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

“Sailors who have a home loan under current arrangements will continue to receive the discounted home loan rate for the life of their loan,” MilitarySuper Board Trustee AIRCDRE Lee Roberts said.

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, AIRCDRE Roberts said “the full range of Members Equity services are still available to ADF members”.

The MSBS Board expects to announce the commencement of a number of promised ancillary benefits in the next few months - full details will be provided in future editions of Navy News.

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