7.5 / 10

based on 261 reviews as rated by Mozo community

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.

Defence Bank offers the following personal loans

Rates and fees verified as correct at 25 November, 2020. Other information correct at the time of writing. Advertiser disclosure.

Product Interest rate from Comparison rate from Upfront fee
Consolidation Loan (Variable, Secured)

13.99% p.a.

14.63% p.a.based on $30,000
over 5 years

$0

Low Rate Car Loan (Variable, Secured)

5.69% p.a.

6.48% p.a.based on $30,000
over 5 years

$56

Personal Loan (Variable, Secured)

8.99% p.a.

9.97% p.a.based on $30,000
over 5 years

$206

WARNING: 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 calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

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Defence Bank personal loans overview

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

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:


How are Defence Bank personal loans rated?

Mozo users have rated Defence Bank personal loans on price, features, convenience, trust and customer service so you can see what real Aussies have to say about their experiences.

Icon of personal-loans
Defence Bank personal loans
Overall
6.5/10
Price
Features
Customer service
Convenience
Trust

14 Reviews

Recent Defence Bank personal loan reviews

Defence Bank Personal Loan review
Overall 0/10
Waste of time

Wouldn't waste your time submitting order, they're very slow and very picky. I earn 50,000 a year and they were not able to offer their services.

Read full review

Wouldn't waste your time submitting order, they're very slow and very picky. I earn 50,000 a year and they were not able to offer their services.

Price
0/10
Features
0/10
Customer service
0/10
Convenience
0/10
Trust
0/10
Less
Ben, Victoria reviewed almost 6 years ago
Defence Bank Personal Loan review
Overall 6/10
Not so good

Was easy to get at the time but they refused an increase.

Read full review

Was easy to get at the time but they refused an increase.

Price
5/10
Features
5/10
Customer service
3/10
Convenience
6/10
Trust
7/10
Less
Les, Queensland reviewed over 6 years ago
Defence Bank Personal Loan review
Overall 8/10
Very easy to use

It is really good to be in the Defence and have a bank walking distance from work no matter what base you are at, and easy to find :)

Read full review

It is really good to be in the Defence and have a bank walking distance from work no matter what base you are at, and easy to find :)

Price
7/10
Features
7/10
Customer service
10/10
Convenience
10/10
Trust
8/10
Less
Matt-dillon, reviewed over 6 years ago
Defence Bank Personal Loan review
Overall 8/10
Excellent customer service and loan product

We applied for a consolidation loan at Defence Bank to include our two cars. The staff at defence bank were so helpful to get all of the paperwork together and complete the application. They even suggested that we consolidate our credit cards into the loan as it would save us money on our monthly payments and enable us to pay off our credit cards much sooner. We now make one easy monthly payment for all of our debts. We can even pay off extra without any fear of early exit fees. I'm very happy with the customer service and the loan setup.

Read full review

We applied for a consolidation loan at Defence Bank to include our two cars. The staff at defence bank were so helpful to get all of the paperwork together and complete the application. They even suggested that we consolidate our credit cards into the loan as it would save us money on our monthly payments and enable us to pay off our credit cards much sooner. We now make one easy monthly payment for all of our debts. We can even pay off extra without any fear of early exit fees. I'm very happy with the customer service and the loan setup.

Price
7/10
Features
7/10
Customer service
10/10
Convenience
8/10
Trust
8/10
Less
Alice, reviewed about 7 years ago

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