Defence Bank Home Loans Review for Australian Expats
Defence Bank is a member-owned bank in Australia, which includes current and former members of the Australian Defence Force, their spouses, and civilians who work in the defence industry. Defence Bank offers a range of banking products and services, including transaction accounts, savings accounts, term deposits, home loans, personal loans, and credit cards.
Discover if Defence Bank is a lender to consider for your home loan from overseas.
- Borrow up to 90% of the property purchase price
- 100% mortgage offset account
- No early repayment penalty
Defence Bank Home Loan Options
Defence Bank offers the following home loan products. However, they may not be available to all Australian expats borrowing from overseas. You can contact us to confirm and find the right deal for you.
Essentials Ultimate
Premier Low
Premier Investor
The Essentials Ultimate home loan package from Defence Bank is a comprehensive package that offers a number of benefits, including fixed rate options from 1 to 5 years, no application or establishment fees, no monthly fees, no annual fee on our Defence Bank Foundation credit card, contents and landlord insurance and no fees for extra repayments.
The Premier Low Rate home loan is compatible with the Defence Home Ownership Assistance Scheme (DHOAS), which can help eligible borrowers get a lower interest rate on their loan. The loan also allows you to borrow up to 70% of the property value, which can be helpful if you are a first-time buyer or if you do not have a large deposit.
The Premier Investor home loan is a purpose-built option for investors looking to expand their real estate portfolio, refinance a loan, or make any worthwhile investment. It offers a maximum loan-to-value ratio (LVR) of 90% for a limited time, and can be used for any property type.
The loan has a number of features that can help investors save money, including:
- A 100% mortgage offset account
- No application fees or monthly fees
- Free loan redraw (minimum $100)
- No fees for extra repayments
Overall, the Premier Investor home loan is a good option for investors who are looking for a flexible and cost-effective way to finance their property purchases.
Defence Bank Home Loans Review
Here are the pros and cons of choosing a Defence Bank home loan to buy property in Australia.
| Pros | Cons |
|---|---|
Up to 90% loan-to-value ratio (LVR) for Defence Home Ownership Assistance Scheme (DHOAS) loans | Fewer branches than some other lenders |
No early repayment penalty | Higher interest rates |
Free redraw facility | May not be the best option if you have a poor credit history |
Personalised service |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Defence Bank Home Loan Features
Defence Bank can help you get the following home loan features.
| Feature | Details |
|---|---|
Offset account | Is linked to your home loan. Any money that you deposit into the offset account will reduce the amount of interest that you pay on your home loan. |
Loan portability | Allows you to transfer your home loan to another property. This can be helpful if you move to a new property or if you want to refinance your loan. |
Free redraw facility | Allows you to withdraw money from your home loan without incurring any fees. This can be helpful if you need to access cash for an emergency or other unforeseen expense. |
No early repayment penalty | Can pay off your loan early without having to pay any penalties. This can be helpful if you have a windfall of money or if you want to reduce the amount of interest you pay. |
Facts About Defence Bank
Defence Bank is a member-owned bank in Australia that was established in 1975.
It has over 100,000 members and has assets of over $2 billion.
Defence Bank employs over 200 people.Its headquarters are in Canberra, Australia.
How Do I Apply for an Expat Mortgage with Defence Bank?
Here are the steps on how to apply for an Australian expat home loan with Defence Bank while living overseas:
- Contact a mortgage broker: A mortgage broker can help you understand your options and apply for a loan with Defence Bank.
- Gather your documents: You will need to provide Defence Bank with a number of documents, such as your passport, visa, tax file number, and proof of income.
- Complete an application form: You will need to complete an application form with Defence Bank.
- Provide a deposit: You will need to provide a deposit of at least 20% of the property value.
- Meet with a lending specialist: You will need to meet with a lending specialist from Defence Bank to discuss your application.
- Get approved for the loan: If your application is approved, you will be able to sign the loan documents and close the loan.
Who is Eligible?
The eligibility requirements for a home loan with Defence Bank in Australia vary depending on the type of loan you are applying for. However, some of the general eligibility criteria include:
- You must be a permanent resident of Australia or an Australian citizen.
- You must have a valid Australian tax file number.
- You must have a good credit history.
- You must have a minimum deposit of 20% of the property value.
In addition to these general criteria, there are also some specific eligibility requirements for Australian expats and foreign investors.
Foreign investors who are not permanent residents of Australia can be eligible for a home loan with Defence Bank if they meet the following criteria:
- You must have a valid visa that allows them to live in Australia for at least 12 months.
- You must have a local address in Australia.
- You must have a bank account in Australia.
- You must have a good credit history in their home country.
- You must have a minimum deposit of 40% of the property value.
It is important to note that these are just the general eligibility criteria. The specific eligibility requirements may vary depending on the type of loan you are applying for and the lender’s individual policies.
What Documents Do I Require?
Here are the documents that Defence Bank in Australia requires for a home loan from overseas with them.
Proof of Identity
This could be a copy of your passport, driver's licence, or birth certificate.
Proof of Residency
This could be a copy of your visa, residency permit, or utility bill.
Proof of Income
This could be a copy of your payslips, tax returns, or bank statements.
Proof of Assets
This could be a copy of your property title, investment statements, or other financial assets.
Letter From your Employer
This letter should confirm your employment, salary, and length of service.
Bank Statement
This statement should show your current account balance and recent transactions.
It is important to note that these are just the minimum documents required for a home loan with Defence Bank from overseas. Defence Bank may also request additional documents, such as a credit report or a letter from your financial advisor.
Here are some additional tips for gathering the required documentation for a home loan with Defence Bank from overseas:
- Make sure that all of your documents are translated into English if they are not already in English.
- Get certified copies of all of your documents.
- Organise your documents in a clear and concise way.
- Be prepared to provide the originals of your documents if requested.
Other Related Products from Defence Bank
Variable Rate Home Loan
The Defence Bank Variable Rate Home Loan is a variable-rate home loan, which means that the interest rate can go up or down over time. The Defence Bank Variable Rate Home Loan has a number of features, including:
- No early repayment penalty: This means that you can pay off your loan early without having to pay any penalties.
- Free redraw facility: This allows you to withdraw money from your loan without incurring any fees.
- Flexible repayment schedule: This allows you to choose how often you make your repayments. You can make weekly, fortnightly, or monthly repayments.
Offset Account Home Loan
The Defence Bank Offset Account Home Loan is a variable-rate home loan that comes with an offset account. The offset account is linked to your home loan, and any money that you deposit into the offset account will reduce the amount of interest that you pay on your home loan.
Flexible Repayment Home Loan
A flexible repayment home loan is a type of home loan that allows you to make extra repayments or skip repayments without penalty. This can be helpful if you want to pay off your loan early or if you have a temporary cash flow problem.
The Defence Bank Flexible Repayment Home Loan is a variable-rate home loan that offers flexible repayment options. You can make weekly, fortnightly, or monthly repayments, and you can also make extra repayments or skip repayments without penalty.
Need a Home Loan with Defence Bank?
Defence Bank home loans are a promising option for Australian expats looking to invest in property back home. They offer tailored solutions that meet the specific needs of expats, and their experienced expat lending team has a deep understanding of the challenges and opportunities that expats face. This makes Defence Bank a strong contender in the market for expat home loans.
Odin Mortgage has years of experience dealing with lenders regarding overseas home loans. Speak with one of us to discuss your requirements in detail and receive tailored solutions and help throughout the loan application process, even beyond settlement!
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About (LENDER)
What are the features of a Defence Bank home loan?
Defence Bank offers a range of home loans with different features. Some of the features that they offer include:
- No early repayment penalty
- Free redraw facility
- Flexible repayment schedule
- Offset account
- Loan portability
- Mortgage insurance rebate
What are the interest rates for Defence Bank home loans?
The interest rates for Defence Bank home loans vary depending on the type of loan you are applying for, your credit history, and the amount of your loan. You can get an indicative interest rate by using their online calculator.
How can I apply for a Defence Bank home loan?
You can apply for a Defence Bank home loan online, by phone, or in person at one of their branches.
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