Defence Bank personal loans

Defence Bank
Defence Bank's overall rating for personal loans

(as rated by the Mozo community)

5.5 / 10

based on 4 reviews

Defence Bank personal loans offer a range of packages for different needs. Check out our range of personal loans for an overview of interest rates, fees and more. Or you can compare the whole market with our personal loan comparison tools.

Defence Bank offers the following personal loans

Rates and fees verified as correct at 06 December, 2016. Other information correct at the time of writing.

Product Interest rate from Comparison rate from* Upfront fee

13.99% p.a.

14.86% p.a.based on $30,000
over 5 years

$150

6.59% p.a.

7.59% p.a.based on $30,000
over 5 years

$207

11.74% p.a.

12.62% p.a.based on $30,000
over 5 years

$150

* The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. The comparison rates displayed are for the amounts and terms quoted, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans, and apply only to these examples. Different amounts and terms will result in different comparison rates. Full comparison rate schedules are available from lenders. Costs such as redraw fees or early repayment fees, and savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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About Defence Bank personal loans

Defence Bank is owned by members rather than shareholders who are made up of the Defence Force community and everyday Australians. When it comes to personal loans, it has three: a debt consolidation loan, low rate car loan and personal loan. Read on for all you need to know.

What personal loans do Defence Bank offer?

Consolidation loan:

If you’re repaying debts collectively worth $10,000 or more, you could combine them for a lower interest rate with Defence Bank’s debt consolidation loan. This unsecured loan doesn’t require you secure it to an asset, which means less paperwork for you. The interest rate is subject to change at any point along the loan term, which can span from 1-7 years. With a Defence Bank consolidation loan you can make extra loan repayments and withdraw from them via a free redraw facility. Remember to factor in a signup cost and small monthly administration fees if you are considering taking out this loan.

Low rate car loan:

Need a personal loan to help finance a new or used car up to 5 years old with a $10,000 price tag or higher? A low rate Defence Bank car loan could help you with that, where the loan amount maximum depends on how much you are eligible to borrow. In return for securing your vehicle to the loan you’ll receive a competitively low variable interest rate. Nifty features include a free redraw facility to draw on extra repayments, and no break costs for clearing that debt earlier than required. Loan terms range from 1-7 years and there’s a sign up cost plus monthly fees involved with this loan.

Secured personal loan:

Whether you need a personal loan to help finance that dream wedding or holiday, Defence Bank’s secured personal loan with a free redraw facility and zero break costs could be your borrowing match. Loan amounts start from $1,000 (to a maximum dependant on your borrowing power) and you’ll need to tie an asset to the loan as security for its competitive, variable rate. The term of your secured personal loan can range from 1-7 years. While there is a sign on cost and monthly fees to consider, remember you’re still able to make extra loan repayments.

Defence Bank personal loan features at a glance

Repayment flexibility: 

Take your pick between weekly, fortnightly or monthly loan repayment dates with all loans detailed on this page.

Extra repayments: 

Defence Bank don’t charge personal loan customers more for making extra repayments.

Free redraw facility: 

With Defence Bank personal loans you can redraw those extra repayments free of charge.

No break costs: 

If you want to pay less in interest and fewer monthly fees, you can clear that debt earlier without being charged a break cost.

Defence Bank customer reviews:

Visit Mozo’s customer reviews section to get the lowdown on how Australians rate Defence Bank personal loans.

How do you apply for a Defence Bank personal loan?

You can apply for any one of Defence Banks’ loans over the phone, online or at a local branch. Applications involve filling out as much personal information about your financial situation as possible to help determine loan eligibility. After you’ve applied, expect to know the outcome from a few hours to a couple of business days.

To apply for a personal loan with Defence Bank you will need:

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