appointments or inspections, and the disruption to your lifestyle or work schedules as a result.

You could be up for a helping hand.

It’s worth investigating your eligibility for various home buying schemes or programs that can give you a leg up during the purchasing process or over the life of your loan.

  • First Home Loan Deposit Scheme.
    This year, the Federal Government is helping first home buyers get a head start by providing only a 5% deposit with no lenders mortgage insurance - but hurry, places are limited.
  • Defence Home Ownership Assistance Scheme (DHOAS).
    If you’re part of the ADF family, you could be eligible for the DHOAS, one of the fantastic benefits of serving.

Calculate your repayments.

You can’t start without having some idea of what you can spend - also known as your ‘borrowing power’ and how it works into your budget. Find your borrowing power now with our simple calculator.

Borrowing power calculator.

Then it’s time to get an idea of your repayments with our repayment calculator, as well to see what proportion of each payment is paying off the principal vs the interest, which can help give more insight into your loan.

Repayments calculator.

Arrange pre-approval.

Getting pre-approval before you start your house hunt in earnest means getting the paperwork for the loan approved, completed and out of the way. As soon as you find the right home, you’ll be ready to go straight away with a fixed maximum you can borrow.

Showing pre-approval to buyers can also give you an edge in the market as it means less waiting around on their end - it’s a win-win.

Depending on how your search pans out, you may have to consider a bridging loan if it looks like you’ll need to jump on your dream house before selling your current home.

See our suite of home loan products.

Enquire about a home loan.

Found your new home?

Sometimes the so-called basics are forgotten - here are a few housekeeping items to keep in mind before the big move.

  • Contact all utilities - let them know you're moving and they'll organise transferring your accounts.
  • Set up a redirect at the post office - important items still come through the mail so make sure you capture them with the redirect service for three, six or 12 months offered by Australia Post.
  • Set up automatic loan repayments - take the hassle out of the monthly payment by having it debited out of your elected account automatically.
  • Don’t make just the minimum if you can - at Defence Bank we’re not here to punish you if you can pay more than the monthly repayment. If you can - you should, or opt for an offset account that can double as your savings.

Frequently asked questions.

You can buy a new or used car or motorcycle up to, and including, 5 years old with a car loan. If you would like to purchase an older car, contact us as you may do so with a personal loan

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 Home Guarantee Scheme will be required. Speak to a lender 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

Not a member? Join Defence Bank now.
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