News

Australian Defence Reservists called to assist with frontline and evacuee assistance

Over the weekend the deepening bushfire crisis saw Australian Defence Reservists called to action to assist with frontline and evacuee assistance. We wish all those serving the very best for their deployment and wish them a safe and prompt return to their families.

We would like to warmly congratulate Defence on their live-saving actions to date with emergency evacuations rescuing thousands of Australians from harm’s way. We understand the added reservist numbers will substantially increase defence capacity and support the welcome extended on bases which have been opened to evacuees.

For any of our members directly impacted by the fires please reach out if you are in financial difficulty. We can offer financial hardship assistance and we encourage you to contact us as soon as possible on 1800 855 810.

Wishing you a safe and prosperous 2020

Australian Military Bank would like to wish all our members a safe and prosperous 2020.

Our special thoughts are with those members currently serving overseas separated from family and friends.  We would like to take this opportunity to thank you for your vigilance and express our gratitude for your service as we enjoy this holiday period. We wish you a safe and speedy return to your loved ones.

We are also saddened that some members are facing terrible hardships in recent weeks as a result of the bushfire crisis that has gripped Australia. The effects of this tragedy are wide-ranging and with potential financial impact. If you have been impacted by bushfires and in financial difficulty we encourage you to contact us as soon as possible to discuss how the Bank can assist you through this period on 1800 855 810.

Australian Military Bank Announces New CEO

Australian Military Bank Chairman John Brooks today announced its new CEO positioned to leverage the Bank’s investment in digital and lead the next chapter with a focus on Member Experience.

Darlene Mattiske-Wood to take up the role of CEO Australian Military Bank.

“Following an extensive national search, we can announce that Darlene Mattiske-Wood will succeed John Ford as the new CEO from the 2nd March 2020,” Chairman John Brooks said.  “We consider that we are very fortunate to welcome Darlene, who has more than 20 years experience in strategic and executive leadership, 15 of these within the Mutual sector, most recently as the acting and then deputy CEO for People’s Choice Credit Union,” he said. 

“Darlene’s extensive experience in strategic leadership and transformational change, with strong expertise in people strategy and culture within one of the largest Mutual Banks in Australia will support Australian Military Bank as we continue to operate in an extremely competitive environment with a demanding regulatory regime,” said John Brooks.  “Darlene’s direct experience in leading, developing and delivering an aligned internal culture to deliver a member focused operating model. This will give strength to our recent business model transformation including our digital and technology investments.”

“We see Darlene’s strong member values and experience as a natural fit to take us into our next phase of growth, as we continue to transform to meet the current and future expectations of our members,” said Chairman Brooks.

Chairman Brooks also thanked former CEO John Ford for his valuable contribution to the Bank over the past 7 years.  “John has been very committed to the success of Australian Military Bank and has positioned the Bank strongly for the future. During his tenure as CEO we successfully converted to mutual bank status, returned to positive net membership growth, successfully re-tendered for the DHOAS scheme, lead a digital transformation journey, converted to a modern and open banking system (on time / on budget) and attracted an investment grade corporate rating. In the interest of a smooth transition, John has agreed to remain with the Bank until the end of February 2020.” 

Darlene Mattiske-Wood

Darlene was appointed as People’s Choice Deputy Chief Executive in February 2016.  Along with the deputy CEO role, her position included Chief Strategy, Marketing and People Officer responsible for the development and implementation of the People’s Choice Strategic Plan as well as the leadership of the credit union’s strategies for People and Culture, Marketing, Member Strategy, Product Governance and Member Segmentation, Communications & Public Affairs.  In addition, Darlene has played the lead role in the People’s Choice Transformation for the development, roadmap and delivery of the multi, million dollar digital and member centric target operating model. 

Darlene has extensive Strategic, Operational and People and Culture expertise.  She has also held several Board positions including current director with COBA (Customer Owned Banking Association) and previous Chair of Mutual Market Place representing People’s Choice in the Joint Venture Procurement Company between CUA, the largest Mutual Bank in Australia and People’s Choice.

Darlene’s qualifications include: The advanced management program with Harvard University in 2018, a Diploma in Management and a Bachelor of Management as well as a graduate Diploma in Human Resource Management.  She has received the following external recognition:

• The 2016 Telstra Business Women’s Award, Corporate & Private South Australia;
• Finalist in the 2017 National Retail Banking Awards for Executive of the Year;
• Two AHRI Awards (Australian Human Resource Institute) for People Leadership and People Strategy.

Australian Military Bank selected to offer the First Home Loan Deposit Scheme

Australian Military Bank is proud to announce that it has been selected by the National Housing Finance and Investment Corporation (NHFIC) to offer home loans under the Federal Government’s First Home Loan Deposit Scheme (the Scheme).

Our selection as an approved lender to the Scheme will enhance our ability to help first home buyers enter into the property market whilst saving thousands of dollars by avoiding the cost of Lenders Mortgage Insurance (LMI).

“Acceptance into the Scheme enables us to help members of the Defence Community become homeowners,” Chief Executive Officer John Ford said.

“The First Home Loan Deposit Scheme is a great way of helping more members purchase a home sooner with increased upfront affordability. We have a long and proud history of helping members of the Defence Community to purchase their first home and this initiative from the Government will help us do it better.” 

What is Lenders Mortgage Insurance (LMI)?

LMI is a requirement for borrowers when their home loan deposit is less than 20% of their property’s purchase price. This is charged at the time of settlement and can be paid up front or capitalised onto the total loan amount (conditions apply).

What is the First Home Loan Deposit Scheme?

The Scheme is a new initiative by the Australian Government to support eligible first home buyers purchase a home sooner.

Generally, customers today need to save at least 20% of the property’s value to secure a home loan without needing to pay LMI. Under the scheme, the NHFIC will provide a Guarantee of up to 15% of the property’s value.

The Scheme will support up to 10,000 loans each financial year and will be accessible to members through Australian Military Bank from 1 February 2020.

Ahead of this date, customers can check their potential eligibility on the NHFIC website. The eligibility criteria complements the property price lookup tool, which is also available on the NHFIC website. This has also been developed to assist first home buyers determine the property price threshold that applies under the Scheme in relation to properties in every suburb around the country.

In support of the Scheme and Australian Military Bank’s commitment to first home buyers, the Bank will not charge eligible customers higher interest rates than equivalent customers outside of the Scheme. Further information about products available to members eligible for the Scheme will be released early in the new year.

Other Home Buying Assistance Grants and Concessions?

Defence Home Ownership Assistance Scheme (DHOAS)

DHOAS assists current and former Australian Defence Force (ADF) members and their families to achieve home ownership. DHOAS is administered by the Department of Veterans' Affairs on behalf of the Department of Defence.

The Scheme is aimed at improving ADF recruitment and retention. The longer you serve in the ADF, the more entitlement you accrue under DHOAS and the longer you can receive assistance.

To be eligible, you must have served within the last two years of applying for DHOAS, completed a qualifying period of service and accrued a service credit.

You will need to take out a DHOAS home loan and meet the Scheme conditions, including occupancy requirements, to receive the monthly subsidy payments. 

For more information, visit: https://www.dhoas.gov.au/

First Home Owner Grant

If you’re starting out, you might qualify for a First Home Owner Grant (FHOG). Rules and conditions vary for each state and territory and can change from time to time. To find out more, visit: http://www.firsthome.gov.au/

Stamp duty concessions

If you’re buying your first house, you may also qualify for stamp duty concessions (depending on the state/territory). 

More information

We know that the home loan process can be daunting. For assistance or any further information about our Home Loans, call us on 1800 752 349, visit your local branch, make an appointment with a mobile banker or, if you’re ready, feel free to apply online.

2019 Annual General Meeting

Australian Military Bank's 60th Annual General Meeting was held Wednesday 30 October, 2019, in Sydney with over 60 members and visitors in attendance.

The meeting offered a combination of important business and reflection on the last 60 years.

A number of important motions were passed by members on the evening. These included:

• Amendment to the Bank’s Constitution to allow us to issue Mutual Capital Instruments (MCIs). Our Bank has returned to above system growth and the issuance of MCI’s could help us to grow faster for longer. For more information on the impacts of these changes, click here. 
• Amendment to the Bank’s Constitution to increase the number of directors that may be Board appointed. Bank Boards today require a range of skills and the ability to appoint directors to fill skill gaps is important.
• Reappointment of Jodie Hampshire as a director;
• Reappointment of Bruce Scott as a director.

We would like to thank all those in attendance as well as all our members for their continued support for the Bank.

Interest Rate Update - October 2019

Australian Military Bank has reviewed its interest rates and decided to reduce variable owner occupied and investment rate home loans, by 0.14% p.a. These changes take effect as follows:

• New to bank home loan rate changes effective 18th October 2019
• Existing home loan rate changes effective 30th October 2019

In addition, the Bank has reduced fixed rates for new borrowings and the following changes take effect as follows:

• 2 year fixed rate owner occupied is reduced down by 0.50% effective 18th October 2019
• 2 year fixed rate investment is reduced down by 0.45% effective 18th October 2019

Unfortunately, the RBA target cash rate does not reflect the Bank’s cost of funds as this is influenced by a variety of sources. When we change interest rates we need to balance the needs of our depositors, who will also be impacted by this low interest rate environment. Changes to deposit product rates will take effect and be reflected on our website shortly.

For any queries about this rate reduction on new or existing home loans please contact us on 1300 13 23 28 or email us at: service@australianmilitarybank.com.au

RBA drops official cash rate

Today, the RBA dropped the official cash rate by 25bps to 0.75%.

Australian Military Bank will be reviewing current market conditions and will advise our members of any changes to our rates.

Australian Military Banks’ Personal Loan product a finalist in Annual Finder Awards

Australian Military Banks’ Personal Loan products were recognised for their great value at the recent annual Finder Awards night. Australian Military Bank was a finalist in the Personal Loans (Risk Based) category – in what was an extremely competitive landscape. Products were judged on their features against a range of credit score tiers.

From startups to household names, more than 100 brands were named as finalists across 49 categories and for more information about the Finder Awards, click here.

Our Car and Personal Loans offer prospects / members tailored rates based on their credit history. We offer a range of benefits and features like the ability to make extra repayments or pay off your loan early without penalty and the option to make loan repayments straight from salary credits. Plus, with our fast online 24/7 application, if prospects/ members meet our lending criteria, they could be conditionally approved on the spot!

For more information about Personal Loan products click here.

Australian Military Bank CEO succession announcement

CEO of Australian Military Bank, John Ford, announced today that he will be stepping down at the conclusion of his contract in December 2019. Ford said “Australian Military Bank is a strong niche organisation with a fantastic membership bond and committed staff. By December I will have been at the Bank for nearly 7 years so it’s time for me to take on a new challenge.”

Australian Military Bank Chairman, John Brooks, said “we have been very fortunate to have John’s services for the last six and a half years. During this time he has lead the organisation through some major milestones including:

• growing the Bank’s assets by 80%;
• returning our membership to net positive growth;
• substantially reducing the fees charged to members;
• successful conversion to Bank status,
• renewal of key contracts with Defence and
• leading our digital journey by converting to a modern and open banking system.

Brooks said “John has been very committed to the success of Australian Military Bank and has positioned the Bank strongly for the future.”

John Ford said “it has been an absolute privilege to lead Australian Military Bank. This role has allowed me to meet and interact with the Defence community and develop an appreciation for what they do. Our Defence members do something very special for our country and we owe them the best service possible. The Banks introduction of the Military Rewards Account now ensures we give back both to our members (via payWave rebates) and systematically to key Defence Charities with over $165K donated to date.”

Ford said “the Bank has always had a compelling raison d’être and I’ve been fortunate to have the support of some great directors, staff and partner organisations. Over the last 18 months we have strategically invested in our business model by converting the bank to a modern digital platform. Our conversion has been achieved on time and on budget and the Bank is now very well placed for the future. We moved early and decisively and I look forward to my successor further leveraging our fantastic new platform”.

Chairman Brooks advised the Board would complete a comprehensive search for a replacement CEO but remained confident about the transition. “We have a strong Board and management team which will ensure continued progress against our goal of becoming a great niche bank.”