Discount on home loans ends for super members

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

MilitarySuper board trustee Air Commodore Lee Roberts said members who had a home loan under current arrangements would 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.

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

The MSBS board expects to announce the start of several promised ancillary benefits in the next few months. Full details will be provided in future editions of the Air Force newspaper.

.