| Product | Interest rate from | Comparison rate from | Upfront fee |
|---|---|---|---|
| Car Loan (Variable) |
6.95% p.a. |
7.89% p.a.based on $30,000 |
$180.00 |
| Unsecured Green Loan (Variable) |
7.15% p.a. |
8.06% p.a.based on $30,000 |
$150.00 |
| Unsecured Personal Loan (Fixed) |
9.99% p.a.to 9.99% p.a. |
10.88% p.a.to 10.88% p.a.based on $30,000 |
$150.00 |
Unsecured Personal Loan
Australian Military Bank’s unsecured personal loan options have both competitive rates and flexible repayment options for the borrower. There is the choice of a variable or fixed interest rate, which both allow customers to borrow between $4,000 and $80,000 without putting an asset against the loan. Each option also offers the choice of weekly, fortnightly or monthly repayments and free extra repayments as well (with no early repayment penalty). There is also an upfront application fee and ongoing service fee to budget for.
There are a few differences though. The variable rate loan has borrowing terms between 1 to 7 years and borrowers can make redraws on their extra repayments. Plus, Australian Military Bank’s variable rate option won a 2023 Mozo Experts Choice Award for Best Unsecured Personal Loan. Meanwhile, the fixed rate option has terms between 1 to 5 years and borrowers are unable to access a redraw facility. However, the fixed rate option provides certainty when it comes to repayments over the life of the loan whereas the variable rate may change your repayments as the market moves.
Green Loan
The green loan offered by Australian Military Bank comes with a low variable interest rate, a range of loan terms and flexible repayment options. Customers can borrow anywhere from $4,000 and $40,000 with this loan as long as it is used for eco-friendly domestic uses - such as solar installation or energy efficient heating and cooling. Terms range from 1 to 7 years and borrowers can make weekly, fortnightly or monthly repayments. Free extra repayments are also available on this loan, however there is no redraw facility to dip into these funds later on. While there is no early repayment penalty attached to this loan, be mindful there is an upfront application cost to consider as well as an ongoing service fee.
Car Loan
If you have your eyes on a car that's up to 5 years old and need a loan to get your hands on the keys, Australian Military Bank’s Car Loan might be the choice for you. This loan comes with competitively low variable rates and the option to borrow between $4,000 and $80,000 for 1 to 7 years. And when it comes to paying your loan back, there’s plenty of flexibility. Not only can you choose between a weekly, fortnightly and monthly repayment schedule, there’s also the option to make free extra repayments and redraws whenever you like! You may also be pleased to hear there is no early repayment penalty if you pay down your loan ahead of time - just be mindful there is an upfront application fee and ongoing service fee.
Repayment flexibility: All Australian Military Bank personal loans offer the option of making weekly, fortnightly or monthly repayments. One tip when selecting the payment schedule is to line it up with when your salary comes in.
Free extra repayments: As well as regular repayment options, all personal loans offered by Australian Military Bank also come with free extra repayments. This means borrowers can make additional contributions towards their loan whenever they want to.
Redraw facility: While not all Australian Military Bank personal loans offer a redraw facility, some do. Both the variable Unsecured Personal Loan and Car Loan have this feature which allows borrowers to access the extra repayments they have made if they need to.
No early repayment penalty: None of the personal loans from Australian Military Bank come with an early repayment penalty cost. This means you can rest assured knowing that if you pay down your loan ahead of time you won’t be slapped with a hefty fee.
Applying for a personal loan from Australian Military Bank can be done online, at a local branch or over the phone. The online application for a personal loan from Australian Military Bank will take you around 15 minutes and a response can take up to 24 hours.
Here are some things you’ll need for your application:
Personal information and identification (such as a licence, medicare card or passport)
Your employment, income and living expenses details - including your latest payslip
An outline of any assets you have (such as land, property, contents etc.)
Information about any outstanding debts you have
Tax File Number (optional)
Mozo users have rated Australian Military Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.
Great deal! It was awesome an experience! I would proudly recommend my provider for everybody who needs some financial help!
Read full reviewGreat deal! It was awesome an experience! I would proudly recommend my provider for everybody who needs some financial help!
Horrible convenience, small bank which is never open on weekends including being able to call them, can only call between 9-5 mon-fri.
Read full reviewHorrible convenience, small bank which is never open on weekends including being able to call them, can only call between 9-5 mon-fri.