Protection from home loan changes

Safe as houses: Home loans rates protected.

MILITARYSUPER has ended its arrangement with Member’s Equity Bank where ADF members could receive a discount on the Member’s Equity standard variable home loan rate.

MilitarySuper Board Trustee Air- Cdre Lee Roberts said soldiers who had a home loan under current arrangements will continue to receive the discounted home loan rate for the life of their loan.

In 2001, the MilitarySuper Board made a cash investment in the Super Members Home Loans (SMHL) scheme. That investment also provided the option for ADF members to access discounted variable home loan rates. The SMHL scheme has now become the Members Equity Bank.

The Board seeks to maximise returns for MSBS members and has stopped its investment in Members Equity because it believes higher returns are available elsewhere.

Nevertheless, Air-Cdre Roberts said the full range of Members Equity services were still available to ADF members.

The MSBS Board expects to announce the start of a number of promised ancillary benefits in the next few months.